I'm a little suspicious of the Capitol One Blank Check -- can anyone vouch?

[Anonymous]

I applied for the Capitol One Blank Check and got it.  2.75% for a 66 month loan of 31,000.  My credit score (TU 661 and Equifax 671).  I have a great length of history credit report ad I pay stuff on time. Prior to the Unfortunate Incidents of 2007, I had excellent credit.   I have a few collections for small medical bills.  The problem is my credit cards are maxed out to the tune of 13,000.  My car is dying and death is imminent.  After a lot of talking and gnashing of teeth, we're taking a withdrawal on a retirement fund to pay off the credit cards and to put down a down payment on the new car.  We haven't actually made those payments yet so they can't be showing up anywhere.  I applied for the Cap One thing just to see what was going to happen.  Based on their response, I went to lending tree and the only other response was a "call us" from Blue Harbor.  So what's up with this?  I get 2.75% from Cap One and nobody else will touch me? That makes me nervous.  I was really hoping I had a shot at Toyota Financing since they're offering 0% on the model I want.  I'm not sure my car is going to last long enough for the credit card pay-off to reflect in my credit score.  So.  What do y'all know about Cap One and Toyota Financing?

[jllunas]

I was just approved for a capital one blank check to.I had to call capital one to verify some information for fraud purposes. Now my check will be here in a few days. I will not worry to much about the blue harbor phone call, maybe they just want to verify some information. With the capital one check there was a Toyota dealership I could go to and take the check there to. What I would do if you really want a Toyota, Take your check in to them tell them what you want and see if they could beat your interest rate.

[Anonymous]

Thanks for your response and I'm sorry I didn't respond sooner.  I thought I'd checked the "email me when someone replies button".  I'm waiting on the mailbox to see what's in the blank check package and will work from there.  I'm just really puzzled. -- Connie

[Anonymous]

I used the Capital One blank check 2 years ago.  It was a really seamless car-buying experience.  In my case, the blank check had some loan-to-value requirements.  I was able to use the LTV requirements to my advantage when negotiating the price of the vehicle. Very good experience.

[guydiver]

There have been many posts here from people getting financed by the Cap1 blank check program, and some at surprisingly good terms considering their histories.  As another poster stated, they have certain requirements you have to meet as far as year of vehicle, LTV, etc., but they are legit.  The majority of the negative stuff you see is people having difficulty with and/or late payments(for various reasons).  The program is actually very upfront with everything according to this board.  Some have reported taking the blank check to their dealer and getting a better interest rate from the dealer.  YMMV, but go for it.  `

[Anonymous]

As a matter of fact, I did buy a new car today (2013 Subaru Forester).  The finance manager beat Capitol One by half an interest point with Chase.  The Capitol One Blank Check thing is legit.  However, the same finance person told me that in terms of paperwork for the dealership it's a real headache and that it can take 2 to 3 business days before everything is approved.  She said that while some dealers may let you take the car before the paperwork is all approved, most will not.  I'm quite sure that without the Blank Check, I'd have gotten a worse rate.

[Creditaddict]

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@Anonymous wrote:

As a matter of fact, I did buy a new car today (2013 Subaru Forester).  The finance manager beat Capitol One by half an interest point with Chase.  The Capitol One Blank Check thing is legit.  However, the same finance person told me that in terms of paperwork for the dealership it's a real headache and that it can take 2 to 3 business days before everything is approved.  She said that while some dealers may let you take the car before the paperwork is all approved, most will not.  I'm quite sure that without the Blank Check, I'd have gotten a worse rate.

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Congrats and glad in the end it worked out because I think this girl is completely WRONG!

I can't tell you how many dealerships will run you down with your "new" car just to get you to drive it off the lot and home with you especially if trading in a car!!! Dealership HATE to see a person leave... to many things can fall apart.

I have used the blank check and I don't dispute that it's prbably a headache for dealer and yes it does take 2-3 days to finalize but otherwise i have not heard of it then coming back no to pay out.

anyway, no worrying about it now because you got better!