Capitol One "Blank Check" Program Questions..........

[tah]

Just had my hearing today and am now beginning to consider getting a fairly economical car through one of the sub-prime lenders.

I like what I've seen and heard of the Capitol One Blank Check Program but have a couple of questions.

1. Can these checks ONLY be used at a dealer, their approved dealers or any.
2. Can these checks be used for buying from a private owner? (usually a better deal)
3. Did you "take down" Capitol One in your BK and then were able to use them for a car?

On question number 3 I'm not sure how their different departments communicate with each other. For example they might decide "this guy took us in BK for $X,XXX and now he's trying to get a car loan???? Denied!

Also do I need or have to wait for the discharge before going to Cap One?

[99lawdog99]

Can't answer number 3 but the check can only be used at authorized dealers and cannot be used for a private sale. I believe in the past they were allowed for a private deal but not anymore. Go to their website, they list all the accepted dealers.

[Kuya]

1. Yes. It seems that you can only use these checks at approved dealers. However, I was very surprised to see how many dealers are listed. Seems that most mainstream dealers are on the list.

2. According to the documents on their website, you can only use it at a dealership and not for private sale. However, there have been reports of people first being approved for dealer check . . then calling Cap 1 and requesting purchase from personal sale, and they switched them to that plan . . but there is no info I can find on their website about it .. . so maybe this is something they no longer do.

3. I did not include Cap1 in in m Chapter 13, as I have never had a Cap1 card or loan. However, many many many people have reported that they BK'd Cap1 and then were approved for Cap1 auto loan. I don't think they care. They may even enjoy it lol.

YES . . you need to wait for Discharge. They will guarantee you a DECLINE if you apply before Discharge. Not only must you wait for discharge, but you also must ensure that the discharge is updated on ALL 3 Credit Bureaus (this info came directly from Cap 1 rep over the phone). If any one of the three bureaus show the BK as still open - instant decline.

Can't answer number 3 but the check can only be used at authorized dealers and cannot be used for a private sale. I believe in the past they were allowed for a private deal but not anymore. Go to their website, they list all the accepted dealers.

[tah]

Kuya,

Thank you for the good info!