Posts: 13
Registered: ‎09-20-2012
Re: CAPITAL ONE Blank Check Approval 30,000...LTV? HUH?
[ Edited ]

I was approved back in 2007 at my local credit union for 70% retail LTV and I had no credit history/no baddies. I was ready to put down a big chunk of money to make up the difference when I found a 2001 F250 XLT diesel crew for $17k with 150k miles, however (IM NOT RECOMMENDING THIS TO ANYONE, DONT TRY IT - ITS FRAUD) the dealer lied to my CU and faxed them a vehicle information sheet that said my truck was a '01 F350 king ranch dually with 50k miles (approx KKB was like $24k) in order for them to finance 100% of the loan for m $17k truck. I didnt find any of this out until I went in to the CU to sign paperwork!


Just sharing my personal experience with LTV


Just do your research before negotiation for a car loan and ALWAYS knock down the price on a car purchase, new or used. Its good to find a dealer DEMO with a few miles on it (less than 10k), those are the best cars to negotiate price. My friend bought a demo 2013 4Runner recently, dealer price was $32k but he argued it was USED and got them down to used retail, then further negotiated it down to about 22k...thats $10k off that he wouldnt have saved if he kept his mouth shut.


So if CAP one say 110% LTV, dont be discouraged or worried, haggle on the cars price and another option is to tell the dealer you have been approved with cap one and see if they can beat that financing...

Starting Score: 467 Equifax - 507 Transunion - 510 Experian (all on 07/2012)
Current Score: 610 Equifax - 631 Transunion - 610 Experian (as of 01/2013)
Goal Score: 690+ By July 2013
You CAN polish a turd, it just takes a LOT of wax!!!

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