07-11-2012 07:38 AM
Well here is the story. 3 days ago I went to a few dealers to look at cars that were in the 12k price range. I have a blank check approval from Capital One Auto Financing for 9.99-8% depending on how new the car is. I can deal with that. I really liked a Toyota Rav 4 but it had more then 70k miles on it. Cap one only lets you go up to 70k miles on cars and they have to be newer then 2005. Well this is a 2008 with 80k, so it is just over the mileage that Cap one lets you have.
The sales person I was dealing with actually said that the no longer really accept the blank check process from Cap One anymore, so I filled out a credit application at the Toyota Dealer in Kingston NY and they said I was approved for 9.99% and basically the car was mine. I gave a $500 deposit and a copy of my current auto policy info and was told I can pick up the car on Saturday.
Here is what worries me....When I asked who was financing the loan and what my actually interest rate and payments will be. I was told we don't know yet, but the finance manager gave me a "proposal" of what he thought they would get and I signed that. They said they might not know until Friday who the bank is and all the details.
I am so worried that I will go to the dealer on Saturday and they will say it did not work out. But they were already making it seem like the car was mine and I can pick it up Saturday and Zero owed at "delivery".
My Credit score hovers around the 600 mark. I have two car loans paid off with no problems with Capital One paid that one off in 2009 and another with Ford Credit was paid off in 2003.
Any thoughts on this? I am afraid they will even tell me to take the car home and then call me in a week saying I have to return it. That would be sooo embarrassing!
07-15-2012 11:16 AM
We went on Saturday and picked up the car! The autodealer actually did a good job with the financing. Capital one had approved me for 9.99% but when I went through the dealer they got me approved with Wells Fargo for 6.9% so that really did help. This was Toyota in Kingston NY. I would highly recommend them. There was no sales pressure and no pressure from finance to buy extended contracts either. They offered them, but did not push at all.
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