Question about Cap 1 Blank Check and the new car i purchased last night

[hindsight2020]

I was approved for Cap1 blank check for up to 30K on 7/11. 

I uploaded my proof of income, DL and references and received confirmation via email. 

I had been researching volvo XC60s and finally the exact car I wanted showed up in inventory at a local Volvo dealer. 

My myFico EQ and TU are both 574. 

I have an existing Cap1 Loan in my name for another SUV that will be paid in full in Feb '14

I completed the check and all the paperwork with the understanding that the dealer would attempt to shop the loan to get a rate lower than the 17% on the blank check. 

The finance guy verified the check. I got new tags ,  registration and left the dealer with the car last night. 

Well today the finance guy called and said he couldnt get anyone to bite because I'm still paying on the other car loan so he's going with the Cap1 check. 

I understood this was the worst case scenario , we have income to support the payments and I think I will be ok to refi in 6-9 months if I keep working on it. 

I am very excited about the car but I'm wary of the blank check process. How likely is it for Cap 1 to recind their offer? They obviously know I still have an outstanding loan. It's theirs. Anyone had this experience? 

I want to celebrate the new ride but I'm nervous about the check. 

[lajntx]

Provided everything you posted is 100% accurate, and everything you submitted to C-1 was 100% true, then I see no issues as 17% is fairly reasonable for your scores. A Dealer isnt going to let the car leave the lot unless they are highly certain the blank check was going to work when none of their lenders wanted the note. It`s not exactly like they have any opportunity to spring a Yo-Yo finance on you.

If you financed the car with no out of pocket money and 100% blank check, then you *MIGHT* need to get the balance down a little for later when you try to Refi

[hindsight2020]

Thanks for replying!

We needed to replace our second car but finance it in my name. 

We traded a 2004 Acura TL (the second car) in fair condition for $5K so those funds went toward to deal. 

Does it matter if I didnt pay actual cash out of pocket if I didnt need to? I'm assuming my trade value is the same as cash?

[lajntx]

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@hindsight2020 wrote:

Thanks for replying!

We needed to replace our second car but finance it in my name. 

We traded a 2004 Acura TL (the second car) in fair condition for $5K so those funds went toward to deal. 

Does it matter if I didnt pay actual cash out of pocket if I didnt need to? I'm assuming my trade value is the same as cash?

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The trade`s value is the same as cash, and lowered the out the door price ( amount financed ) by that amount