What was loan value for your FD?
#26
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Originally Posted by hus
< used Capital One Auto Finance. Paid 18k for mine but Capital One would have gave me whatever.
#28
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I got a loan from capitol one. I acually applied for 16k, and recieved a check from capitol one before I knew which car I was gonna buy. When its paid off, I will likely use capitol one again to buy my next toy because of this.
*edit*
I dont think the age of the vehicle matters, at least up to a certain point. Otherwise, capitol one would never have issued me a check without first knowing the particulars of the vehicle.
*edit*
I dont think the age of the vehicle matters, at least up to a certain point. Otherwise, capitol one would never have issued me a check without first knowing the particulars of the vehicle.
#29
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Originally Posted by turbo-travis
I checked their site out. Does it matter that this is a 13 yr. old car. I mean would I be able to get a loan for 15K if I wanted to?
It doesn't matter if it's a 50 year old car. Like I said, mine's a 93 and paid 18k for it (only had 26k original miles when I bought it). As long as you have decent credit they'll loan you the money for the car. I have a really great credit score but you don't have to have perfect credit to get a loan from them. You have to at least borrow $7500 from them is the only requirement. I had just set a limit that I was not going to spend no more than 20K.
What you do is set the highest amount that you think you can qualify for. You don't have to spend that amount. So say you qualify for 30k but the car you're wanting is only 15k...they send you a blank Capital One Check, you fill it out for 15k, call Capital One and tell them that's what you're doing, fax them the info on the car you're buying and you have yourself a 15k car loan. It's really a good deal.
I have a great relationship with my banker but even he has his limits. Capital One is just alternative for people that want to purchase cars that the general public consider more valuable than NADA or Kelley Bluebook does.
#31
I did Capital One for my 93 BB with 35K miles on it for 18K. It's super easy but you do pay more on interest. It can also take a while for the owner to get his payment cleared (3-5 days) so make sure you have that figured out. The previous shady owner wanted me to give him a check for 18K, and he keep the car for the 5 days while it cleared. Hmmmm.... You can't work around this by issuing the check to yourself and then paying the car owner in cash. The check has to be made out to the current car owner (and you must fax over a copy to Capital one to prove it).
Anyways, they don't care about age, condition, miles, make or anything on the car. They're just financing you based on your credit score. The ONLY problem I had in dealing with Capital One is that it is HARD as all hell to navigate through their automated call system to find somebody breating to talk to.
If you're worried about the fact that you're paying more for a car than it's Blue Book Value is, you can change your insurance to "replacement value". That way if the car gets totaled for some reason, they have to pay you for the actual cost of replacing the vehicle, not the Blue Book value which can be thousands less.
Best of luck and make sure you get a good compression check done before buying!
Anyways, they don't care about age, condition, miles, make or anything on the car. They're just financing you based on your credit score. The ONLY problem I had in dealing with Capital One is that it is HARD as all hell to navigate through their automated call system to find somebody breating to talk to.
If you're worried about the fact that you're paying more for a car than it's Blue Book Value is, you can change your insurance to "replacement value". That way if the car gets totaled for some reason, they have to pay you for the actual cost of replacing the vehicle, not the Blue Book value which can be thousands less.
Best of luck and make sure you get a good compression check done before buying!
#32
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Originally Posted by hus
< used Capital One Auto Finance. Paid 18k for mine but Capital One would have gave me whatever.
#33
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Originally Posted by fsae_alum
...... If you're worried about the fact that you're paying more for a car than it's Blue Book Value is, you can change your insurance to "replacement value". That way if the car gets totaled for some reason, they have to pay you for the actual cost of replacing the vehicle, not the Blue Book value which can be thousands less.....
You should also have it re-apprasied ever few years or so, especially if you think it's gone up in value or you've added "stuff".
#34
Originally Posted by Sgtblue
You should also have it re-apprasied ever few years or so, especially if you think it's gone up in value or you've added "stuff".
#35
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Originally Posted by fsae_alum
You should be careful about adding "stuff" If you lose your car for some reason due to theft/fire/wreck, your insurance company will depreciate the value of your "stuff" so that you only get 1/4 - 1/2 of what you actually paid for it.......
The reason I suggested a re-appraisal ever few years is so your not under-insured if you've added some expensive "stuff" since the last appraisal. The other consideration is if you think, as some threads suggest, the market value has significantly increased.
