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dhrren wrote:

Good Morning,

 

First off I LOVE THIS BOARD.  Thanks to you all I went up 80 points in 2 months!

 

So yesterday I started the car trade in process.  I have 2 seemingly good offers.

In this thread I have questions about the CAPITAL ONE BLANK CHECK PROGRAM.

 

I applied at their website and had to fax in document but i was approved at a very low APR 5.09-8% depending on vehicle age and up to $30,000.

 

Can someone please provide me with as much information as possible on what exactly this approval mean and how i can use it?

 

The biggest concern is LTV.  They said mine is 110%.  What is that?  Something about wholesale?  Car dealer sell retail?!   I am really confused but i want this done by tomorrow.   HELP PLEASE!!! 

 

 

Any information is appreciated.

 

Thank you,

 

DRH

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5.09-8 percent is definitely not a "very low APR"

Like others have stated: trading your vehicle in is causing to immediately have inequity in your new purchase. You can do what you want, but i would wait until you are able to sell your vehicle first and then make the new purchase, or just keep your vehicle pay it off and not have a payment.