topic Re: Captial One "Blank Check" Auto Loan Question in Auto Loans

Captial One "Blank Check" Auto Loan Question

Anonymous — Wed, 29 Oct 2014 06:55:38 GMT

Hi All,

I've been lurking around these forums and found alot of insightful information. I just have a couple of questions about the CO "Blank Check" Program.

Here some basic info:

Last CS was retrieved today from Experian: (591)

Although I am making every effort to raise my score, I thought I would take a shot at a CO used auto loan. To my surprise I was appoved for up to $15,600.

Since I am new to this party, I have a question.

While I haven't received my packet yet from CO, let's assume the LTV is 110%

The car I am eyeing is around $12,754 with a NADA value of around $10400, which would indicate the maximum I could write the check is for $11440.

Now with that final number ($11440), does the tax, fees, etc have to be part of that number? or are they added to the total amount and covered as long as it doesn't exceed $15,600?

I am very confused with this...any and all help would be greatly appreciated.

Re: Captial One "Blank Check" Auto Loan Question

Anonymous — Wed, 29 Oct 2014 07:35:56 GMT

@Anonymous wrote:
Hi All,

I've been lurking around these forums and found alot of insightful information. I just have a couple of questions about the CO "Blank Check" Program.

Here some basic info:

Last CS was retrieved today from Experian: (591)

Although I am making every effort to raise my score, I thought I would take a shot at a CO used auto loan. To my surprise I was appoved for up to $15,600.

Since I am new to this party, I have a question.

While I haven't received my packet yet from CO, let's assume the LTV is 110%

The car I am eyeing is around $12,754 with a NADA value of around $10400, which would indicate the maximum I could write the check is for $11440.

Now with that final number ($11440), does the tax, fees, etc have to be part of that number? or are they added to the total amount and covered as long as it doesn't exceed $15,600?

I am very confused with this...any and all help would be greatly appreciated.

With your score I wouldn't count on much higher than 80-90% LTV

Average tax/fee/dox is about 8-9% of cost of purchase depending on state.

Let's go with 9% for argument's sake and go with NADA value as LTV base.

$10,400 + $936 = $11,336

$9,067 would be 80%

$10,202 would be 90%

Your price is $12,754

Now add 8-9% to that, or $1,020 to $1,148

Now we're at $13,774 to $13,902

You would need between $3,572 to $4,835 down to make the cut in this situation.

Please update on what LTV you qualify for. And remember you can always negotiate the price of the car.

Re: Captial One "Blank Check" Auto Loan Question

Anonymous — Wed, 29 Oct 2014 07:27:44 GMT

Thanks!

Re: Captial One "Blank Check" Auto Loan Question

Anonymous — Wed, 29 Oct 2014 07:36:24 GMT

@Anonymous wrote:
Thanks!

Recheck the post. I just revised my numbers after checking your post again..

Re: Captial One "Blank Check" Auto Loan Question

DaveInAZ — Wed, 29 Oct 2014 16:38:56 GMT

Hope the OP, MisterSynister, doesn't mind my jumping in here, but I searched and other "Blank Check auto loan" threads are nearly a year old. I see on Cap One' site that their blank check program only works at specific dealers. Is there any blank check auto loan that can be used to purchase a car from a private party? I'm lookng for a specific used car - either Toyota Yaris or Nissan Versa 3-4 years old, really don't care, my #1 priority is under 40k miles, preferable around 30k. I use AutoTrader.com and private party listings come up often in the Tucson area. Or, instead a "blank check" program would I be better off to get pre-approved at a CU or bank, and then if a private party seller & I reach a deal, get him to come to the CU/bank to get his check & they notarize his sign off on the title? And how much down payment should expect to have to put down on a loan of say $8k. My current SUV is worth probably around $3500 in trade, but I want to keep it - bought it new in 2003 & really like it, but it only gets 16-17mpg so I want to keep it for limited use & get a 30+mpg car for primary use.

Re: Captial One "Blank Check" Auto Loan Question

Anonymous — Thu, 30 Oct 2014 12:14:34 GMT

So I just got my loan packet and was approved for 110% LTV. I believe it had to do with my weekly income.

Re: Captial One "Blank Check" Auto Loan Question

DaveInAZ — Thu, 30 Oct 2014 23:20:30 GMT

Congrats!

And I got my answer by calling my CU - they loan up to 100% of KBB (Kelly Blue Book) retail value and can pre-approve me & a vehicle, so I go that route instead a blank check. Hertz sells 2014/2013 models under KBB retail because they have 20-30k miles on them, so I'll have to come up with a lower down payment that way.