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Blank Check Expired, Re-applied, Now APR is Much Higher?

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  • Blank Check Expired, Re-applied, Now APR is Much Higher?

    I was approved for a very decent rate in mid-October and immediately went to the dealership. They didnt have the exact model I wanted so it was built to order and is finally arriving next week. In the meantime, the blank check expired yesterday (12/3). I was told it could not be extended and I had to reapply. I did so today and received a much higher rate than just 1.5 months before. Nothing in my credit history has changed during that time and, in fact, this rate is even HIGHER than the rate they gave me fresh off of bankruptcy 2 years ago! I called customer service and got no satisfactory answers. I am up against the wall as the car arrives next week and at this rate I will be paying thousands more over the life of the loan than quoted in October. I feel like some mistake was made but what can I do?

  • #2
    There's really not much you can do. They change the promo rates all the time. It probably doesn't have anything to do with your personal account or credit history. More likely, it was just a limited-time-offer that was sent out to all of their customers. Once it expires, it's gone. For what it's worth, they'll probably offer it again in the future but I don't know if that helps with the timing of your situation. Best of luck.
    OK - from now on it's not a "Bankruptcy." It's a "Weight Loss Program." I'm in. Sign me up.

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    • #3
      Nothing will be done for you. Capital One's Blank Check program has some rigid rules. Read the fine print and understand how the financing program works before you sign the check and hand it over to a dealer.
      The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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      • #4
        ouch. Are you sure you can actually get out of it? You had a car built for you to what you wanted... you may not be able to get out of the deal at this point - definitely something to check on. How did you manage to get a car ordered to be built without signing anything upfront or giving a deposit?

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        • #5
          The only thing you can do is to make sure that there is not some account that has reaged on your report, or something that has changed. Capital One uses a proprietary underwriting model that looks at your job stability, your income, your residence stability, your debt to income ratio, and your history of paying car loans back in the past amongst other criteria. (Most car financing companies look at all of these things). If anything has changed with any factor, then your rate will change too.

          If the rate went up that much I would be looking for some change in your overall financial picture that is being reflected on the new application.
          You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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          • #6
            I checked my credit report a week ago and nothing seemed out of the ordinary but I will take a closer look tonight. The only change reflected the zero balance on my Capital One card but I would think that's a good thing, no? Its the only open account I have post-bk and has been paid on time.

            Pandora, a small deposit was required for the custom order but there is no obligation to purchase. That being said, I intend to buy the car.


            Would it be wise to have COAF cancel this blank check and reapply?

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