Denied Capital One Blank Check!

[toi34]

I need a new car here in the next couple of months and decided to apply for the Blank Check since the offer is good for 45 days. I was denied for "too many inquiries." 

What???

Anyone else denied for a car loan for too many inquires?

[ExplicitElicit]

I've denied loans for to many inq before, just depends on the rest of the file. How many do you have? You'r scores (if correct in the sig and are FICO) are correct then you really should have no problem being approved.

[Remember0]

What's your pre-tax income? Is this your first car loan (ie do any other loans report on your credit)? Any down payment available?

[toi34]

My pre-tax income is $95,532, which is not a lot here in the San Francisco Bay Area. I have one paid off car loan which is a "paid, was a reposession" from 2010. No lates, but lots of new accounts in this last year. It didn not ask me for a down payment amount, but I have my trade-in.

[Remember0]

I'd try DCU if I were you. How much car are you looking for?

And was your prior auto repo'ed at one point? In other words, is it reporting accurantely?

[toi34]

Yes it was repo'd briefly in 2010, but I paid it off and recouped it a few weeks later. It is showing on my CR as "paid, was a reposession." This was over 3 years ago and it was paid...never went to an outside collection agency. Actually I'm still driving the car, it will be my trade-in eventually.

[Remember0]

Fair enough. I'd definitely recommend a place like DCU if the scores in your sig (660s-680s) are accurate. DCU pulls EQ btw and if they pull 675+, you should get their 1.24% (with direct deposit) rate. If they pull like a 660, it's usually 3.74% (with direct deposit) with them.

Only thing to watch out for is they can be conservative with loan amounts. But with a 95k income (yes, I know it isn't much in SFO), you have a lot less to worry about imo as long as you don't want like a 30k+ car.

[Anonymous]

My husband and I are applying to Cap1 soon, and I too have a LOT of inquiries of my report....do you mind telling how many you had? I don't want to waste my time if my number may exceed yours

[toi34]

Cap 1 pulled ALL three reports. I had about 13 on TU, 20+ on EQ and Ex (can't remember the exact number, but definately over 20 each). I was told that for Cap 1 you can't have more than 4 inquiries within the last 6 months --  and its a rolling six months. 

I went through a broker for my BMW (which I luv!) and he got me financed. Yes, he shot my app to 5 different banks, but in the end it was worth it. I got the car of my dreams (Color, make, model, AND interior color    ) and I'm not buying any other big ticket items for a while anyway.

Good Luck!

[mamatried]

I was just approved for blank check yesterday - it's supposed to arrive with the packet and details today. I hope it works out, but am skeptical. It's tough because we need a truck, but the stipulations are under 70K miles, 2007-later, approved for $12K and I don't have much to throw down. My trade isn't worth much - '96 with 200K+ miles. I found a couple of possabilities that the dealer has internet priced at $12,499 - $12,995 but that doesn't include tax/doc fees.

When I get my packet I'll also have to figure out the LTV as even if I can get the price down with the dealer so we can get the deal done, if the LTV doesn't work the whole thing collapses. I've read a lot of success stories on here about the blank check, but I've also read some horror stories about the check later being declined and having  to return the vehicle. 

I went to a dealer last Saturday (before blank check) and found a very clean truck, but 121K miles and the dealership worked on the financing for a day and then called me to say they could only get the bank to $400 - $500/month payments... yikes... trying to stay in the $200 - $300 range. 

Anyone else recently use the blank check? How did haggling and meeting the LTV go?