Capital One Blank Check LTV exceeded by dealer

[jetsfan2013]

Hey everyone,

I purchased a new car Monday using my capital one blank check, in which the max LTV that could be used was 110% of the NADA clean trade. The dealer worked the numbers to confirm the numbers and paperwork. Fast forward to this morning, I get a call from cap one advising that the vehicle evaluation that was sent over was incorrect, and the amount I wrote the check for was 700.00 more than the true max LTV.

I asked them what happens now, and they advised the dealer should work with me. I feel since it's not my error(they sent over two vehicle evals, one in error that had a higher NADA retail than the right one) I wont be paying that difference. If they dont want to eat that the car I bought can be returned.

Has anyone else experienced this?

[SamsungHDTV]

I've never experienced this but possibly the dealer added in a whole lot of padding. If you purchased additional products like GAP or warranties, remember that they  have about a 100% mark up. So if I were you I would talk to the dealer and say if they cannot lower it, you cannot obtain financing, and therefore have to return the car. I think they will most likely bring down the price to fit the 110% LTV.

[jetsfan2013]

just an update - so the dealer did end up dropping the price below the LTV, although it wasnt an easy convo. They attempted to get me to finance through them, so wouldn't have to.