Capitol One Auto Finance question (blank check)

[Pants]

I just got approved for the blank check auto loan from Capitol One. I never yet received the terms of the loan. But is there a pre-payment penality? Reason I ask.. I got pre-approved from my small Credit Union at a much lower rate. But, when I go auto shopping I will likely go to a city 200 to 300 miles away and on a weekend (when the credit union is closed). I probably won't be able to stick around until Monday morning.. or come back another day to pick it up since I only have one weekend off per month..

I was wondering if I could use the Capitol One blank check thing to get the transaction taken care of right away. Then refinance with the Credit Union shorly after? Or does Capitol One ding you with a pre-payment penality if you do this?

[ngerasimatos]

Capital One does not charge a pre-payment penalty. I purchased a car with their blank check program, and refinanced it 90 days later without any issues.

I would suggest going through your credit union directly though as getting a new loan and then paying it off and originating another new loan could adversely effect your score.

[Anonymous]

I did the Capital One Blank check thing back in '02. Just FYI Capital One sold/transferred? my account to Wells Fargo Financial Acceptance within the same year. Account was current with no lates. Payments were the same,just a different creditor. I wasn't given a choice, just informed through the mail. Not sure if this is their usual MO but it may be buried somewhere in the contract agreement. Can't say if it had an effect on my credit at the time although it shows up now on my CR as paid as agreed. Hope this helps,

JR