Frustration with Cap1 Blank Check Process

[mAndrew1980]

I am in the process of purchasing a new car so I started applying for financing. First I tried DCU and they offered my 1.7% and up to 25K. Unfortunately 25K isn't enough as I'm trying to get a 2014 Jeep Grand Cherokee. So I app'ed with Cap1 Blank Check and they approved me for 5.1% and up to 40K. That was good enough to use as back up financing to see if the dealership could beat it.

After my approval they told me I had a few security questions to answer, which I did with no problem. At that time they told me they were mailing out the check that day. Well, five days later I still hadn't received it. So I called Cap1 asking them if it was sent out. An account rep told me no and that I needed to submit income verification. Makes sense, but would have been nice to know. I need a new car ASAP.

So I work for a small company with three employee's and I get paid with regular business checks every month (we don't have payroll checks with pay stubs). So I sent Cap1 my payroll and summary sheet that shows the amount of taxes withheld, as well as copies of my canceled checks for the past three months - which matches up with my payroll summary sheet.

Long story short, it's taken me three long phone calls to Cap1 with still no agreement from them to send the check. I have a 713 FICO with no baddies, long payment history, mortgage loan in good standing, and solid income (which I've proven) and still can't get them to send me out the F'ing check.

Really, really frustrating. I want to have backup financing to use as leverage when I go to the dealership. I just find it hard to believe I'm the only person who has ever worked for a small company that issues pay checks in the form of normal business checks and not large company-style payroll checks.

Ugh.

[Creditaddict]

Is Jeep not offering 0% or something on this purchase? if the whole point is for them to hopefully get you better rate and you not even use the cap1 I would not be waiting for the check, go apply for Chrysler (but do it through the dealership that has the car)

[mAndrew1980]

Thanks for the response. I do not believe Jeep is offering quite that low of a rate but I have seen good offers and should be able to get a better rate than 5.1%. I will definitely not wait until the check arrives and apply for financing at the dealership. With a 713 FICO, no baddies, and a long credit history - I would imagine they'll offer much something competitive.

Should I bring my income verification to the dealership?

[Creditaddict]

they are currently offering 0% for 36 months so it probably goes up by 1% each year you add or something close .9% for 48, 1.9% for 60, 2.9% for 72 I'm guessing.

if you plan to buy at same time when you are there then bring the income proof "Just" in case you are asked but I wouldn't be surprised if they don't!

let us know how it goes.

[mAndrew1980]

Awesome! Thanks!!

[mAndrew1980]

UPDATE: For three days Capital One has been speaking with my boss with still no approval. They have received the employment verification document sent in by my boss, a gazzilion copies of canceled pay checks going back months, and have literally spoken with my boss three times and still no blank check.

It's incredible to me. A 713 FICO, not a single baddie, 72K per year verified income, and 12 years worth of credit (including a mortgage) and they are making me jumping through hoop after hoop like I was attempting to acquire the Trump Tower.

If Capital One doesn't agree to send me out a Blank Check with in 24 hours, I'm telling them to go jump in a lake and getting financing elsewhere. Apparently a 713 FICO means I'm an ultra high-risk to Capital One.

[jkjklkjkl]

I mean this with no disrespect.

Why are you fighting/wasting time with cap one, then. You stated that you would like cap one as a back up, implying that you're going to apply at the dealership anyway, so why not go ahead and apply at the dealership, while you wait on them? You're likely to be approved for top tier, so there wouldn't even be a need for cap one. Are you sticking with trying to get cap one because it's killing you that they won't just approve you, with you being so qualified (reflective question)? Also, if you're going to wait, why not apply at a local credit union, offering a great low rate, which would allow you to go in and speak to someone face-to-face, should they not approve you for quite enough? Also, have you spoken with DCU's underwriting, to see if they're willing to approve you for more, possibly with sending in income docs? I suggest letting that cap one fish go.  

I'm not heavy on the credit scene, anymore, but I'm pretty sure you can beat 5% on a bad day!