Capital One Auto Finance Blank Check Program

[mja]

---

@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!

[ChistineNJ]

Comgrats, enjoy your new ride

[ChistineNJ]

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?

[softballgirl29]

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!

[mja]

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. 

[0REDSOX7]

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?

[mja]

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.

[0REDSOX7]

Thanks!

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

[mja]

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! 

[0REDSOX7]

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.