topic Re: Capital One Auto Finance Blank Check Program in Bankruptcy

Capital One Auto Finance Blank Check Program

softballgirl29 — Tue, 24 Sep 2013 19:13:00 GMT

I am wondering if anyone else has used the Capital One Auto Financing blank check program? I was approved for $30k and the check is being sent to me today. Obviously, I want my payments to be as small as possible and would like to get some information on the negotiation process and how the experience was for someone that has already done this. I am assuming that it will give me more negotiating power because I am going into the dealer with the ability to purchase immediately versus jumping through the many hoop of finance at the dealership. Any suggestions/advice?

Re: Capital One Auto Finance Blank Check Program

bbrentlinger — Tue, 24 Sep 2013 21:05:34 GMT

I am curious too!

Re: Capital One Auto Finance Blank Check Program

ChistineNJ — Tue, 24 Sep 2013 23:54:49 GMT

please let us know, I have received a couple of pre-approval in the mail but i dont need it as of yet.

Re: Capital One Auto Finance Blank Check Program

Scupra — Wed, 25 Sep 2013 17:26:32 GMT

I havent used their program but do not let the dealer know you have pre approved financing. Dont worry about the payment they are telling you and download a loan calculator to figure out your payment from the "total amount financed" Once you have them grinded down as low as they will go, then show them the check. Good luck

Re: Capital One Auto Finance Blank Check Program

softballgirl29 — Wed, 25 Sep 2013 18:03:04 GMT

Thanks Scupra, great adivce. I will keep everyone posted on the process!

Re: Capital One Auto Finance Blank Check Program

Anonymous — Wed, 25 Sep 2013 20:55:47 GMT

Agree w scupra.....IME, having your own financing is not a bargaining tool, in fact the exact opposite.

Re: Capital One Auto Finance Blank Check Program

mja — Wed, 25 Sep 2013 22:24:46 GMT

I used a Capital One blank check and it was a wonderful experience for me. I think walking into a dealership with a check puts you in the best negotiating position possible because they know that you are financed and they know you can go anywhere! I test drove a few new cars I liked, I had already done the research to determine a "good deal" - fair to the dealer and me. After I selected the car I wanted, I simply said I want this car for this price and I already have a check. It was no hassle.

Of course there is more money in the financing for the dealer so they wanted to know if they could have the opportunity to beat the interest rate. I said sure, what did I have to lose, except a few HP's? Well, they beat the interest rate (a couple of points lower) with guess what .... another Capital One loan! Crazy right? But it's an absolute true story! I guess technically I did not use the check but it did benefit me.

So do your homework, go in with your check and get your deal! Happy car buying

Re: Capital One Auto Finance Blank Check Program

Scupra — Wed, 25 Sep 2013 23:44:29 GMT

Never take a deal until you leave and come back. So many times a dealer will wait for you to walk out until they get to their bottom dollar. If you make it a habit to always leave go get some coffe and see if your phone rings you will get better deals I used to be a desk manager at a dealership so I am talking from experience. Also, go in on a slow day (not weekend) I would often lose money on a deal to save my neck and having to tell the GM I blanked Good luck!!

Re: Capital One Auto Finance Blank Check Program

TBZ612 — Thu, 26 Sep 2013 03:43:39 GMT

I used the blank check a few weeks ago. Hassle free. I knew what I wanted the out the door price to be, so we negotiated that price and not the sticker price of the car. We told them we would be writing a check....never specifying it was a capital one blank check. They had dealer fees that they could come down on to make the price I wanted happen. We at one point got in the car and started to leave after they told us they couldnt budge anymore on the price. We told the guy we would head to another dealer closer to our house which was an hour away (the same car was on their lot). The sales guy chased us down in the parking lot as we were driving away with another offer. They were only $200 away from the price I wanted.

It was a capital one preferred dealer, but the finance guy there had never seen a blank check before. He had to call capital one to inquire about it. I told the dealer that they could try to beat capital ones rate. They tried but couldnt.

I would defiantely buy another car with the blank check. I felt it gave us a little bit of advantage in the negotiating process.

Re: Capital One Auto Finance Blank Check Program

softballgirl29 — Mon, 30 Sep 2013 16:23:44 GMT

Just to give everyone an update...I took my blank check package into the dealership this weekend and it was absolutely hassle-free. I actually agreed to let them shop around and see if they could beat the rate I received from Cap One and they did end up beating the rate with another Cap One rate! LOL. Not sure how that works but I guess the dealership deals direct with Cap One on lots of auto loan financing so they are able to secure a better rate than the consumer applying seperately. Now that I have an auto loan again, I am hoping this will help with my mix of credit and boost my score after a few months of on-time payments Oh, and I LOVE my new car! Thanks everyone for all your advice!

