topic Re: Capital One Blank check in Auto Loans

Capital One Blank check

reereetx — Fri, 28 Oct 2011 18:25:49 GMT

How does the Cap One blank check work? Do you fill out the application and get approved for a certain amount and then they send you the check? What happens if you find a vehicle priced below what the check is...send that back to Cap One? Also, does anyone know if they use an auto enhanced score or traditional?

I'm personally looking for a used Dodge Durango 2007-2009 years. I have found a few here in Texas where I live but wasn't sure of which process to take first. It's been 6 1/2 years since I bought a vehicle and it was brand new. We knew exactly what we wanted and did all the wheeling and dealing over the phone...financing and all. The dealership that we got the best deal was about 2 hours away...they even gave me a quote for my trade in site unseen (and it was actually about $500 over KBB)...AND they delivered my new truck to me! It was the smoothest car transaction I've ever had.

Anyways, I'm not looking for brand new so therefore it's a bit of a different ballgame I guess. My traditional FICO is probably around 600-620 mainly because I'm working on paying down my high cc uti. My vehicle payment history is perfect, no lates, repos or anything. Hubby's truck is on its leg therefore he will start driving my truck and I will try to get a good used Durango. Done my research and that's what we are going with. I'm just wondering how to go about getting the best financing deal. Should we just go with the dealer of one of the durangos I found and let them do the finding or should I try to do my own? I had thought about Cap One Blank Check and Cap One sends me pre-approved offers all the time for up to $30K. I usually threw them away because I wasn't planning on getting anything right now until hubby said he's needing to get rid of his or just take to the junk yard It's a 2001 Dodge Ram with over 300,000 miles. A few issues with it nobody can figure out exactly what's wrong but it's something with the fuel line or something. I also just joined PenFed since I heard they gave good rates...if even approved!

Sorry for rambling.

Re: Capital One Blank check

Takunda1 — Sat, 29 Oct 2011 04:36:24 GMT

visit Capital one website. ...Apply for check... get conditionally approved... fax in the requested documents, usually most recent paystub and id. Receive checjk in mail then go shopping at their authorized locations found on thier website. Check expires after 45 days. if youdont use it just destroy it and move on

Re: Capital One Blank check

kenred76 — Sun, 30 Oct 2011 01:46:20 GMT

What ^ said. Cap One blank check makes it an easy and hassle-free experience. It's also a good negotiating tool; the dealer will try their best to beat whatever rate Cap One offers. It may not add up to much, but they got me a deal with a rate that was over 2% lower than my blank check rate. Every dollar helps, though. Good luck!

Re: Capital One Blank check

boomhower — Fri, 04 Nov 2011 08:19:43 GMT

Yeah, it's an easy way to go. I've used it twice. Just apply, send in the paperwork, and go to the dealer. Your loan will be for whatever you right the check for. Go ahead and let the dealer run your credit as well and let them try and beat the rate. As long as it's within 30 days the additional inquiries won't hurt your score. I was more than happy with my experiences with them.

Re: Capital One Blank check

Duke-of-Earl — Sat, 12 Nov 2011 09:04:59 GMT

What kenred76 says about Blank Check being a good negotiating tool worked for me. But there was another motivation beyond just beating the Cap One rate. I got a pre-approval from a local CU, but a better rate from Cap One (including a Costco member additional discount they had at the time). Dealership said they had never had a Blank Check actually go through, and didn't want to accept it. But they did get me an even better rate at a different CU.

Re: Capital One Blank check

Anonymous — Mon, 13 Aug 2012 02:13:47 GMT

WHAT DOES CU STAND FOR?

Re: Capital One Blank check

tcbofade — Mon, 13 Aug 2012 12:46:17 GMT

Credit Union.

Re: Capital One Blank check

Anonymous — Mon, 13 Aug 2012 18:04:15 GMT

ok ty

Re: Capital One Blank check

Anonymous — Sat, 18 Aug 2012 20:07:09 GMT

I've used blank check. TWICE! I would use it every time if I could. I would guess my scores were in the 620'ish range both times I used it, but my monthly income amounts were very healthy...solid middle-class income type monthly number, nothing earth shattering.

Basically you apply and are provisionally asked to provide more information via fax for verifications. Then (if) you are approved, the check is valid up to a certain dollar amount and the "blank check" is sent overnight or two-day express to you.

The only stipulations are is that the vehicle you purchase be of a certain age, less than a set amount of miles, and be purchased from a certain dealer type - basically like a franchised dealer, not a mom and pops used car lot.

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. I think the card had to be less than say 6 years old or somthing like that, had to have less than 80,000 miles I think it was, and you couldnt buy from a mom and pops used car lot.

It absolutely makes for a hassle free car buying experience.

Re: Capital One Blank check

Anonymous — Tue, 21 Aug 2012 16:25:21 GMT

Ok thanks

Re: Capital One Blank check

Anonymous — Fri, 24 May 2013 09:15:00 GMT

@Anonymous 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.

Re: Capital One Blank check

martinkk — Sat, 25 May 2013 02:49:37 GMT

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.

Re: Capital One Blank check

mtrsprt — Mon, 27 May 2013 01:12:05 GMT

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.

Re: Capital One Blank check

Anonymous — Mon, 27 May 2013 03:44:27 GMT

@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