11 replies to this topic

[mizzlady]

I was approved on Monday for a $25,000 loan/60 month loan. I sent my DL and paystub in that same day. I logged in today to check the status, and all fields ar completed except for the proof of income states "under review". On the dealer requirements all fields state "please fax". I did not receive any emails stating that they even received my required documents or the check is "activated" an ready for use. Is this the typical process? I called CS, they said I may shop for a car that the check is valid to use. I read that the sometimes Capital 1 will not honor the check if all requirements are not completed. Can someone let me know your experience including after purchase and how all was handled with dealer and payment.

[MarvBear]

I would log in also. Just to check the status of your requested stipulations. Once your income verification has passed the approval process then that block will have a check mark.

Check is no good to me, until all your areas are checked.

Our office staff handles the dealer part.

[mizzlady]

Thanks Marv. I'll wait until all areas are checked. I logged in... proof of income is still under review.

[hottdogg]

Hello mizzlady I just bought a car using the blank check and Marv is correct.

We got approved on a Tuesday night online, I faxed paperwork in the next day and it took about 4 days and I received the check in the mail that Saturday and we went to the dealer and bought our 2012 Ford Explorer.

They did not send out our check until all our stips were confirmed but I have read that some people have recieved their check before then and sounds like you have, I would do as Marv says and wait until everything has been confirmed before shopping because the check is no good until then, good luck and congrats!

[mizzlady]

Hello mizzlady I just bought a car using the blank check and Marv is correct.

We got approved on a Tuesday night online, I faxed paperwork in the next day and it took about 4 days and I received the check in the mail that Saturday and we went to the dealer and bought our 2012 Ford Explorer.

They did not send out our check until all our stips were confirmed but I have read that some people have recieved their check before then and sounds like you have, I would do as Marv says and wait until everything has been confirmed before shopping because the check is no good until then, good luck and congrats!

hottdogg, thank you for sharing your experience. I appreceiate it. I am in receipt of the check. I am still waiting on my income requirement to be confirmed. Capital 1 should wait for full approval of requirements before sending out a check. It does not makes sense to send a check that has a potential to be voided if all requirements are not met.

[MarvBear]

Hello mizzlady I just bought a car using the blank check and Marv is correct.

We got approved on a Tuesday night online, I faxed paperwork in the next day and it took about 4 days and I received the check in the mail that Saturday and we went to the dealer and bought our 2012 Ford Explorer.

They did not send out our check until all our stips were confirmed but I have read that some people have recieved their check before then and sounds like you have, I would do as Marv says and wait until everything has been confirmed before shopping because the check is no good until then, good luck and congrats!

hottdogg, thank you for sharing your experience. I appreceiate it. I am in receipt of the check. I am still waiting on my income requirement to be confirmed. Capital 1 should wait for full approval of requirements before sending out a check. It does not makes sense to send a check that has a potential to be voided if all requirements are not met.

It's all about interpretation, see you think you met their income qualification requirements based on your application and the faxed documents. They are still under review. It is entirely possible they may interpret your income documentation in another fashion.

I'm not doubting you, it's just the cap one don't get in a hurry for no-one.

That's why people come on this board when they deal with a dealer and ask why does it take so long to be notified of their first payment. I will check their income documentation, and have fairly sophisticated methods to verify and match. I may think it passes muster, and close the customer's loan out and send it in to Cap One, but it is still subject to their final approval. And then people complain about the dealer and the dealer being up to something.

Once you get the final check on the income, you are good to go.

I hope I get to say congrats to you.

BOL.

[mizzlady]

Hello mizzlady I just bought a car using the blank check and Marv is correct.

We got approved on a Tuesday night online, I faxed paperwork in the next day and it took about 4 days and I received the check in the mail that Saturday and we went to the dealer and bought our 2012 Ford Explorer.

