Re: CAPITAL ONE Blank Check Approval 30,000...L
08-07-2012 12:13 AM
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.
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.
Starting Score:TU:597 EQ:571 7/5/12 (joined myFICO & SW)
Current Score: EQ:653 (ScoreWatch) EX:685 (Amex app) TU:681 (Walmart)
Goal Score: 700
Proud to say that ALL past due debt has been paid and I never declared BK!!