Capital One Auto Finance Blank Check Program

[softballgirl29]

I am wondering if anyone else has used the Capital One Auto Financing blank check program? I was approved for $30k and the check is being sent to me today. Obviously, I want my payments to be as small as possible and would like to get some information on the negotiation process and how the experience was for someone that has already done this. I am assuming that it will give me more negotiating power because I am going into the dealer with the ability to purchase immediately versus jumping through the many hoop of finance at the dealership. Any suggestions/advice?

[bbrentlinger]

I am curious too!

[ChistineNJ]

please let us know, I have received a couple of pre-approval in the mail but i dont need it as of yet.

[Scupra]

I havent used their program but do not let the dealer know you have pre approved financing. Dont worry about the payment they are telling you and download a loan calculator to figure out your payment from the "total amount financed" Once you have them grinded down as low as they will go, then show them the check. Good luck

[softballgirl29]

Thanks Scupra, great adivce. I will keep everyone posted on the process!

[Poozie121]

Agree w scupra.....IME, having your own financing is not a bargaining tool, in fact the exact opposite.

[mja]

I used a Capital One blank check and it was a wonderful experience for me.  I think walking into a dealership with a check puts you in the best negotiating position possible because they know that you are financed and they know you can go anywhere!  I test drove a few new cars I liked, I had already done the research to determine a "good deal" - fair to the dealer and me.  After I selected the car I wanted, I simply said I want this car for this price and I already have a check.  It was no hassle.

Of course there is more money in the financing for the dealer so they wanted to know if they could have the opportunity to beat the interest rate.  I said sure, what did I have to lose, except a few HP's?  Well, they beat the interest rate (a couple of points lower) with guess what .... another Capital One loan!  Crazy right?  But it's an absolute true story! I guess technically I did not use the check but it did benefit me.

So do your homework, go in with your check and get your deal!  Happy car buying  

[Scupra]

Never take a deal until you leave and come back. So many times a dealer will wait for you to walk out until they get to  their bottom dollar. If you make it a habit to always leave go get some coffe and see if your phone rings you will get better deals  I used to be a desk manager at a dealership so I am talking from experience. Also, go in on a slow day (not weekend) I would often lose money on a deal to save my neck and having to tell the GM I blanked  Good luck!!

[TBZ612]

I used the blank check a few weeks ago.  Hassle free.  I knew what I wanted the out the door price to be, so we negotiated that price and not the sticker price of the car.  We told them we would be writing a check....never specifying it was a capital one blank check.  They had dealer fees that they could come down on to make the price I wanted happen.  We at one point got in the car and started to leave after they told us they couldnt budge anymore on the price. We told the guy we would head to another dealer closer to our house which was an hour away (the same car was on their lot).  The sales guy chased us down in the parking lot as we were driving away with another offer.  They were only $200 away from the price I wanted.

It was a capital one preferred dealer, but the finance guy there had never seen a blank check before.  He had to call capital one to inquire about it. I told the dealer that they could try to beat capital ones rate. They tried but couldnt.

I would defiantely buy another car with the blank check. I felt it gave us a little bit of advantage in the negotiating process.

[softballgirl29]

Just to give everyone an update...I took my blank check package into the dealership this weekend and it was absolutely hassle-free. I actually agreed to let them shop around and see if they could beat the rate I received from Cap One and they did end up beating the rate with another Cap One rate! LOL. Not sure how that works but I guess the dealership deals direct with Cap One on lots of auto loan financing so they are able to secure a better rate than the consumer applying seperately. Now that I have an auto loan again, I am hoping this will help with my mix of credit and boost my score after a few months of on-time payments Oh, and I LOVE my new car! Thanks everyone for all your advice!