My Experience with the Capital One Autofinance Check

Posted on February 11, 2008
Filed Under Business & Entrepreneurship, Finance & Economics |

I bought a used Jeep Commander last month and used my Capital One Auto Finance Blank Check. When I got to the finance guy I showed him my check, with a pre-approved rate structure guaranteed for 45 days, and I said if he could beat the rate then I would happily finance with him. Sounds like a fair request, right?

But after I told him that, he proceeded to lie to me.He punched some numbers into a computer program that looked a lot like a maximized windows calculator, and came up with 8.75%. He told me this was the real rate Capital One was going to charge me. But, to ‘help me out’ he was going to get me a ‘special’ rate of 6.45%. My actual pre-approved rate was 6.35%, which is the best rate anyone could have got on the day I applied. I was a bit confused.

So I asked him how Capital One was going to change the agreement on the blank check and raise my rate. He said that after I signed the check I would get a letter in the mail stating a change in terms and conditions. This was perplexing to me. I asked if he [the ‘finance guy’] was saying that Capital One, one of the largest financial institutions in the world, was fraudualting consumers all over the globe. He said yes. I told him I found this hard to believe, but wanted to give him the benefit of the doubt and hear him out.

But he couldn’t explain how this could be happening. I trusted my gut, which told me to never trust anyone at a used car dealership, and told him I would be going with Capital One. He then proceeded to fill out my blank check with the wrong dollar amount, in what seemed like an effort to void the check, thus making me fall back on his 6.45% offer. Luckily I pulled the check out of his hands as he was filling it in and sternly asked him to please stop.

Even though my gut said don’t trust this guy, I still left wondering if there was an element of truth to what he was saying.

Last week I got a letter in the mail from Capital One. It thanked me for using their auto loan service and said it was going to change my terms…

Next month, Capital One will be LOWERING my interest rate .5%.

The lesson? Get a Capital One Auto finance blank check next time you buy a vehicle and no matter what, don’t ever trust the ‘finance guy’ at a car dealership.

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