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Regular Contributor
Posts: 164
Registered: ‎08-22-2009

Capital One Blank Check

I just got the Cap 1 blank check in the mail the other day good for up to $26,000. Does anyone have any experience with the blank check program ? I'm trying to find out if it's going to be a nightmare or not if I use it. Thanks in advance.

Contributor
Posts: 107
Registered: ‎09-18-2009
0

Re: Capital One Blank Check

A couple of coworkers have used them in the past few years. They were ecstatic as to how easy and painless it was. Keep in mind that you have to also include tax/title/license fees in the price. You also don't have to use the entire amount. For example, if you found a car you liked that was 18K and only needed 20-21 to get it out the door that would be the amount of your loan.

Regular Contributor
Posts: 164
Registered: ‎08-22-2009
0

Re: Capital One Blank Check

To be honest, I was only going to use about $10,000 of it so, the tax, tags & title can be put into the loan also ? If so, saves me the trouble of putting any money down. Thanks !

Epic Contributor
Posts: 25,556
Registered: ‎10-23-2007
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Re: Capital One Blank Check

I used it many years ago now but don't think it has changed much.... I believe you can't finance more than 110% and have more than 5-10% in upgrades.  The dealer tried to talk me out of using it until I said beat the rate and he pulled my credit and said he would be 9% higher!!

Otherwise was a great easy process

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Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
0

Re: Capital One Blank Check

The checks work great and there are usually no problems.

 

But- be prepared that the dealership may wish to "dual contract" you. What that means is that they will write one contract based on the CAP1 Check and write another one on conventional financing, so that if there is a problem with the check they will submit the paperwork on conventional financing.

 

No problems and the one contract gets ripped up.


It covers them as there can be problems with redeeming the check and you having already left with the vehicle.

 

http://ficoforums.myfico.com/t5/Auto-Loans/Cap1-Blank-Check-Approved-then-cancelled-by-Cap-1/m-p/780...

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Regular Contributor
Posts: 105
Registered: ‎02-19-2010
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Re: Capital One Blank Check

I just used a blank check last month. Suprised they financed me. Bought a house in June, refinanced my car with capital one in august (previous finance company with fireside), then applied for and approved for a 30K loan ontop of the other car financed through them.

 

Went into the dealership, negotiated my deal and wrote the check all within 3 hours. Couldnt be any easier then that.

 

And regarding the dual contract, they tried that but I said no way.

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Regular Contributor
Posts: 199
Registered: ‎05-23-2007
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Re: Capital One Blank Check

 


splacencia wrote:

I just used a blank check last month. Suprised they financed me. Bought a house in June, refinanced my car with capital one in august (previous finance company with fireside), then applied for and approved for a 30K loan ontop of the other car financed through them.

 

Went into the dealership, negotiated my deal and wrote the check all within 3 hours. Couldnt be any easier then that.

 

And regarding the dual contract, they tried that but I said no way.


 

This is good to know. I was just approved for a 23K blank check a couple days ago. If the process is as flawless as you say, I can't wait until I go in to buy this week! 

 

QUESTION: Three years ago I was fresh out of college and went to Toyota and was royally screwed by their finance department. My credit wasn't in the best shape at the time, but I'm in a much better position now. Is it better to have your financing lined up before you go to a dealership or get financing through the dealer?

 

Thanks!

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Epic Contributor
Posts: 25,556
Registered: ‎10-23-2007
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Re: Capital One Blank Check

 


getmycreditright wrote:

 


splacencia wrote:

I just used a blank check last month. Suprised they financed me. Bought a house in June, refinanced my car with capital one in august (previous finance company with fireside), then applied for and approved for a 30K loan ontop of the other car financed through them.

 

Went into the dealership, negotiated my deal and wrote the check all within 3 hours. Couldnt be any easier then that.

 

And regarding the dual contract, they tried that but I said no way.


 

This is good to know. I was just approved for a 23K blank check a couple days ago. If the process is as flawless as you say, I can't wait until I go in to buy this week! 

 

QUESTION: Three years ago I was fresh out of college and went to Toyota and was royally screwed by their finance department. My credit wasn't in the best shape at the time, but I'm in a much better position now. Is it better to have your financing lined up before you go to a dealership or get financing through the dealer?

 

Thanks!


The advantage of having financing when you go in, is the only thing the dealership can do is try to beat it... if they do... great, your better off... otherwise write the check and done!

 

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
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Valued Member
Posts: 27
Registered: ‎10-08-2010
0

Re: Capital One Blank Check

[ Edited ]

 

To try to ensure as much as possible that there are no problems with the blank check, just be sure that you fax back to CapOne any supporting documents that they might have asked for (i.e. a copy of your DL, proof of income, references, etc.) BEFORE you try to use their blank check, and it should all go smoothly. I would even call them to confirm that they received all of your supporting documents and that everything is still okay before actually trying to use the blank check. 

 

To getmycreditright: in my opinion, it is always better to have at least one other financing lined up before going to a dealership. You can use it to negotiate the dealer's financing and you have something to fall back on. Without it, it would be like walking into the dealership without car price quotes from other dealers for comparison: how would you know whether or not you got a good deal? When I bought my new car in Nov., I went in with a CapOne black check but didn't even need to bring it out. I qualified for the dealer's 0% financing for 60 months, which definitely beat the 7.24% rate that I got from CapOne!!

 

Good luck to you both!

Regular Contributor
Posts: 105
Registered: ‎02-19-2010
0

Re: Capital One Blank Check

Your best bet is to have financing already lined up. As the previous poster said, all the dealership can try to do it beat your rate.

 

On that note, when I went to the dealership, I low balled the price of the car greatly. I offered 26K for their 31K vehicle. Obviously the dealer didnt like that price but I told him I would gladly walk out and go down the street to the other dealership and give them my money. They countered and asked if they could beat my rate if I would go up $750 on my offer. I said sure, but if they couldnt beat my rate that I went down $250 on my offer..... They couldnt beat the rate Smiley Happy

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