Re: Capital One Auto Finance Blank Check Program

mja — Mon, 30 Sep 2013 19:19:45 GMT

@softballgirl29 wrote:
Just to give everyone an update...I took my blank check package into the dealership this weekend and it was absolutely hassle-free. I actually agreed to let them shop around and see if they could beat the rate I received from Cap One and they did end up beating the rate with another Cap One rate! LOL. Not sure how that works but I guess the dealership deals direct with Cap One on lots of auto loan financing so they are able to secure a better rate than the consumer applying seperately. Now that I have an auto loan again, I am hoping this will help with my mix of credit and boost my score after a few months of on-time payments Oh, and I LOVE my new car! Thanks everyone for all your advice!

Nice! Congratulations!

Re: Capital One Auto Finance Blank Check Program

ChistineNJ — Tue, 01 Oct 2013 00:37:28 GMT

Comgrats, enjoy your new ride

Re: Capital One Auto Finance Blank Check Program

ChistineNJ — Tue, 01 Oct 2013 04:41:15 GMT

I have a question inhave received these offers, what do you do to get the blank check as inunderstand it can be either approval at a particular dealership or the check its self, and softball if you dont mind me asking hiw much was your approva?

Re: Capital One Auto Finance Blank Check Program

softballgirl29 — Tue, 01 Oct 2013 13:29:18 GMT

ChristineNJ - The blank check is the approval you get from Cap One when you apply for their auto financing online. I liked it because I wanted to know that I could get financing before shopping for a car. It also helped in the negotiating process. I was approved at $30k but I didn't use the entire $30k, I used $25k but didn't have to put any money down. Hope that answers your questions!

Re: Capital One Auto Finance Blank Check Program

mja — Tue, 01 Oct 2013 16:29:08 GMT

The list of Dealers that will accept the check is pretty vast, at least that was the case for me, I live in a major metropolitan area. If you go to Capital One's website, under "auto loans" you can click on "dealer locator" to see what dealers accept the check in your area. If you choose a "preferred" dealer, you will get $100 cash back in a check from Capital One.

Re: Capital One Auto Finance Blank Check Program

0REDSOX7 — Fri, 17 Jan 2014 17:12:32 GMT

Does anyone know if you can use this right after bankruptcy? I understand Cap One might not want to approve me (since I burned two cards with them in my BK), but I will really need a loan post BK for a car, and this happens to be a great idea.

Thoughts?

Re: Capital One Auto Finance Blank Check Program

mja — Fri, 17 Jan 2014 18:15:40 GMT

We applied for our Capital One Blank Check 2 weeks post-BK7 and were approved for $30k. We burned 6 CapOne cards in BK. They still will not give me a credit card but they did approve us for the auto loan. Hope this helps.

Re: Capital One Auto Finance Blank Check Program

0REDSOX7 — Fri, 17 Jan 2014 18:19:14 GMT

Thanks!

Did you have okay credit scores? DO you mind sharing what rate you got?

Re: Capital One Auto Finance Blank Check Program

mja — Fri, 17 Jan 2014 18:51:15 GMT

At the time (Sept 2012), our scores were in the high 500's. I believe our highest score was 592. The interest rate was very high 12.59% (It's the price you pay for filing BK). Make absolutely sure you make every payment on time (so don't bite off more than you can chew!). After 12 on time payments, I immediately shopped the loan for refinance and was refinanced at 3.49% through Rategenius.com.

I very closely followed the advice on this site (see the BK to 700 in 24 months post), with a few modifications based on who we burned in BK (ie. CapOne would not even give me a secured card!). Now almost 18 months post BK, we are almost at 700 (FICO as of today was 675) and I have $25k in unsecured credit (credit cards).

So, you can do it. Just educate yourself, make smart decisions, DO NOT obligate yourself to more than you can pay off in a month and NEVER, EVER pay anything late post BK. I wish you success. Hope this helps!

Re: Capital One Auto Finance Blank Check Program

0REDSOX7 — Fri, 17 Jan 2014 19:01:10 GMT

Well I pay a combined 900/month for two cars now and will be discharged in beginning of February. Will need two cars with my wife and myself, so this is good to know.

I have no derogatory items (collections, charge offs) and had no late payments prior so I hope my score is okay for it.