How does the Cap One blank check work? Do you fill out the application and get approved for a certain amount and then they send you the check? What happens if you find a vehicle priced below what the check is...send that back to Cap One? Also, does anyone know if they use an auto enhanced score or traditional?
I'm personally looking for a used Dodge Durango 2007-2009 years. I have found a few here in Texas where I live but wasn't sure of which process to take first. It's been 6 1/2 years since I bought a vehicle and it was brand new. We knew exactly what we wanted and did all the wheeling and dealing over the phone...financing and all. The dealership that we got the best deal was about 2 hours away...they even gave me a quote for my trade in site unseen (and it was actually about $500 over KBB)...AND they delivered my new truck to me! It was the smoothest car transaction I've ever had.
Anyways, I'm not looking for brand new so therefore it's a bit of a different ballgame I guess. My traditional FICO is probably around 600-620 mainly because I'm working on paying down my high cc uti. My vehicle payment history is perfect, no lates, repos or anything. Hubby's truck is on its leg therefore he will start driving my truck and I will try to get a good used Durango. Done my research and that's what we are going with. I'm just wondering how to go about getting the best financing deal. Should we just go with the dealer of one of the durangos I found and let them do the finding or should I try to do my own? I had thought about Cap One Blank Check and Cap One sends me pre-approved offers all the time for up to $30K. I usually threw them away because I wasn't planning on getting anything right now until hubby said he's needing to get rid of his or just take to the junk yard It's a 2001 Dodge Ram with over 300,000 miles. A few issues with it nobody can figure out exactly what's wrong but it's something with the fuel line or something. I also just joined PenFed since I heard they gave good rates...if even approved!
Sorry for rambling.
visit Capital one website. ...Apply for check... get conditionally approved... fax in the requested documents, usually most recent paystub and id. Receive checjk in mail then go shopping at their authorized locations found on thier website. Check expires after 45 days. if youdont use it just destroy it and move on
Yeah, it's an easy way to go. I've used it twice. Just apply, send in the paperwork, and go to the dealer. Your loan will be for whatever you right the check for. Go ahead and let the dealer run your credit as well and let them try and beat the rate. As long as it's within 30 days the additional inquiries won't hurt your score. I was more than happy with my experiences with them.
What kenred76 says about Blank Check being a good negotiating tool worked for me. But there was another motivation beyond just beating the Cap One rate. I got a pre-approval from a local CU, but a better rate from Cap One (including a Costco member additional discount they had at the time). Dealership said they had never had a Blank Check actually go through, and didn't want to accept it. But they did get me an even better rate at a different CU.
I've used blank check. TWICE! I would use it every time if I could. I would guess my scores were in the 620'ish range both times I used it, but my monthly income amounts were very healthy...solid middle-class income type monthly number, nothing earth shattering.
Basically you apply and are provisionally asked to provide more information via fax for verifications. Then (if) you are approved, the check is valid up to a certain dollar amount and the "blank check" is sent overnight or two-day express to you.
The only stipulations are is that the vehicle you purchase be of a certain age, less than a set amount of miles, and be purchased from a certain dealer type - basically like a franchised dealer, not a mom and pops used car lot.
You dont have a down payment, because you are using the check. I've never had a problem with it "not going through" or "not being accepted" because the rules and conditions are quite clear. I think the card had to be less than say 6 years old or somthing like that, had to have less than 80,000 miles I think it was, and you couldnt buy from a mom and pops used car lot.
It absolutely makes for a hassle free car buying experience.