agranado

Just like the title says. I'm interested in buying a new car, and ive been considering going with this blank check option because it may give me some leverage in buying a a car at a lower price. Anyone have experience with it?

Or should I go with Honda's financing? I've read that honda's super preferred credit rate is at around 5.9% for 60 months right now (I could be wrong but that's what I've read.)

My credit score is around 710-720 these days and only improving as I'm reducing balances on my credit cards.

Any honda salesmen lurking boards as well who might be able to give me some feedback?

achenator

bought a tahoe w, blank check in May 6.0 for 60 mos. pretty easy deal. beat GMAC to hell
bought my tl 2 yrs ago 5.9 for 66 mos. also a pretty easy deal

sho_nuff1997

iTrader: (2)

i got a cap one blank check for the same reason you stated, but no leverage. the three dealers i went laughed and said nobody will take that. i ended up getting financing thru a local bank at a better rate. w/ the cap one, you don't have to use the check so it can't hurt to get one just in case.

charliemike

They say that and then try to flip you into a payment and ohbythewayhere's13percentinterestandrustproofing ...

Infamous425

careful with cap one blank checks. sometimes they charge a fee ($500) to use it which the dealer then tacks on to your final price

nbennettksu

iTrader: (2)

I thought I heard somewhere tht Capital One was going under?

mrproul

i hope so then my outstanding debt with them will be writen off.

sho_nuff1997

iTrader: (2)

ya, that's what i figured. swindlers. that's why i went elswhere and got a better rate.


that would be nice.

are they really going under?

mrproul

yeah that would be nice. i don't know what the situation is on that.

achenator

if they go under, which i don't think they are, you will still have to pay your bill. the debt will just be sold to someone else. I owe capitol one about 380k on a personal loan you dont think they'll just forget about that do you??

nbennettksu

iTrader: (2)

^oh shit

fuzzy02CLS

iTrader: (2)

I dunno, I got perfect credit & over an 800 score & that capital one crap was giving me 9.6% for a used car older then 2001, & only gave me $14K max.
They must use something weird to calculate.
This was 2 weeks ago.
I tore it up.

Soccer_playa1579

380k? what are you in the medical field to? shit.. that a shit load of money.. lol.. well anyways.. do you research bro.. like the guy said... they might tack on additional charges and things like that..

SakiGT

That would be bullshite if they shut down. They have my oldest account.

black label

The reason the dealers don't want it and many won't accept it is that it's not really a check, it's a "draft check" which in reality is nothing more than a promisary note. You can't actually take that to bank and cash it, it's not really a check.

GSI

I've used them before on a car purchase and my dealer took the check. The car was used and my credit was so-so and I did not want to deal with the dealerships bs with regards to financing so it worked great.

I find it weird that a car dealer would walk away from a sale due to whose name is on the check.

CarbonGray Earl

I usually never take a check in, just tell them that "Capital One has this rate; what can you do?" On my last car, I actually misstated a rate for lower than what it said on their website, and the dealership matched it....I guess they didn't double check, but oh well.

jo-jo111

keep shopping. I got honda financing at 4.9% and my local bank was offering 4.99%. this was back in August.

just keep looking and have patience (unless you just need a car due to previous car problems) something will pop up.

Xpditor

I took a Capital One check in good for up to $50,000 and was going to use it to pay for the car.

It is as good as the draft they get from the bank when you finance through them.

They lie to try and get your financing so they can make money off of that. The salesmen even get a commission for every year you finance and it's larger for higher interest rates.

My dealer just asked if they could bid for the financing. I said "Go for it."

I was getting (at the time) 4.x % from Capital and the dealer came up with 3.25%.

I made sure there were no hidden charges and then took it.

Page Two: "The rest of the story": Capital One ended up buying the finance company I had so the payments now go to them anyway.