#39
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Originally Posted by hus
What you do is set the highest amount that you think you can qualify for. You don't have to spend that amount. So say you qualify for 30k but the car you're wanting is only 15k...they send you a blank Capital One Check, you fill it out for 15k, call Capital One and tell them that's what you're doing, fax them the info on the car you're buying and you have yourself a 15k car loan. It's really a good deal.
#40
So does that mean I could get the check now and If I decide I don't want the car I could just not make the check out and it's like I never got the loan?
btw, Capitol One is "famous" for a clause which allows them to jack up the interest rate if you're late on any payment, even your electric or phone bill. Caveat emptor...
#41
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I'm another Capital one user. Really simple process. They ask basically no questions about the car you are buying.
I think the check is only good for 10days or something like that. You may need to call and tell them you aren't using it though.
It's a loan not a credit card, but their probably is still a late fee. No reason to have a late payment though when they make you send bank info. so they can automatically take it out of your bank account. I no know they changed their online payment site info. last year, so you may can just pay monthly, I haven't really explored it very much.
Originally Posted by turbo-travis
So does that mean I could get the check now and If I decide I don't want the car I could just not make the check out and it's like I never got the loan?
Originally Posted by dontlift
The only way to know for sure is to read the fine print.
btw, Capitol One is "famous" for a clause which allows them to jack up the interest rate if you're late on any payment, even your electric or phone bill. Caveat emptor...
btw, Capitol One is "famous" for a clause which allows them to jack up the interest rate if you're late on any payment, even your electric or phone bill. Caveat emptor...
#42
Originally Posted by dontlift
The only way to know for sure is to read the fine print.
btw, Capitol One is "famous" for a clause which allows them to jack up the interest rate if you're late on any payment, even your electric or phone bill. Caveat emptor...
btw, Capitol One is "famous" for a clause which allows them to jack up the interest rate if you're late on any payment, even your electric or phone bill. Caveat emptor...
#43
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Originally Posted by FDTT19
This is very true, I've heard some wild stories. Don't use capitol one. Honestly, I know people take out loans for these cars but it is a car that you're going to have to dump money into, its that simple. If you can't get a car loan around the normal 4-6% don't take it. 10% or more interest is way way to much.
And interest rates are going up so 4-6% on a used car would be hard to find. Capital One is around 8% now I think. Mine was 7.05% when I got my car and 7% on a used car isn't bad.
#45
Originally Posted by FDTT19
This is very true, I've heard some wild stories. Don't use capitol one. Honestly, I know people take out loans for these cars but it is a car that you're going to have to dump money into, its that simple. If you can't get a car loan around the normal 4-6% don't take it. 10% or more interest is way way to much.
#46
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Originally Posted by MADDSLOW
I will never own a vehicle that I want to keep forever without having a loan on it. When I am in the last month of my loan (or w/e the minimum loan amount is), I am going to refinance for the longest term possible. Why? Because people can sue you for anything nowadays, and if you own that car, they can take it. If the bank owns that car, they can't.
#47
Get in tight with your Credit Union. 6.75% for a 93 with 10XXXX miles on it here, and did it last week. I am just financing a roller though. Engine and other parts will be paying cash. That way if she blows, I will be stuck with a balance of under 5k on a 6k car, not stuck with a balance of 12k on a 6k car.
#49
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Originally Posted by MADDSLOW
They can't sue you for something you don't have. If I tried to sue a homeless person right now, I wouldn't get much out of it. If you don't own your property, they can't take it from you.
I would talk to a lawyer and consider getting some kind of insurance coverage. There are plenty of ways to protect your assets.
And say you're right and they make you pay cash instead... you can sell your car for more than the NADA value of it. If they take the car that YOU own from you, they'll give you quite a few thousand less (NADA value).
Besides, in any case I would think the bank would liquidate your car and any other things on loan, and after those loans are paid off, the balance would be handed over to your settlement. These people aren't ignorant of the concept of equity.
Dave
#50
Originally Posted by happyFD
I have had my car for over 3 years & 30,000 miles later (with a Capital One Loan) and have not had to dump money into it. Sure, wear and tear items like tires, brakes, etc. that you have to replace on any car. But Please don't say you are going to have to dump money into it though. If you keep any car long enough it is going to cost you money to fix.