Capital One Blank Check

Discharged 9/12/05

About 2 weeks after the discharge had to replace my wifes van. Went through a dealership at 18.95% (yuk). My truck was recently in an accident and declared a total loss. You can imagine my dismay at taking on another high intrest loan.

Goofing around on the internet and applied at lendingtree.com, just for the hell of it. was approved for a capital one blank check loan at 7.95%, up to $30k! Purchased another truck a few weeks ago. Applied and was approved for another blank check and will be replacing that 18.95% monster this week. With the difference in interest, we can actually upgrade for the same payment.

Hope this helps someone. I wouldn't have found it if I hadn't been forced to buy another vehicle, and I wouldn't have thought I could get that kind of loan. The bargaining power with the blank check is a totaly different experience than using the dealer.

I have read the terms and all the papers for the loans. It's works like any regular car loan. Though I didn't do it, They will allow you to add TT&L in the check amount, as long as it doesn't exceed the approved amount. That may be a real plus for some folks. To make a down payment, just pay with a check or cash and the loan check. Super easy!

Thats awesome!

Do you recall if you had a chance to 'view' offers before actually applying? I'd be nervous to try Lendingtree.com for fear that a gazillion inquiries will happen.

No problems as far as inquiries. The only offers I recieved were from capital one and Wells Fargo. WF was 12.99%. The loan amount I put in was $15k. I've learned since then that many lenders won't even bother with a loan of that amount or below on lending tree. The inq. records seem to support that - Cap one, WF, and another lender are all that i know of that looked at me. The WF loans preapproval amt was 15k, but the blank check seems to be pre set at 30k, but you can use what ever you want up to that amt. The only restrictions are that the vehicle has to be 1) more than 7500.00 2) 2000 model or newer 3) less than 50k miles. My terms are 60 mths, but I assume that they have other terms. No penalties for early pay off (good). Oh and for whatever reason you can't buy a Daewoo. Wells Fargo did send several email wanting me to contact them, and negotiate the terms, but I've heard some bad stuff about WF, so I declined them.

I applied through lending tree and I think it was a great service I only received 2 offers but I did not expect that alot of people would be after me to offer me credit.

DOIN-I also got approved with Capital 1 Blank Check..Should be receiving in the mail any day now. The interest rate for us is 12.95 which is not wonderful, but at least it is a start especially 5 months out of BK. We will see how easy it is to deal because we have a Suburban we are trading in. :unsure:

OK I need some info!!! I have heard a couple of posts about the Blank Check for purchasing a car...now we will be looking for a new car (we are borrowing one from a family member until Feb 07) so we are buying one, we need a mini van or small suv..we have two boys and lots of sports stuff and the small car won't cut it.

So what is the fine print ...drawbacks...negatives?
I've heard alto of pros...now I want to know the pros??

thanks for info!!!!

applied online and was approved for $40k at 10%.. now gotta find a place that does not look at your credit to issue a quote for insurance.

FYI... Liberty Mutual Insurance quoted me an EXCELLENT rate on insurance.. I am looking at buying an 06 BMW 325i and was quoted $1296 a year for coverage. NOT BAD AT ALL...

They advised that even though they do review credit, it is NOT their determining factor on the rate you pay.. They look more at claims history.

FYI... Liberty Mutual Insurance quoted me an EXCELLENT rate on insurance.. I am looking at buying an 06 BMW 325i and was quoted $1296 a year for coverage. NOT BAD AT ALL...

They advised that even though they do review credit, it is NOT their determining factor on the rate you pay.. They look more at claims history.


I have used Liberty Mutual for 14 years now, they are great!! I have never been able to find another company that could match their rate. Enjoy the Beemer!!!!

hubby and i were approved for this program, on the phone the girl was telling us the mileage couldn't go above 60,000, but the packet that we got today from them says 30,000... anyone else have experience with this?

hubby and i were approved for this program, on the phone the girl was telling us the mileage couldn't go above 60,000, but the packet that we got today from them says 30,000... anyone else have experience with this?

