I applied to get credit through Capital One Auto Finance. I received a "blank check" for up to $19,000. I went to the dealer to purchase my car with it and they wouldn't take it. Said it takes too long to get their money. Any one else have this problem????
2006-07-04 05:27:50 · 8 answers · asked by ecogirl69 2 in Cars & Transportation ➔ Buying & Selling
The check can only be made payable to the dealer, it can't be deposited in my bank.
2006-07-04 05:33:47 · update #1
Capitol One is known for making the dealer jump through hoops and delaying payments. The "blank check" is actually a bank draft, that requires all sorts of additional things to cash!
What happens is you pay interest on the loan from the day that you get the car, and the dealer does not get their money for 30-60 days. The bank gets the interest on money that they still have.
Check with the dealer to see if they can match the terms of your loan, and if they can not, either buy the car elsewhere, or contact Capitol One, and see if they will issue a real check to the dealer.
2006-07-04 07:10:30 · answer #1 · answered by fire4511 7 · 3⤊ 1⤋
Yeah, those "sight drafts" can be a royal pain in the butt. Some dealers won't take them, others will. Most of the time that they refuse them, they're trying to switch you over to their own financing at a higher rate.
I had the same problem with one from my bank. I called them and they overnighted a check for the exact amount the next day, made out to the dealer. So I took delivery a day late. No biggie!
2006-07-04 05:36:05 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The broking became negligent in no longer telling you want collision until eventually you revealed a surety bond. No respected broking will finance a automobile without the customer having collision and complete coverage. yet, finally it became your duty to look after your self. you somewhat must have refused the condo automobile and under no circumstances enable them save your automobile for something beauty. you should have advised them you'll carry the motor vehicle back the subsequent day or perhaps as it became accessible for you. Any, i'm sorry to assert that the felony specialist is mendacity. in case you somewhat had a sturdy case the felony specialist would have taken the case on contingency because the broking would have had to pay their value in the adventure that they lost. And it probable would were settled out of courtroom. As on your modern-day project with the $10,000. they have 3 years to call for money. because it became a condo automobile, they are allowed to assemble no longer in person-friendly words the wear yet lost revenues even as the motor vehicle is out of service. so that you want to pay for lost revenues from the time the motor vehicle became damaged to the time it became mounted and prepared to be rented back. that's known and under no circumstances something new. that's YOUR brilliant guess: call each and every television station or look on their web content and ask in the adventure that they have got a customer advise that would evaluate assisting you. In my section, Channel 8 has "8 on your aspect". in the adventure that they settle on your "case" they is generally able which could help you narrow back the quantity or perhaps get the broking to forgot about the debt because the broking does no longer want the unfavorable publicity. I want you nicely. right here is what i'd do if the media received't help: Ask for a replica of the restoration order. If that is lower than $10,000 then ask why they are inquiring for $10,000. in the adventure that they declare "lost use" then ask for the condo log for the previous 2 years or perhaps as it became first positioned into service as a condo. the merely right prognosis is until eventually you get someone to strive against for you you would owe the total quantity.
2016-10-14 02:55:47 · answer #3 · answered by ? 4 · 0⤊ 0⤋
So, I guess you have to find another dealer who will accept the loss associated with slow payment, or you have to do the waiting yourself.
I assume you can deposit your "blank check" at your bank. When it finally clears, you can get a cashiers check drawn that the dealer will LOVE.
2006-07-04 05:32:08 · answer #4 · answered by enginerd 6 · 1⤊ 0⤋
Seems that they want to make you (a customer) available to their competition. Is there another Toyota dealer near you? I am sure someone would be willing to give you a car and take your money. These sales people live off of commissions. Shop around.
2006-07-04 05:30:32 · answer #5 · answered by rob4537216 3 · 0⤊ 1⤋
I have had similar issues, they want to do the financing themselves because they get paid for the loan, so if they are going to go to the hassle for loan paperwork they want the money. Think of it this way, they probably would have had terrible service after the sale! You may be able to do as I did and go to the competition and get a better deal, I did and got just what I wanted for $4,000 less! Good Luck!
2006-07-04 05:34:40 · answer #6 · answered by ronrlogan 5 · 1⤊ 1⤋
Find another dealer
2006-07-04 05:31:16 · answer #7 · answered by go10bucks 2 · 0⤊ 1⤋
They would much rather you go through "toyota financing". They don't want the profit going to Cap One, they want it going to Toyota.
2006-07-04 05:34:17 · answer #8 · answered by trucker3977 4 · 1⤊ 1⤋