Regular Contributor
Volpes
Posts: 158
Registered: ‎03-10-2012
Re: Capital One Blank check

 

 


deliveryguy wrote:

 

...

 

You dont have a down payment, because you are using the check. I've never had a problem with it "not going through" or "not being accepted" because the rules and conditions are quite clear. ...

 


No down-payment?

 

I'm a little confused, because I'm reading some reviews where people did not put a down payment with C.One Blank Check. Capital One's loan limitations include a loan-to-value (LTV) limit. Your loan amount will be limited to a percentage (typically varies from 90% to 130%) of the car's value (for used car this is the trade in value).

http://www.capitalone.com/auto-financing/faq/

 

Maybe these people had high LTV percentage limits? I don't know what mine is yet, because I haven't received my loan package in the mail yet.

New Contributor
martinkk
Posts: 67
Registered: ‎08-23-2010
Re: Capital One Blank check
Another vote for Cap 1 on this one. I have also used it twice. I never even faxed in any documents. Auto approval online. Check in the mail in a couple of days. Just wrote the check out for the amount. Easy as pie. I did have a trade both times, though no additional deposit. The finance manager did mention there were two types of blank checks. The one I had where you just had to write it and another color (green maybe) where he had to verify some documents. I think mine was blue.
Frequent Contributor
mtrsprt
Posts: 307
Registered: ‎07-27-2011
Re: Capital One Blank check

The idea of using the check for the full purchase amount, and no down payment would worry me.  INSTANT upside down on the loan....

 

If they give you $30,000.00, I would still try to put at least $3000.00 down of my own money towards the purchase price.


Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 718 TU, 698 EQ, 705 EX on 6/07/2014
Goal Score: 720-740 Across the board


Take the FICO Fitness Challenge
Regular Contributor
Volpes
Posts: 158
Registered: ‎03-10-2012
Re: Capital One Blank check

mtrsprt wrote:

The idea of using the check for the full purchase amount, and no down payment would worry me.  INSTANT upside down on the loan....

 

If they give you $30,000.00, I would still try to put at least $3000.00 down of my own money towards the purchase price.


The borrowing amount has to be within the LTV limits of the trade-in price, so there is a good chance buyers may not be upside down (on used cars).

 

I just don't see where people are able to get such a deal at a dealership