A couple questions on Cap One Blank Check...

[PHXDWTN]

I've been trying to reach them by phone and have had no luck, it keeps saying the call cannot be completed and to call back.

First, do they simply approve or deny you what whatever amount you request...or do they counter with a smaller offer if you don't qualify for what you asked for? Like if I apply for a $30,000 loan, could/would they say..."Sorry, can't give you $30k, but we can do $22k".

Second, I noticed you have to click New or Used when you apply. I'm open to both when car searching so can you convert from one to the other after you find the car? I know that with a used car they will only give you up to $30k and new car up to $40k. But say you get approved for $35k on a new car, and then find a used car for $30k that you like.

Thank for any help.

[Kuya]

Hi . . .

I have heard of people applying for a certain amount, and being offered MORE, but I have never heard anyone who asked for a certain amount and was counter-offered less. I am not saying it is not possible, just saying that I don't ever recall seeing anyone post information like that.

Most of the time . . you request a loan amount, and it will respond with stipulations, for example:

You ask for $25,000. If approved, it may say 'Congrats, you have been approved for $30,000.

Your interest rate is:

6.7% on 2010 or 2011
8.4% on 2007 - 2009
9.9% on 2004 - 2008


They will also add some other stipulations such as financing the vehicle up to 110% of the dealer invoice price.

I think if they decline you, it is simply a decline. You may have to re-apply, if you wish . . . but re-applying may not help you.