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Capital one Blank Check experiences?

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  • Capital one Blank Check experiences?

    Hi,

    I got approved for 24,000 at 15.9 for a 2010 or newer vehicle.There technically is no down payment but don't see how that could even be possible with the 110% LTV stipulation.
    They want the loan to be 110% of the dealer invoice price MINUS any rebates.
    So basically someone would have to almost lose money selling you a car.For example..........
    15,000 dealer invoice minus 1000 rebate equals 14,000.
    tax on the purchase would be around 900 and the other fees(profit for dealer) would have to be under 500 to meet the 110% of 1400.

    It would seem as though even with a good deal negotiated you would almost have to have 1-2000 down.Unless you specifically tried to get a vehicle without a rebate perhaps.

    Who has actual experience using a check and how much did you have to put down?

    thanks for any info

  • #2
    I had a Capital One blank check at 4.42% that I used in September. I was approved for 24k for a 2010 or new vehicle. I bought a Nissan Rogue and negotiated a price of 24k including tax, title, license etc. and then used my $1k rebate as my down payment. This is allowed, so if the dealer is telling you it's not allowed then they are trying to either pocket the rebate or raise the price of the car.

    I ended up well within the 110% LTV after I negotiated a good price. The dealer gets kick backs from the manufacturer don't forget so they are only getting part of their profit from you. Capital One figures out the LTV based on dealer invoice, but dealer invoice does not include any kick backs and dealer side rebates that the manufacturer gives the dealer.
    You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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    • #3
      ?

      Originally posted by backtoschool View Post
      I had a Capital One blank check at 4.42% that I used in September. I was approved for 24k for a 2010 or new vehicle. I bought a Nissan Rogue and negotiated a price of 24k including tax, title, license etc. and then used my $1k rebate as my down payment. This is allowed, so if the dealer is telling you it's not allowed then they are trying to either pocket the rebate or raise the price of the car.

      I ended up well within the 110% LTV after I negotiated a good price. The dealer gets kick backs from the manufacturer don't forget so they are only getting part of their profit from you. Capital One figures out the LTV based on dealer invoice, but dealer invoice does not include any kick backs and dealer side rebates that the manufacturer gives the dealer.
      cool. most ads say that the price (fine print) includes the rebate going to dealer.obviously thats just the advertised price and negotiable but wasn't sure if they cooperate well with the blank check.
      i guess my concern was that they would offer at or near dealer invoice but keep the rebate in exchange. so that would already put you at 110% before taxes or any extras.
      15,000 dealer invoice(LOAN amount) but the VALUE would actually be 13,500 with a 1500 rebate.if they kept the rebate you would already be at 110% plus have to come up with 1000+ in taxes and stuff

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