So a friend of mine has been down in the dumps about his car(s). You see over the past 18 months he has bought about 4 cars. His average purchase price: $650. He usually gets them from Yahoo!Auctions or ebay/Autotrader.com. So yeah, as you would expect, they don't last very long. His credit is pretty much in shambles but he did recently get a $300 Capital One Visa. He has about 3 or 4 charge offs and a R4. The CapOne is the only positive on any of his reports. He went to one of those "special finance" departments from a local car dealer and they all but had him on the ropes. I remembered someone here mentioning Peoplefirst/Capital One auto finance so I had him try for financing with them. He called me just now to tell me that he got approved! He got up to $22,000, up to 72 months, 12.5% and they will do 100% purchase price + TTL. So now I've created a monster!!! He's sooo excited because now he's considering all kinds of things and is worried about *color* :-D I'm hoping he can get the check by tomorrow or Saturday so I can help him car shop.
accepts Peoplefirst? why wouldn't they? I thought the blank check they send out looks and acts like just like a personal check...or is that not the case?
You might have to wait for the check to clear to get your car. btw if you can get 12% with peoplefirst, you can do better with a dealer
Here's the info from his approval offer: Your approved loan terms are as follows: Lender: Capital One Maximum Loan Amount: $20,200.00 Minimum Loan Amount: $7,500.00 Loan Term: 72 months APR: 12.95% Monthly Payment Based on $20,200.00: $405.00 Your monthly payment is dependent on the final amount you finance with your Blank Check(r). Your final loan amount can be anywhere from $7,500.00 up to $20,200.00 This is the lowest rate available to you through the lending partners that reviewed your application and is based on your credit profile and credit application information. I was floored that he even got the 12.95%!! This is a person who has JC Penny and Sears calling him every week because he's over 90 days to the tune of $500 past due to each of them! As far as the check clearing, I think he should be okay. My gf bought a new car with a personal check and the dealer didn't even call the bank to verify it! The manager told her they knew where to find her and if the check bounced, they come by the house with a tow truck to get the car and with the police to get her. LMAO
I never had a problem with the check. They just have to make sure that each part of the conditions are met on the check you receive and that's it. You walk out the door no problem, we did at least.
That should be the case and it probably is in most cases. A dealership that I went to in Monday said that they had a problem getting the check to clear - in one instance it took months (according to them) - on more than one occasion. I was going to use PeopleFirst and they said fine but that they would not release the car until the check cleared in a reasonable amount of time. The reason I said to call first is so that you would be sure before your friend picked out his dream car only to potentially run into a problem.