I thought I read that the mileage limit was 50,000 miles. I am curious to see how this works out for you. I am going to try to get approved thru them, if my case ever gets discharged. How long after you were discharged did you get approved for a the Blank Check? Did they give you a decent interest rate?

we called and checked, and it's good up to 60,000K, but then the amount of payments change, less payments for higher mileage vehicles.

We were discharged in January, but there is still alot of junk on our credit report that isn't correct. We are in the process of getting it cleaned up, but for now the interest rate is 16%, better then any of the buy here pay here joints. i don't like it, but at this point i have no other choice. We used up our savings trying to fix our car, but got screwed over.

OK I need some info!!! I have heard a couple of posts about the Blank Check for purchasing a car...now we will be looking for a new car (we are borrowing one from a family member until Feb 07) so we are buying one, we need a mini van or small suv..we have two boys and lots of sports stuff and the small car won't cut it.

So what is the fine print ...drawbacks...negatives?
I've heard alto of pros...now I want to know the pros??

thanks for info!!!!

Check out the Mazda5 - it has 'minivan seating' (2/2/2) and comes in around 20k +/- new. I just applied for the Cap One Blank Check thing, so I guess I'll find out Monday how I do.

We were discharged back in 8/05, and have been doing OK since then.

I was hoping to hold off on a new vehicle purchase until Jan, when my wife goes back to work full time, but we just had a put a new tranny in our van, and the 12 year old car I drive is at death's door. :)

yikes - we got prequalified for up to 40k at 9.95%. Foortunately, the car I'm after costs about half that. I'll call these guys on Monday to iron out the details, and will certainly report back here on whatever success I have.

Does anyone know what sort of downpayment requirements there are for Cap One Blank Check? I was looking at their website, but could not find anything that specified a minimum downpayment.

Does anyone know what sort of downpayment requirements there are for Cap One Blank Check? I was looking at their website, but could not find anything that specified a minimum downpayment.

I believe blank check is zer0 down... not 100% sure so could be wrong.

We were approved for a Cap One Blank Check, up to $30K, at 7.95%, was shocked. It was so nice to have financing already taken care of, we were in total control at the dealership. If you search the net you can find lots of sites that tell ya just how a dealership works (and it's not too pretty as most of you know). DO YOUR HOMEWORK BEFORE STEPPING FOOT INTO ANY DEALERSHIP!!!!! Anywho, we have not had any problems as yet with the Blank Check.

If you can get a blank check, why the hell would you buy from a dealer? Buy from a private seller, and save thousands.

With Cap One Blank Check you have to buy from a dealer. Besides I would not trust a "private" seller anymore than I trusted the dealer. Plus, I wanted a new car.

With Cap One Blank Check you have to buy from a dealer. Besides I would not trust a "private" seller anymore than I trusted the dealer. Plus, I wanted a new car.

If the trust is indifferent, than wouldn't you rather pay thousands of dollars less for the same vehicle with a similar level of trust?

Capital one blank check is wonderful ! We have traded cars in twice in the last 5 months (long story !!) and it was so easy...especially if you are purchasing a new vehicle..you literally sign about 5 papers and you are out the door. We purchased a brand new 2006 Nissan Armada and we LOVE IT !! :yahoo:

Same here. Very easy; no problems at all! In answer to the first question on the post: There is only a downpayment if your purchase amount exceeds your approval amount. Everyone is given a different approval amount. Mine was for max. of 30000 and with everthing including tt&l was under $19,000. So I did not have a downpayment.

