Capital One Blank Check

doinbetternow · 05-22-2006, 05:30 AM

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!

FilingOnMyOwn · 05-22-2006, 09:31 AM

Thats awesome!

Roadrunner · 05-22-2006, 05:33 PM

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.

doinbetternow · 05-22-2006, 07:00 PM

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.

newstart · 05-23-2006, 11:13 AM

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.

fsugirl · 06-18-2006, 06:34 AM

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.

pink_amulet · 09-28-2006, 03:39 PM

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!!!!

gacreditguy · 10-02-2006, 06:23 AM

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.

gacreditguy · 10-04-2006, 10:59 AM

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.

sp114 · 10-04-2006, 05:15 PM

Quote:

Originally Posted by gacreditguy

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!!!!

tracy1878 · 10-18-2006, 07:27 AM

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?

sp114 · 10-18-2006, 05:28 PM

Quote:

Originally Posted by tracy1878

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?

tracy1878 · 10-19-2006, 11:37 AM

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.

InDebtInMD · 10-21-2006, 07:20 PM

Quote:

Originally Posted by pink_amulet

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.

InDebtInMD · 10-21-2006, 07:30 PM

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.

05-22-2006, 05:30 AM	#1
doinbetternow Registered User Join Date: May 2006 Posts: 7	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!

05-22-2006, 05:33 PM	#3
Roadrunner Registered User B/F Newbie Join Date: Apr 2006 Posts: 106	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.
	Discharged Chapter 7 09/05 Post Bankruptcy Credit: Target $200 (12/05) Capital One $500 (12/05) Hooters Mastercard $2000 (04/06) Fico Scores: average of 646

05-23-2006, 11:13 AM	#5
newstart Registered User B/F Contributor Join Date: Nov 2005 Posts: 367	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.
	Discharged 2/27/06, closed 6/1/06

10-02-2006, 06:23 AM	#8
gacreditguy Registered User B/F Newbie Join Date: Feb 2006 Location: Alpharetta, GA Posts: 154	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.
	Thanks, GaCreditGuy ------------------------------------------------------ BK7 Filed : 01/29/2006 341 Completed : 03/06/2006 Deadline For Objections: 05/05/2006 Discharged : 06/30/2006 Case Closed : 06/30/2006

10-04-2006, 10:59 AM	#9
gacreditguy Registered User B/F Newbie Join Date: Feb 2006 Location: Alpharetta, GA Posts: 154	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.
	Thanks, GaCreditGuy ------------------------------------------------------ BK7 Filed : 01/29/2006 341 Completed : 03/06/2006 Deadline For Objections: 05/05/2006 Discharged : 06/30/2006 Case Closed : 06/30/2006

05-22-2006, 09:31 AM	#2
FilingOnMyOwn Registered User B/F Guru Join Date: Oct 2005 Posts: 1,793	Thats awesome!

05-22-2006, 07:00 PM	#4
doinbetternow Registered User Join Date: May 2006 Posts: 7	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.

06-18-2006, 06:34 AM	#6
fsugirl Registered User B/F Newbie Join Date: Mar 2006 Posts: 64	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.

09-28-2006, 03:39 PM	#7
pink_amulet Registered User B/F Mentor Join Date: Oct 2005 Posts: 625	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!!!!

10-18-2006, 07:27 AM	#11
tracy1878 Registered User B/F Newbie Join Date: May 2005 Posts: 83	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?

10-19-2006, 11:37 AM	#13
tracy1878 Registered User B/F Newbie Join Date: May 2005 Posts: 83	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.

10-21-2006, 07:30 PM	#15
InDebtInMD Registered User B/F Newbie Join Date: Apr 2005 Posts: 106	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.

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