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Posts: 1
Registered: ‎08-04-2012
Re: CAPITAL ONE Blank Check Approval 30,000...LTV? HUH?

I have a  few questions and maybe I missed the answers to these. I'm just chimming in in addition to the question already asked. I have been approved for $19k with cap. one. I already have a vehicle being financed with them and the dealership I bought it from is trying to trade me out for $7200, but another dealership offered me $11500 on their lot and they don't even sell these cars..funny....The $11500 includes rebates or as the original dealer of purchase is telling me the company doesn't have rebates and it's dealer cash, but I'm only going by what the sales guy told me from the dealer that is offering $11500.  I have $3K bad equity that has to be rolled over to new vehicle. I guess what I'm trying to find out if someone could explain this to me  in layman terms. What does it all mean because they're trying to get me to make a $3 to $4K downpayment. . This is how I'm viewing it and if someone could tell me I'm wrong I would appreciate it or show me how to tackle it when going in to purchase. I see it this way and tell me if I have it all wrong....I have a check for 19K the dealer is taking my vehicle on trade and pays off $11500...So, what they are telling me I only have $16K to spend. So my thing is. If this is the case...I can just sell my car on my own and pay off current loan since car still has good mileage and in great condition for the year, make, and model. I can get $15K on my own to pay it off in the sell. Then take my $19K check which I could probably get more since I only applied for $20K and purchase a car on my own. Would that make more since?