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Cap 1 blank check questions

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  • Cap 1 blank check questions

    Before my 13 I was approved for Cap 1 blank check and went to my local dealer. They said they would not allow it to be used even though they are
    listed on Cap 1's website due to issues they have been through in the past with getting their funding. I allowed them to pull my credit and they killed
    the Cap1 rate so it didn't really matter.

    I am now in month 60 of my 13 and really need a vehicle. I would like to use the same dealer mainly due to how well they have treated
    me since purchasing from them with service etc on 2 separate vehicles. I am nervous about applying to Cap 1 and wasting the HP by
    finding out the dealer will not honor the check. Should I call them and ask if they accept Cap 1 blank check - obviously not telling them
    who I am?

    For those of you that have used the Cap1 check, what type of dealer did you purchase from - GM, Ford, Toyota, Honda etc?

    Thank you!

  • #2
    Sure, call and ask.
    I used the Cap1 blank check at a Hertz dealership that sold they're previous years fleet autos.


    • #3
      Originally posted by lee307 View Post
      For those of you that have used the Cap1 check, what type of dealer did you purchase from - GM, Ford, Toyota, Honda etc?
      Because dealerships are independently owned, I don't think the make of the car the dealer sells is what will determine whether they accept Cap1 Blank Check.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


      • #4
        CapOne Blank Checks are restricted by year and miles and they typically want you to stay under 110% Loan to Value (LTV). The make doesn't really make that much of a difference to the dealer. It's just a matter of finding a car that fits CapOne's parameters.

        -Six years in the auto industry


        • #5
          The dealer I was looking at before was a Toyota and it was a new car. Obviously the car would have met the stips but
          the dealership said they wouldn't take the check even though they were listed on Cap1's website.


          • #6
            The only thing I can think of is that the dealership didn't want to take the check because they wanted to make the financing money themselves. Some dealerships are set up to be a low price leader on the front profit, but make up for it on the back. Either by upping the rate (bank approves you at 2%, dealership contracts you at 4%) or through products such as GAP or warranties.

            My advice, find another dealership.


            • #7
              I don't know why the dealer wouldn't accept the blank check. We did finance through the dealer and at a much lower interest rate so it has never
              really been an issue. The finance manager just told me he wouldn't have accepted the check anyway.

              We have been discussing this since we are now in a much different position. We don't want to walk in without some type of outside financing
              due to the 13. We opened accounts with a credit union just days before we filed to get away from our bank so they wouldn't freeze our accounts.
              We then thought we would have the CU as a backup for financing but my best friends fiance is the head of the loan department so now I don't want
              to apply there and her see our 13. We have not told anyone other than close family and would rather not let anyone else know.

              Our original bank did not suspend our checking nor savings. We have our mortgage there - never late paid outside of 13.

              Auto loan - paid through the 13 and was late 1 time at the beginning when we were told to stop paying everything after filing and I know they lost some interest
              credit card - 5k balance and I think we were at 3x% so we burned them.
              Not sure if they would give us an auto loan because of those 2 things.


              • #8
                Why not apply for Cap1 Blank check then go to the dealer and see if they beat the rate? If the dealer can't beat the rate, offer the check. If they are on Cap1's list of dealers who take the checks and they refuse to take it, I would threaten to take them to court for bait and switch (I don't know if you would win a suit, but the threat may scare them). If they won't take blank check, they should remove themselves from Cap1's list. They don't, because they are happy to use it as a way to get people in the door so they can offer to finance the purchase. Whether they are on the list or not, if they won't take the check or beat the rate, take your business elsewhere.

                If you are worried about multiple inquiries, you shouldn't be. According to Equifax, "Today, credit scoring systems count all inquiries for auto loans within a given period of time, usually around 14 days, as a single inquiry." According to this article, scoring systems using more modern scoring methods give you up to 45 days to shop for a loan: Just don't start applying for loans until you are ready to buy and if you get turned own by more than one lenders, don't try 13 different lenders like the person who asked the question in the article.
                LadyInTheRed is in the black!
                Filed Chap 13 April 2010. Discharged May 2015.
                $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


                • #9
                  I will probably apply to Cap 1 LITR. I called DCU today and was told 2yrs post BK for them. I also called 1 of the 2 CU's locally and told they
                  will not loan to discharged BK. The other CU I am a member at but don't want to use them due to the loan manager. We joined this CU
                  days before filing to build a relationship with and now we have. The problem is the loan manager is seriously dating my best friend and
                  I honestly don't want anyone to know that we filed. I am going to try to call up there and see what their policy is but if they say they
                  will loan to recent discharge I will still be very hesitant to go apply.

                  The local bank we use loaned us money in the past but we burned them on 1 CC and had to include a vehicle with them due to
                  local regulations. We had to put both vehicle payments in the CH13 so I am afraid that will look bad on us. We do have our
                  home loan with them and have paid on time since day 1, have never been late before or during BK.


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