Pros: Approval quickly, even with challenging credit history, all done on-line
Cons: Not as accepted as CapOne advertises; takes longer to process transaction due to dealer restrictions
I had been approved quickly for a Capital One Blank Check, and with a challenging credit history I was relieved to have gotten approved so quickly ... and on-line where I didn't have to talk to anyone ...
My first indication this car purchase using the Blank Check might be challenging was at the dealer. Everything was going great, got the car, got the price, tried to be talked into the finance from the dealer and said, no thanks! I have my own. As soon as I said Capital One Auto Finance it seemed as if I had spoken an obscenity. The salesmanager said, we have had awful trouble with these in the past, and I just don't know if we will be able to accept this. Uh-oh!
The finance manager then came over and explained their dealership group also owned a higher dollar brand dealership and they had been taken on a deal with a brand new higher dollar car involving the CapOne Blank Check. The finance manager made copies of everything and just generally made me feel like this was a big deal.
We left the dealership while all of the paperwork was being processed. I called CapOne the next day with the number on the Blank Check that says something like, can I use my Blank Check at any dealership? The document said, of course you can, and if the dealership won't accept it call this 800-number.
I called the 800-number just to find out if this reaction from the dealer was usual or what was going on. After talking to quite a few different agents, the final answer I received was, well, you just got your check in the mail, you have plenty of time to shop at another dealer. WHAT? How does THAT sound like, of course you can use it at any dealer?? Well, I hung up the phone and began to wonder if this really was what I wanted to do. However, I had already spent so much time looking for the right car at the right price, I reluctantly ignored my intuition.
Days passed and finally all of the paperwork got processed from the dealer and I got my car. Apparently, Capital One puts so many restrictions on dealers in accepting the "Blank Check" that they are super cautious about processing this loan, which delays delivery.
All in all, I haven't had the terrible experiences others have written about here, and the main reason I am writing my e-pinion is to let others know the Blank Check may not be as easy to use and as widely accepted as Capital One Auto Finance would like you to think, especially at higher end dealers. Would I do it again? Probably, I just wish I would have known what to expect in the beginning.