I'd be interested if someone could post the exact terms of the blank check they received.

here's copy of one of my previous posts...its actually 9.95% to be exact. i was approved for up to $32.000 but used less then $20,000.
Capital One Blank Check

--------------------------------------------------------------------------------

Used this process this week to purchase a new vehicle. Pretty easy and straight forward. It feels to good to get back on my feet and have nice things again. BUT we are now staying within our means for sure. Anyway, I got 10% for 72 months on a new Jeep Wranger without anything down. I was able to surrender my Ford Focus back to Ford Motor Credit and keep the Ford Escape that we got in April. We were SO upside down on the focus, which we purchased right before BK last year. Ford was very cool about us returning the focus even though we are keeping the other vehicle we have financed through them. They said it cannot effect the present loan and they will not ever report the CRA again. I felt bad about it but it just didn't seem smart to keep paying on something with such a high rate (18%). I'm rambling, but if anyone if wanting to use Capital One Auto...so far so good. Easy and painless process. Online app took 5 minutes and then I just had to fax a couple of things over. They overnighted the blank check to me. I applied on Wed. and drove home my new car today.

I am just curious if the blank check complies with the TILA (Truth in Lending Act) notice provisions for a "Firm Offer of Credit"

1st, Do these blank checks arrive unsolicited, or did you have to go request one. (it kinda sounds like for some of you the check simply arrived in the mail, and some of you went to the website and requested one).

It sounds like the checks do comply since you are given an amount, an interest rate, and the length of time for payments.

When you say, "I got 10% for 72 months". was that written on the instrument or the accompanying paperwork, or did you find that out when you got your first statement.

HHM, is this what you may be inquiring?

Blank Check Term
A Capital One Auto Finance Blank Check® works just like a personal check. You specify the loan amount you need and if approved, Capital One will issue a check good up to the approved amount with your name and address printed on it.

When you've found the vehicle you want, make the check payable to the seller. It's that easy!

You are under no obligation to Capital One until you actually use your Blank Check®. By signing the check, you will be accepting the terms and conditions of the loan agreement attached to the check.

I applied online and the terms were given to me loud and clear at that time. They terms are contingent on you providing your check stubs and driver license via fax prior to using the check. So, unless you have provided incorrect info on your app. that you cannot back up with your check stubs, the terms are firm. Now once you have provided that info; recieved the check, and activated it, the terms are firm and are listed on the back page of the blank check. I'm not sure if they send these out unsolicited?? I know I've received some of these types of things from dealerships that are just trash, but I don't ever remember seeing capital one's name on any of them. I found it very straight forward and on the up and up. Oh, and I only applied for $20,000 but they approved me for up to $32.000. I asked and they said that if you qualify for more they will usually approve you for what you qualify for not what you requested; whether more or less.

I was discharded 11/08/06 and just applied today for the Blank Check. I was approved for 29300.00 at 10.95 %. Not too bad for being discharged less than 2 weeks. I bought the car I have now right before the case was filed and it is a little too small for us. I have found several Ford Explorers that would actually lower my payment a few dollars.

We were approved for 12.95%, $16,610 and 330.00 a month for 60 months.

Hm. Our blank check from Household auto waaay back in 2001 was for 10,500 at 60 months, 303.00. I don't think we will use the check since we are helping to put DD #1 through college and the additional insurance would kill us!

applied online and was approved for $40k at 10%.. now gotta find a place that does not look at your credit to issue a quote for insurance.

State Farm does not check credit, at least not in california. but go in to an agent. Do not apply online.

It's been awhile since I've been on here, but I thought I'd sign back on to let everyone know that I was approved thru Capital One today. My explorer (exploder) suddently got a really bad coolant leak from the back of the engine this past weekend that would be expensive to fix. I decided it's no longer worth putting any more money into it being it has 145,000 miles on the clock. So I came back on here to BK forums for some advice and found this thread...

Went on to Capital One to give the blank check loan a try and sure enough it worked! I got approved for 25k @ 11.95% - 60 months*(which I only plan on using about 10-11k - I'm trying to keep those good spending habits :) ). They are overnighing the check, so I can get on the ball and get a new car tomorrow. Gotta have something reliable to drive to work ya know...

I do have a credit card with Capital One, so that might have helped to move my approval through, but who knows...

:yahoo:

Ok can someone help me with my odds here, I applied for a capital one credit card offer that was sent to me and got it at $500 limit, they soon sent me just after i activated the card one for $1000 and the guy said I couldnt get anymore credit with them for the 1st 90days or something. I have paid them off in full ever month for the past 2 months, and never been late! How does it look for me getting a blank check auto loan?

