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I don't know about the blank check, but given you're a first time buyer and taking a SWAG at your Auto-Enhanced score, that's a pretty good rate.
It costs you nothing if you do it within the next month to let the dealership attempt to beat your current offer: actually I would always recommend letting the dealer try especially on a new vehicle with how the FICO algorithm works.
iirc, last time i went thru cap1 blank check, no down pmnt required, and the b/c is only valid for 45 days, then you would have to re-apply, but to be sure of the stips, just check out the b/c pkg when it shows up
I just did gave the delaer a blank check LAST NIGHT - no word of a lie.
I went through my local CU that I've been doing all my banking through since I was about 12 (so over 18 years history with them) as well as the dealer - none of them matched Cap1.
If you got 5% through capital one I will doubt you will qualify for the >1% interest rates...those are for perfect credit scores and then ONLY if you can afford to have it paid off in 3 years or less (so either a really nice trade-in and/or big down payment - or make enought to afford a 5-600 payment easily).
Capital One beat my CU's rate by 1.5% Dealer financing was slightly above CU rate.
The only thing to consider is the following:
1- they have to be a dealership that accepts Cap One - if you already have a car picked out and a deal going with a dealership then check online to see if they are an approved dealership for Cap 1 (check on Cap Ones sight) not every dealership is ok in the eyes of Cap 1.
2- I don't know if its common, but it makes sense - but you'll need to wait for the check to clear before taking delivery. Cap 1 told me on the phone that I would be able to hand it over and drive away since its a 'bank check' but honestly there is no info on it other than my name and a cap 1 logo. We had to fill in the sale price, vin number, dealership name, etc. I can understand the dealership wanting to wait till it clears to allow me to drive away. - I'm hoping it doesn't take 5 days like the dealership told me it would.
3- I know there was a 3 but I can't remember it right now...
@scarrollprint wrote:I just did gave the delaer a blank check LAST NIGHT - no word of a lie.
I went through my local CU that I've been doing all my banking through since I was about 12 (so over 18 years history with them) as well as the dealer - none of them matched Cap1.
If you got 5% through capital one I will doubt you will qualify for the >1% interest rates...those are for perfect credit scores and then ONLY if you can afford to have it paid off in 3 years or less (so either a really nice trade-in and/or big down payment - or make enought to afford a 5-600 payment easily).
Capital One beat my CU's rate by 1.5% Dealer financing was slightly above CU rate.
The only thing to consider is the following:
1- they have to be a dealership that accepts Cap One - if you already have a car picked out and a deal going with a dealership then check online to see if they are an approved dealership for Cap 1 (check on Cap Ones sight) not every dealership is ok in the eyes of Cap 1.
2- I don't know if its common, but it makes sense - but you'll need to wait for the check to clear before taking delivery. Cap 1 told me on the phone that I would be able to hand it over and drive away since its a 'bank check' but honestly there is no info on it other than my name and a cap 1 logo. We had to fill in the sale price, vin number, dealership name, etc. I can understand the dealership wanting to wait till it clears to allow me to drive away. - I'm hoping it doesn't take 5 days like the dealership told me it would.
3- I know there was a 3 but I can't remember it right now...
they didn't let you take home the car??? i thought the blank check is as good as cash??? or i would think it's the same thing as writting your own check.... hmm...
I got my wife into her very first new car on her own credit strength at a Fiat dealer.
Her score at the time was 675 fico
i told the dealer we wanted the "advertised" lease rate and slapped down the down payment of 1k on amex.
she got the pop 500 with auto trans for 179 per month on a lease for 42 months and 15k miles per year.
Fiat is Chrysler and it could not have been easier.
We get at least two cap1 blank check invites per month but I prefer leasing over buying.
Your score should be good enough. If you don't mind the inq....let the dealer try to beat the cap1 rate IMO.
I've bought two vehicles with blank checks. The first was Americredit many years ago and the last one was with Cap1 about 7 years ago.
With Cap1, I had received something for a specific dealership and that they (cap1) would be onsite for financing. I went down to try but found it really hard to deal with the dealer (I'm not into their sales tactics) on getting what I wanted for the price I wanted. Just to see what the difference would be, I went home and applied for the blank check. The interest rate was lower than what it would have been had I gone with Cap1 at the dealership.
When the check got in (Next day?) I called another dealer for the vehicle I wanted, verified over the phone that I could get it within desired price range and they wouldn't play all the haggline games. Went to dealership, signed papers, gave them the blank check and I drove away. Never even thought about it being limited to a certain dealership and I had no issues. They give you the restrictions up in the paperwork (nothing over 50K on used, certain manufacturer excludes such as Kia I think).
When I had used the Americredit blank check, it was the same situation. I went in, gave them check, they faxed papers in and I drove away.
I just used the Cap1 blank check back in January. No hassels, no problems, done in an hour and drove home. Only issues I could see someone having is that Cap1 will only finance up to 110% of invoice so make sure and find out what the dealer invoice price is. This can be a sticking point if the car you are looking for is close to the max approved amount from Cap1.
One other thing. I had the dealer look for a better rate than the 5.7% the blank check gave me. This dealer used Cap1 finance, non-blank check, and approved me at 9%. Same company and 3 points difference.