PeopleFirst.com's Blank Check loans R the bomb (soon to be CapitalOne Auto Finance)
Written: Mar 08 '03 (Updated Jul 15 '03)
|
Product Rating:
|
|
| Customer Service: |
 |
|
| Web Site Experience: |
 |
|
| Web Site Load Time: |
|
|
|
Pros: Easy application & approval, added security, good rate. Subsidiary of Capital One.
Cons: If only mortgages were so easy.... Subsidiary of Capital One.
The Bottom Line: PeopleFirst offers accessible "Blank Check" loans at a reasonable rate, adding extra security to your transaction. It is a can't miss win for all parties in the transaction.
|
|
|
| DoubleCoog's Full Review: PeopleFirst Lending |
When I contracted to purchase my new Pinzgauer, and then immediately afterwards put a contract on a new home, I had one little detail I had to work out – cash flow. I now needed the same money I was going to use for the Pinzie to pay my down payment on my (hopefully…) new home.
I remembered becoming enamored with a used Mercedes on eBay about 6-9 months prior. I had applied for a loan through a company called PeopleFirst.com, and although they would not give me the loan to purchase from an individual, they did approve a loan for a purchase of a car with age and mileage restrictions through a dealer. I figured it can’t hurt to ask again – even if the vehicle I was purchasing is a 30 year old Swiss military vehicle.
I put in the loan request one morning, filling out a simple online form. I was called back about an hour later as the loan rep asked me certain questions that came up during the credit check. When his boss called back an hour later, I was sure it was not a good sign, but she actually was calling to tell me that my loan was approved and since I could not get mail delivery at my house, they were waiving the overnight fees, but since that Monday was a holiday, I would not receive the papers until Tuesday.
I was not meeting with the seller for a couple more weeks, so this really was not an issue.
Since my prior loan had restrictions on the age and the mileage (as well as the make) of vehicle approved, I waited for the package with some apprehension. And when I read the fine print, I again started to expect the worst. Though there was no mention this time of age, vehicle make, or mileage there was one problem. The sales transaction had to take place at Mail Boxes Etc. (MBE), and the seller had to produce clear title.
Now the vehicle I am buying is a 30-year old Austrian made vehicle used in the Swiss Army – there is no title, and while this is fine and good as far as the DPS would be concerned, it seemed to be a potential problem as far as getting the loan done. Since the seller and I were meeting in Louisiana, I certainly wanted to make sure that everything would be ok before we each traveled 600 miles to seal the deal.
I called PeopleFirst expecting to have to talk to supervisors and supervisors’ supervisors – I expected to have a fight on my hands. Instead, the customer service rep said – oh, we have dealt with rare and collectible classic vehicles before, as long as the registration is in the sellers name (and there is no loan on the vehicle) the registration will be fine. (If the vehicle does not have a clear title, the PeopleFirst loan check still works; there is just a separate step and form to be filled out.)
So I contacted the seller, I called MBE in Lake Charles LA to give them a heads up, and we met there to complete the transaction. We both had to provide drivers licenses, fill out the appropriate forms, get them notarized (at the MBE), provide the title and wait for PeopleFirst to finalize the loan. The whole procedure took just over an hour, which considering the extra safeguards and conveniences thrown in, was well worth the wait.
Since returning home, I received a couple emails from PeopleFirst, the first thanking me for the transaction, and the second asking for auto-draft info (which gives me a .5% lower interest rate).
About PeopleFirst.com
PeopleFirst.com is the worlds largest Internet Auto Loan Company. A fully owned subsidiary of Capital One, PeopleFirst has unquestionable resources – your seller should have full confidence in the check rec’d as part of the transaction.
People first has loans for purchase from dealers, loans to refinance vehicles, and “Blank Check” loans like I received, good for purchase from another individual. The best part about the blank check loans is that it is like getting a pre-approved mortgage – my check was good for 75-100% of the amount I applied for. If the deal had fallen apart, and I had decided to purchase another vehicle, it would have been my prerogative. If I decided to not purchase a vehicle, the loan would simply not be funded – there would have been no costs to me. The rate is determined based on the amount and term of the loan (and of course credit). For my purchase, I believe the rate was very reasonable – lower than I will probably get on my mortgage.
The MBE notary service is recommended (and paid for via PeopleFirst). You can use a different notary, but the risks and costs make it silly to not go to MBE. Since PeopleFirst closes Saturday at noon PST, (and MBE closes at the same time, 2 CST), there was a time constraint. Both MBE and PeopleFirst are closed on Sundays, so in my case, if we missed the Saturday deadline, we were both stuck in Lake Charles until Monday, or we were both driving home without completing a deal.
PeopleFirst allows one a lot of flexibility in financing a vehicle. For granting 3rd party financing for a purchase from a private party, or for refinancing, PeopleFirst is clearly without peer. Add to it the added safety and security of the PeopleFirst loan officers reviewing the title information, and you are far less likely to get involved in a fraudulent transaction.
Recommended:
Yes
|
|
|
|
Epinions.com ID:
DoubleCoog
|
 - Top 1000 |
|
Location: South Padre Island,TX
Reviews written: 123
Trusted by: 217 members
About Me:
This old bio will someday be updated....
|
|
|
- Add to My Yahoo!: 
- Add to Google Homepage: 
© 1999-2009 Shopping.com, Inc.