Has anyone used the Capital One "blank check"?

[Flowers]

Just wondering if anyone has walked in and used the Capital One Auto Finance blank check ???

I guess you just go with this thing and the down-payment?

Please, let me know what your impression of this program is, thanks.
And the type of dealers who accept this financing.
I know that some of the dealers close to me (in miles) do not but it seems to be a bit of a drive to get to these dealerships.

[shelly66]

I actually used the blank check to buy 2 vehicles. You can walk in a dealership and basically buy what you want according to the terms of the check. I went in with a $20,000 check a couple years ago and walked out with a 1 year old vehicle. You kind of have an upper hand because it is almost like your owm terms.

[yoyoma51]

We used it and got a rate of 10.99%/60 months on a 2007 for $10,000. It worked fine, although the dealer wasn't thrilled we were using it.

Our credit union told us we wouldn't qualify through them as my wife was a full-time student and wasn't working part-time. They told us to come back when she got a part-time job.

After 2 months of making payments to Capital One, we went back to the credit union as my wife was working part-time. They refinanced at almost 1/2 the current rate of 10.99%.

All-in-all, the Cap One Blank Check was not a horrible deal, but you may be able to do better.

[keepmine]

Very staisfied with Cap 1 blank check. In 8/07, we were approved for $12.5K at 8.2% for 48 months. We only usd $10K to finance an 06 model from a Hertz fleet sale. Just handed the dealer our check for the downpayment and the Cap1 check and they handled it. They said a lot of their customers use Cap 1 financing.

The date we applied, I was about 6 weeks shy of the 2nd anniversary of my filing date.
I tried 2 local banks where I had an accounts and was denied due to a "recent bk". We just had to have a car so since my wife didn't file we applied jointly and were approved.

[Smokinjbc]

Hello,

I used the Blank Check about 4 years ago (pre-BK- filing next week) and the dealer was a little confused at first but it worked great. I also got about a 11% rate (would have been much lower if I bought a new car IIRC). They have been great- actually surprised since I have not been great about my car payments this past year but they reported me on my credit report as always paying on time . They've always been nice to deal with too and I was thrilled to be able to just pick out the truck I wanted without hassling with the dealer about financing.

[justbroke]

I used this check once (and HSBC twice). It's convenient knowing that you not only have financing, you have the check in your pocket! The rates are usually a little higher than you can get through a Credit Union, but refinancing it a little later with a different lender, is not a bad idea (I did this on my loans and got them to 4.95%).

I used the check to my advantage once. I was ready to buy a current model year vehicle (Mercury). The dealer told me that I'd get so much for my Honda trade-in, but tried to back out when the deal was being inked. They then say "we can't give you that amount". So, I got up, made sure they "saw" me put the check in my folder, and said "I'm done". That's when they asked me not to be so quick and they'd figure it out. (This is mainly because I negotiated the trade-in days before... then negotiated the price of the new car separately!)

While you may believe that you're a "cash" customer and have an upper advantage, you really don't. No matter if the dealer finances you through one of their banks, you go through the Car manufacturer's credit company (GMAC, FMC, Toyota Credit, etc), they still get "cash" in the end. As a matter of fact, they probably make more when they "finance" it because they are likely to be getting dividends in the form of so many basis points on the loan (like .5% or 1% of the payments!).

In any event, go prepared. I brought a laptop with a cool spreadsheet I got from Edmunds.com so I could run all the numbers. It kinda spooks them that you're that prepared!

[pa308]

When do you find out the rate that you are approved for, when you apply online?

[jonathanroy]

I would not recommend using it to buy a car since you can get a better rate somewhere else for a car but it is true that you can try to deal a better price with that check.

I financed my car with the dealer at 1.9% so i was happy

[Scooter10]

Just make sure it is one of theor authorized dealers. They do not play games on this. The declined my loan because the dealer was not one of theirs. the dealership of couse said they were part of the program, but CAP1 said NO. It ended up working out for me though. I finally got approved through the indirect program at a local CU for 7.49%/20K/72 months.

i am chp7 discharge 4/08.