What am I doing wrong I pay everything ontime or early since my BK and capital one says that they can not give me any credit right now, i have a credit card with them and I pay it off every month, what do i do now, this is hopeless!!!!!

Did you ask them for the reason? They will tell you if you ask or at least tell you in a letter. Maybe it has to do with your debt to income ratio. If your payments that are listed on your credit report are a large portion of your income then this could affect it. Also, repos can affect it,

As Cindy suggest, repos can affect your ability to get a car loan.

Various industries take the FICO and weight it with their own standards using their own forumlas.

Mortgage Lenders weight toward previous home ownership. If you've owned a house(s) before. Did you pay as agreed. Was the note(s) paid in full or did you have a house go to Foreclosure.

Car Lenders do the same thing. Weight according to previous auto loan behavior. Did you always pay as agreed. Was the car(s) paid in full or repo'd.

I dont have any repos Im paying my car note insurance and everything ontime, they said they wuold send a letter next week, so I hope thats what happens Im just so confused Im doing everything the correct way, Ive had a loan with this company for about a year and a half and have NEVER missed a payment, the dealership today says they dont think they are reporting my info to the bureaus, after all my interest rate is 23%, and the car is only worth 10k, im paying almost 30k for it....

did you get the car before or after you filed?

After, Im just afraid that it will break and I want to get rid of it, but no one will give me financing now....

As Cindy suggest, repos can affect your ability to get a car loan.

Various industries take the FICO and weight it with their own standards using their own forumlas.

Mortgage Lenders weight toward previous home ownership. If you've owned a house(s) before. Did you pay as agreed. Was the note(s) paid in full or did you have a house go to Foreclosure.

Car Lenders do the same thing. Weight according to previous auto loan behavior. Did you always pay as agreed. Was the car(s) paid in full or repo'd.
a repo can hurt chances of getting a blank check loan even if the repo discharge?

My wife and I recently had our 341 meeting and are now awaiting discharge.

At what point did many of you apply for the blank check with Capital One? Did you wait until discharge, or were you in a situation where you needed to get a vehicle while waiting for discharge?

Hey '1bigmistake': At this time, why not salt away an equivelent of a car payment. You said you were "afraid it might break". If it hasn't you are rideing free. When it does, one car payment could probably fix it. We purchased at auction a used police car, I put about 200 bucks into it. It only had 113k on it but lots of idle time. We have driven it 50k so far without a problem. If I EVER get out of this, cash only for me. Only my opinion. 'Hub

geek4life - you might want to try and start your own thread. This one is over a year old. You might get more responses. Dragonnfly

My wife and I recently had our 341 meeting and are now awaiting discharge.

At what point did many of you apply for the blank check with Capital One? Did you wait until discharge, or were you in a situation where you needed to get a vehicle while waiting for discharge?

From what I've been told, you need to wait until discharge to apply for anything.

They declined me... but gave me a CC with a $2500 limit. Don't get it!

We have not filed BK yet but our credit is not very good due to late mortgage payments.

We applied on line last week and were approved for a Capital One Blank Check... 6.44% for 60 mos (on a 2008)
The terms of the loan were very clear (interest rate dependent on year of car, length of loan, etc.) and the check was in hand in 2 days. We used it and I have a new car. The windows roll down and everything. (haha) Until the minute I drove away I worried it would not happen. But it did.

FYI Our Credit Union with which we had 2 current auto loans (current on payments and no lates ever) quoted us 11.49%. From reading on this site I knew there were people who got better offers than that AFTER filing BK so I said ... no thanks. Blank check worked for us. And I read all of the fine print.

They still won't approve me, and I've never BK'd them. I also have had a blank check loan and several CC's in the past (2-3 years ago), that were all on-time payments and paid in full. They gave me a $2500 CC a few months ago, and are sending me more pre-approved card offers... but no auto loan :-(. Any thoughts on why?

Your DTI ratio may be a reason.