Capital One Blank Check Car Possession

[Seon323]

I have been approved through the Blank Check Program (2.82% APR, up to $19,200) and have decided on a car I want. Have done all the research on the invoice price, taxes, title, etc. and am prepared to walk into the dealership to get the car I want, for price I want. (I'm by no means a pushover). My questions are 1) do i have to fill out the dealership financing since I already am approved at such a great rate? and 2) typically how many days does it take to drive off with the car? I have read various post on this site that states some drove off with the car the same day, while others had to wait for it. Anyone use this program recently?

Also, I am buying in upstate NY if that helps.

Thanks!

[Anonymous]

First of all, congrats on the great rate you received.  If your credit is good you may get 0-1-2 % apr depending on the creditors the dealer work with however most of the time they will get kick backs. If your happy with 2.82%, I say just buy the car with the check, forget all the dealer approving.

The capital one blank check is pretty much like cash, you go into the dealer that accepts capitalone check and meet the specification of the mileage and price and you can buy it on the spot.

The only thing you would most likely need is auto insurance before driving out the lot.

I would suggest checking on geico for your rate and once you are confirmed on purchasing the car then signup for the insurance and your on your way out.

Usually it may take a few hours because the dealer have the fax your car information with your check to Capital One for approval and once its approved the car is yours!

Enjoy.

[Seon323]

Thank you for that info! Yes, I'm pretty happy with the rate as it makes my payment exactly what I wanted them to be. I planned to pick the car out and do the paperwork, go home and get insurance and come back the next day to pick up the car. According to the steps you outlined, it seems like my plan is completely doable. Again, thanks for reassuring me and making my "fears" dissipate. 

[Anonymous]

Nice!

Congrats and keep keep us updated on your purchase.

When you go to the dealer, I would prefer you not to tell them your approved amount and do not show them the check because it wil say up to $ the amount.

Tell them your approved for a good amount and give an estimate of how much you want to pay for the car and ask them to give you that special pricing and your ready to buy.

Then you will have to add the registration & license plates fees, sales tax.  Beware if they  try to sneak in any handling charge , this is a profit margin for them and also when you plan on buying any extended warranty, make sure you know what your covered for and where to get coverage & to negotitate on that extended warranty. They can buy it for $500 and sell it to you for $4000.00.

[boomhower]

You can try to get out without an inquiery but it's going to be harder than you would think.  I've went in with a capone check twice and both times had to do an inq.  What they are justifying it for is the Freedom Act.  They have to assure you are who you say you are and for them that's an easy way to do it.  I have seen dealers turn away sales from those who refuse to do it and some will give in and do it.  Personally I'd let them run the numbers as well and see if they can beat the rate.  One time I was out the door the same day and the second I had to make a second trip but that was due more to the fact I couldn't get to the finance guy by closing time they were so busy that day.

[Seon323]

Thank you so much! I am going to try my hardest to get out without an inquiry and be prepared to show them both my DL and passport. I want to avoid the extra inquiry unless it's absolutely necessary! Plus, I doubt they can beat the 2.82% rate for the full 60 months that I'm already approved for. But I will go in there with your experience in my mind. Thanks so much for taking the time to respond!!