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Hi All,
I've been lurking around these forums and found alot of insightful information. I just have a couple of questions about the CO "Blank Check" Program.
Here some basic info:
Last CS was retrieved today from Experian: (591)
Although I am making every effort to raise my score, I thought I would take a shot at a CO used auto loan. To my surprise I was appoved for up to $15,600.
Since I am new to this party, I have a question.
While I haven't received my packet yet from CO, let's assume the LTV is 110%
The car I am eyeing is around $12,754 with a NADA value of around $10400, which would indicate the maximum I could write the check is for $11440.
Now with that final number ($11440), does the tax, fees, etc have to be part of that number? or are they added to the total amount and covered as long as it doesn't exceed $15,600?
I am very confused with this...any and all help would be greatly appreciated.
@Anonymous wrote:Hi All,
I've been lurking around these forums and found alot of insightful information. I just have a couple of questions about the CO "Blank Check" Program.
Here some basic info:
Last CS was retrieved today from Experian: (591)
Although I am making every effort to raise my score, I thought I would take a shot at a CO used auto loan. To my surprise I was appoved for up to $15,600.
Since I am new to this party, I have a question.
While I haven't received my packet yet from CO, let's assume the LTV is 110%
The car I am eyeing is around $12,754 with a NADA value of around $10400, which would indicate the maximum I could write the check is for $11440.
Now with that final number ($11440), does the tax, fees, etc have to be part of that number? or are they added to the total amount and covered as long as it doesn't exceed $15,600?
I am very confused with this...any and all help would be greatly appreciated.
With your score I wouldn't count on much higher than 80-90% LTV
Average tax/fee/dox is about 8-9% of cost of purchase depending on state.
Let's go with 9% for argument's sake and go with NADA value as LTV base.
$10,400 + $936 = $11,336
$9,067 would be 80%
$10,202 would be 90%
Your price is $12,754
Now add 8-9% to that, or $1,020 to $1,148
Now we're at $13,774 to $13,902
You would need between $3,572 to $4,835 down to make the cut in this situation.
Please update on what LTV you qualify for. And remember you can always negotiate the price of the car.
Thanks!
@Anonymous wrote:Thanks!
Recheck the post. I just revised my numbers after checking your post again..
Hope the OP, MisterSynister, doesn't mind my jumping in here, but I searched and other "Blank Check auto loan" threads are nearly a year old. I see on Cap One' site that their blank check program only works at specific dealers. Is there any blank check auto loan that can be used to purchase a car from a private party? I'm lookng for a specific used car - either Toyota Yaris or Nissan Versa 3-4 years old, really don't care, my #1 priority is under 40k miles, preferable around 30k. I use AutoTrader.com and private party listings come up often in the Tucson area. Or, instead a "blank check" program would I be better off to get pre-approved at a CU or bank, and then if a private party seller & I reach a deal, get him to come to the CU/bank to get his check & they notarize his sign off on the title? And how much down payment should expect to have to put down on a loan of say $8k. My current SUV is worth probably around $3500 in trade, but I want to keep it - bought it new in 2003 & really like it, but it only gets 16-17mpg so I want to keep it for limited use & get a 30+mpg car for primary use.
So I just got my loan packet and was approved for 110% LTV. I believe it had to do with my weekly income.
Congrats!
And I got my answer by calling my CU - they loan up to 100% of KBB (Kelly Blue Book) retail value and can pre-approve me & a vehicle, so I go that route instead a blank check. Hertz sells 2014/2013 models under KBB retail because they have 20-30k miles on them, so I'll have to come up with a lower down payment that way.