CapOne Blank Check - can I do this?

[goingcrzy]

I took my blank check to the dealer, and they were able to get me a better rate - so I went with them.

Now I still have the CapOne blank check. I am tempted to use it to get a cheaper car for my wife. Can I do this or will I get in trouble. (not sure how the would find out, unless they pulled my credit again)

[mikemike]

Good Question. My guess is yea but than no. Income to debt ratio changes after the new car loan. If u can afford the payments ill go for it, wont hurt

[IBroke]

I took my blank check to the dealer, and they were able to get me a better rate - so I went with them.

Now I still have the CapOne blank check. I am tempted to use it to get a cheaper car for my wife. Can I do this or will I get in trouble. (not sure how the would find out, unless they pulled my credit again)

There is no law that prohibits this. That's totally up to you.

[DesdemonaB]

What is the transfer cause.. if any on a Cap One Blank Check? OR where you planning to have both vehicle under your name only? Which is where the debt to income would come in to play.

The bad side in me says...
But if you use the Blank Check within 15 to 25 days of your (meaning your car) purchase that ratio will not come in to play. I did F&I at a Chrysler dealer - when you purchase a vehicle all paperwork (RD108, PO, Finance Contract, Mileage Cert, Warranty, AD&D and Aftermarket (anything)) must be submited to the state (for your plate/sticker) and your finance company within 21 days. This allows the finance company 9 days to review and enter your info into their system in order to process your first payment. It COULD be another 30 days that trade line show up on your credit report.

I do understand there is an expiration date on the check - but in theory if you time it correctly and keep both cars in your name - I believe you could get two new cars. BUT I AM NOT A F&I MANAGER ANYMORE SO DON'T LISTEN TO ME

Now the good side in me..
Do you really need the second car? OR is it new car "high"? Not know your BK history do you need the + credit, can you afford it? It's all about personal choices.

[yellowstone]

why not call capital one blank check and ask them? at least tell us what the loan agreement says. my recollection is that you are making some promises to capital one when you sign that check. if they aren't or won't be true, don't do it.

[JGra]

I don't see a problem, they gave it to you based on what they seen at the time, and it has an expiration date. Use it or don't use it by then. If you don't use it by then and try to apply again don't expect to be approved due to the ratio, but you are approved now. I see no difference in this and many other credit manipulations that happen day to day. If I knew something was gonna hit my credit next month, but I needed a credit card soon, I would know that I stood a better chance of applying for one this month and would do so.

[LSUTiger32]

Sure, finance a small fleet of cars.....why not.

[digital]

There's nothing in their agreement that says you cannot do this, so it's up to you. Just note the restrictions on the CapitalOne blank check agreement... probably most specifically that whatever car you buy must be in your name and your name only.

[JJ888]

I took my blank check to the dealer, and they were able to get me a better rate - so I went with them.

Now I still have the CapOne blank check. I am tempted to use it to get a cheaper car for my wife. Can I do this or will I get in trouble. (not sure how the would find out, unless they pulled my credit again)

Just wondering what rate and terms you got from Cap1 versus the dealer?.