Capital One Auto Finance. - Self Destruction
Auto Financing Loan.
TEXAS -- In November of 09 I received a blank check from Capital One Auto Financing. I wanted to have the financing done before going to the dealership. They advertise for the blank check program as cutting the red tape and hassle dealing with car dealers by having your financing up front. After completing the paper work needed to leave the lot and signing the Capital One check for the new car I drove home.
I find out later they applied for a bank loan on my behalf for $20,000 with Wachovia. No application, never mentioned the word Wachovia and when my attorney asked the dealer what happened to the check he say I can't talk with you now.. Later the manager said to my attorney I came on their car lot needing financing. They receive a commission from the bank for making that bank loan, not the case with a Capital One Blank Check. Much higher interest rate for the Wachovia loan.
The point is be very careful using this kind of financing. The dealer will just destroy the check and apply for a loan on your behalf not telling you. They have enough information on you after filling out licence and registration and warranty and disclosure on your trade in that the bank thinks it's you on the computer. Why the bank gives dealer the right to apply for a loan on your behalf is crazy. I don't trust any car dealer or finance manager.
This occurred a week before Wachovia was taken over by Well's Fargo so I don't know how lax they were at the bank handing out car loans but it must have been easy not to know who I am. Now I try to get a loan today and not a chance. This dealer and finance manager have ruined my credit. As for Capital One, they are self destructing. Stay away from dealership and their employees.