06-25-2012 06:07 AM
I don't know if anyone else has run across this, but when it comes to dealerships accepting the Capital One blank check - I've had a horrid experience. The first Honda dealership I went to pulled my credit report; they told me that I was only PRE-APPROVED for the loan and I didn't actually have the loan. Well, this was my stupidity because once I got approved for the blank check I rushed out to car shop instead of reading ALL the fine print or waiting for my blank check package to arrive. The dealership insisted that I had to trade my vehicle in and put money down, stating that this was CapOne's stipulation not theirs. They also didn't' understand why I was repeating a 17.55% interest rate b/c CapOne was saying 20%. Come to find out that they pulled my credit report and they were trying to get me approved through their methods, not the blank check. I found this all out when I actually spoke to CapOne;needless to say I walked out, and did not return.
When I went to the second Honda dealership they offered to compete with CapOne's rate, which I allowed them to do because they were up front about everything. After pulling my report they said the same thing 20% interest rate. Now, after speaking to CapOne and being educated about the program; I simply explained that the blank check program had nothing to do with what they pulled etc.... They ended up matching CapOne and coming up with a better offer so I went with American Honda Financial.
Now here's the kicker.
Just for S&G's my dad applied for a CapOne loan - he got approved and decided he wanted to trade in his truck for a more dependable car. Since my mom was going to the Nissan dealership to pick up her vehicle later that week, (She's upgrading from a Versa to a Sentra), he decided why not. We arrived check in hand, picked out a car and he started to sign all the paperwork and even the check. The dealer get's up goes over to the finance officer, and comes back asking my dad to fill out a credit app. I told them my dad DID NOT need to fill out a credit app, and they better not run his credit. Then, the dealer gets up goes back to the finance manager, then returns with this BS story about him having to fill the credit app because CAPONE needs to see it, in order to verify his identity. I said "NO THEY DO NOT, all you need to do is fax over the information that CAPONE provider on the sheet." I told him I knew for a fact because, I JUST got finished going through this. He gets up again and returns with the finance manager.
The finance manager decided to lie, telling us that in order to get an approval he has to fill out the app. I said "HE DOES NOT, HE'S ALREADY APPROVED AND THAT'S WHY WE HAVE A CHECK." Then he starts to stutter and come up with this nonsense about Identity theft. I said flat out "Listen, Capital One has all the information they need, all you have to do is take the check, send over the information that they're asking for and then were done." He then proceeds to make up a 15 business day wait for the car. I said "Fine, we'll wait." Then he get's up goes into his office, comes back and says. "It's the same program...." I said "NO, it is not! I've been dealing with this for two weeks and I can assure you it's not. The Capital One reps even told me to stand firm with the dealership, because they said you'll say anything to run credit." Then, he states that it'll be a 60 business day wait to release the car; to which I said, "FINE, my dad can wait."
Now, the finance manager is sweating like a pig at this point and then says, "Well, it states on the check that gap insurance isn't covered." My dad replied, "I'll cover that out of pocket." He's even more frustrated at this point, and says "Well, the deal you made, with rolling over your truck is passed the LTV because CapOne doesn't use the retail, they use the NADA." So I said, "Okay we'll just go somewhere else if that's the case, because I don't believe you, there's no way that's over the LTV, not to mention you don't even know how much my dad's check is for." My dad agreed and we proceeded to walk over to where my mom was filling out her paperwork. The finance manager finally state's He'll call CAPONE this morning, and I said to him, "You better not pull my dad's report, I'll know." I made my dad write on the app in all caps 'DO NO PULL MY CREDIT REPORT!' I checked this morning, and they pulled it. I'll be calling them shortly to complain.
Not to mention, looking over my mom's finance paperwork, they changed my mom's loan from Wells Fargo to CHASE. I said to my mom "Are you serious? You're really going to allow them to move your loan from Wells Fargo to Chase?" To which the dealer goes, "I have Chase and I have no problem with them...." I said, "I have Chase and all I have is problems; they never credit the account ON TIME, ESPECIALLY IF YOU PAY ONLINE, NO ONE speaks English, unless they think you're late with your payment and then some "account manager' calls you wanting to know why? My response: BECAUSE YOU DIDN'T UPDATE MY DAMN ACCOUNT ON TIME AND I MAILED IT OFF THAT'S WHY!' He remained silent after that. I told my parent they need to do a better job of understanding how things work. This is the third time I caught some business pulling the okie doke... The dealership gave some lame explaination about using Chase "It was easier...." I informed my mom that she has prime credit yet, they're sending her account to a sub prime lender? Something about that makes NO SENSE.... However, that's neither here nor there seeing how this is about the CapOne blank check.
Anyway, that's been my experience dealing with car dealerships and the Capital One blank check; I'd like to know if anyone else is having/had a hard time. BTW, I live in Massachusetts.
06-25-2012 07:35 AM
I recall reading a couple of similar stories in here about CapOne's blank check program. Seemed like one story invloved the same waiting period to buy a car.
06-25-2012 12:04 PM
Dealers make a lot of money from financing, often it is more money than they will make from the sale of the vehicle. That doesn't excuse their behavior but it explains their motivation to compete for your financing business.
06-25-2012 01:23 PM
I definitely understand, business is business and everyone has to earn a living; I wouldn't take that away from anyone. However, I don't need someone to lie to me about the whole situation. Which is why I let the second Honda dealership compete for my business - they simply asked. Telling people it's to prevent identity theft, when they are not the ones financing you is very deceptive. I spoke to him today and he's denying it to the end. I said I can see my dad's credit report and he even got notification that via email that there's an hard inquiry. He's sticking to his "fraud prevention" story. I say it's fine that he's sticking to that story, we wont be sticking to the deal though; if I could talk my mother out of that purchase I would.....
06-30-2012 08:47 AM
11-10-2013 01:37 PM
Well, let me start by begging - NOT ASKING - you to NEVER come to the dealership that I work at. Please don't. I don not want or need customers like you. The real reason that dealerships DO NOT want to do deals involving the Capital One "Blank Check" program is that it is NOT a "blank check". Capital One is misleading in the way in which they market and explain this program to cunsumers. The check is basically a loan agreement in which Capital One will fiannce a vehicle IF IT MEETS THEIR STIPULATIONS. These stipulations require that the LTV (Loan To Value) of the vehicle you are purchasing be in line with the CAPITAL ONE STIPULATIONS. Example: They may only say that they will finance 80-90% of NADA loan value. This value does not include taxes. This value does not include negative equity that you may be trying to roll from an existing loan to the new loan. Dealerships have been burned by Captial One's "Blank Check" program more times than they can count. They deliver a car and then find out days/weeks later that Captial One will not finance the full amount of the loan. So, then they have to go get the car back.
AND AS IN YOUR SITUATION - IT IS ALWAYS THE DEALERSHIPS FAULT.
So, we don't do this program where I work. it isn't worth the abuse we have to take from customers like you for trying to explain the reality to you. You want to use the program, please take your "Blank Check" somewhere else. BTW...The people who really qualify for a "blank check", would never use this program. They bring personal "blank checks".
11-10-2013 05:35 PM
This thread is over a year and a half old and no one has posted in that long.
As a reminder, whether you agree with the OP or not, please remember to be friendly, supportive and respectful! Individuals have their own opinions but the way they are conveyed speaks volumes.
guiness56, myFICO Moderator
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