They did not send out our check until all our stips were confirmed but I have read that some people have recieved their check before then and sounds like you have, I would do as Marv says and wait until everything has been confirmed before shopping because the check is no good until then, good luck and congrats!

hottdogg, thank you for sharing your experience. I appreceiate it. I am in receipt of the check. I am still waiting on my income requirement to be confirmed. Capital 1 should wait for full approval of requirements before sending out a check. It does not makes sense to send a check that has a potential to be voided if all requirements are not met.

It's all about interpretation, see you think you met their income qualification requirements based on your application and the faxed documents. They are still under review. It is entirely possible they may interpret your income documentation in another fashion.

I'm not doubting you, it's just the cap one don't get in a hurry for no-one.

That's why people come on this board when they deal with a dealer and ask why does it take so long to be notified of their first payment. I will check their income documentation, and have fairly sophisticated methods to verify and match. I may think it passes muster, and close the customer's loan out and send it in to Cap One, but it is still subject to their final approval. And then people complain about the dealer and the dealer being up to something.

Once you get the final check on the income, you are good to go.

I hope I get to say congrats to you.

BOL.

I agree that interpetation can vary especially on car purchases. I never went through a "BlankCheck" process before. I do understand that a deal can be voided at anytime. My last purchase in 2008 before I even found this board, I did wait until all financing was final before I took possession of the vehicle. I just find it such a waste of money i.e. Fedex, printing documents, checks etc.. and counterproductive on Capital One behalf.

Thank you! I hope to have an update soon.

[MarvBear]

I trust my gut feeling on this one. I think your results will be positive. Please keep us posted. We're on your side.

[snax]

Don't get too hung up on Cap1. If they sent you a check, there's a good chance the F&I person at the dealer can hook you up with something even better.

We took ours to the local dealer this week and they were able to beat Cap1 AND get us into a Ford Credit loan on a new car at a lower rate (which also provided another $4k in incentives). This just 6 months after discharge from Ch. 7 BK.

[missriss]

Don't get too hung up on Cap1. If they sent you a check, there's a good chance the F&I person at the dealer can hook you up with something even better.

We took ours to the local dealer this week and they were able to beat Cap1 AND get us into a Ford Credit loan on a new car at a lower rate (which also provided another $4k in incentives). This just 6 months after discharge from Ch. 7 BK.

I recently used Capital One Blank check. I received the check and checked the application status and it continued to say income under review. I called them to inquire as I had faxed the info to them. Within an hour or so of calling them, my income was verified. So, I suggest you give them a call and see what the hold up is. Within the hour, my check was activated and I was ready to shop. I purchased a 2011 Toyota Rav 4 limited, and all was very simple. I was discharged chapter 7 bankruptcy in September of this year, and approved with Cap One two weeks later at 12.65 percent. Give them a call and then go shop.

[mizzlady]

Don't get too hung up on Cap1. If they sent you a check, there's a good chance the F&I person at the dealer can hook you up with something even better.

We took ours to the local dealer this week and they were able to beat Cap1 AND get us into a Ford Credit loan on a new car at a lower rate (which also provided another $4k in incentives). This just 6 months after discharge from Ch. 7 BK.

I recently used Capital One Blank check. I received the check and checked the application status and it continued to say income under review. I called them to inquire as I had faxed the info to them. Within an hour or so of calling them, my income was verified. So, I suggest you give them a call and see what the hold up is. Within the hour, my check was activated and I was ready to shop. I purchased a 2011 Toyota Rav 4 limited, and all was very simple. I was discharged chapter 7 bankruptcy in September of this year, and approved with Cap One two weeks later at 12.65 percent. Give them a call and then go shop.

I called and they still needed to contact my employer, which they have not done and its almost a week. I am going over to the Ford Dealership tomorrow to see what they can offer. This is too long of a process and I have called Capital 1 several times this week.

[snax]

Apparently they will also still send you a bill for overnight delivery of it too - whether you use it or not! Oh well, that $15 was worth it to have a backup plan.