Capital One Blank check

[Volpes]

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@deliveryguy wrote:

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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. ...

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No down-payment?

I'm a little confused, because I'm reading some reviews where people did not put a down payment with C.One Blank Check. Capital One's loan limitations include a loan-to-value (LTV) limit. Your loan amount will be limited to a percentage (typically varies from 90% to 130%) of the car's value (for used car this is the trade in value).

http://www.capitalone.com/auto-financing/faq/

Maybe these people had high LTV percentage limits? I don't know what mine is yet, because I haven't received my loan package in the mail yet.

[martinkk]

Another vote for Cap 1 on this one. I have also used it twice. I never even faxed in any documents. Auto approval online. Check in the mail in a couple of days. Just wrote the check out for the amount. Easy as pie. I did have a trade both times, though no additional deposit. The finance manager did mention there were two types of blank checks. The one I had where you just had to write it and another color (green maybe) where he had to verify some documents. I think mine was blue.

[mtrsprt]

The idea of using the check for the full purchase amount, and no down payment would worry me.  INSTANT upside down on the loan....

If they give you $30,000.00, I would still try to put at least $3000.00 down of my own money towards the purchase price.

[Volpes]

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@mtrsprt wrote:

The idea of using the check for the full purchase amount, and no down payment would worry me.  INSTANT upside down on the loan....

If they give you $30,000.00, I would still try to put at least $3000.00 down of my own money towards the purchase price.

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The borrowing amount has to be within the LTV limits of the trade-in price, so there is a good chance buyers may not be upside down (on used cars).

I just don't see where people are able to get such a deal at a dealership