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Having problems financing with Capital One for ED
I went to the dealer with my blank check from Capital One and the dealer refused it stating that on the back of the check it says that the dealer has to guarantee the title( the dealer doesn't guarantee the title until the car is in the US). I have been calling Capital One and was transferred from person to person, each not knowing how to answer my questions about ED. Finnaly somebody at Capital One said it can't be done. Someone please help me find a solution.... What other finance companies are familiar with Ed?
Thank you
| | Reply » Having problems financing with Capital One for ED |
just go through bmw financial services until the car is back in the US... you shouldn't have more than 2 payments..... your first payment isn't due until 60 days after you sign for your financing, which is 14 days before your pickup date......... so basically you have 46 days until your 1st payment is due to bmw financial services from your pickup date.....
I did it that way and going to refinance it as soon as the car comes to the U.S..... ) 
| | Reply » Having problems financing with Capital One for ED |
Hmmm. Not sure exactly how to help, but here is a little info on my transaction. I initially attempted to finance using E-loan but once Eloan received the check from my dealer, they said it couldn't be done because the car was not in the U.S. yet.
I immediately called Capital One, got approved, received check the next day, and took it to my dealer in person. My dealer accepted the check, deposited it, Capital One funded within three days, and I was off for my ED trip. Point being that my dealer had no trouble accepting either of the blank checks from Cap 1 or Eloan.
I am located in California and suspect it may have to do with your particular dealer wanting to push their financing on you, or perhaps they're just not accustomed to using checks and don't feel comfortable accepting it. They could also simply be adhering to the letter of the law where some dealers may be comfortable opertaing a bit more informally and taking a few liberties to satisfy their customer.
In any event, Capital One may not be of much help resolving your problem. I think I recall on another post, someone said that the less you try and explain the process to Capital One, the better. I followed this advice and had no trouble. There was never even a question of Euro Delivery.
You can do as the previous poster said, finance through BMWFS, and try and refinance once the car arrives. I couldn't do this because my initial ED dealer sabatoged me (long story) during my bmwfs application process.
In any event, if you must use Capital One, I'd be happy to give you the contact information of my dealership and salesperson in case you'd like to switch to a dealer that will accept it for ED.
Good Luck
| | Reply » Having problems financing with Capital One for ED |
[quote=bee em uu fan]
I immediately called Capital One, got approved, received check the next day, and took it to my dealer in person. My dealer accepted the check, deposited it, Capital One funded within three days, and I was off for my ED trip. Point being that my dealer had no trouble accepting either of the blank checks from Cap 1 .
UOTE]
ditto. no problem.
On a second note, What does the dealer lose if he guarantees the title and cannot send it because you cancel the order? Nothing. He has to simply send a check for the same amount back to Capital One!! Presuming you are not financing 100%, he can still keep his margin, if he has to. The only person who loses is you. I can smell a hidden agenda here.
| | Reply » Having problems financing with Capital One for ED |
I tried to go with CapitalOne and other finance companies but all insisted that not receiving the title with lien on short notice could jeopardize my loan since I was being provided a loan subject to a collateral. Failing to comply with the terms of the loan would allow the finance company to recall the loan and demand full payment. The biggest loser in this situation is not the dealer but the borrower (you).  Rememeber you are not only requred to provided them with the title but also proof on insurance if not they will buy insurance on your behalf at some outrageous rates.
I went through BMWFS and then refinanced. What sucks about this is that refinance rates are higher than new car rates. To refinance I went through LendingTree.com. I go 3 offers including from CapitalOne but they were. 0.5% higher than the lowest offer from a small bank in New Jersey I had never heard of, Synergy Bank.
| | Reply » Having problems financing with Capital One for ED |
On a second note, What does the dealer lose if he guarantees the title and cannot send it because you cancel the order? Nothing. He has to simply send a check for the same amount back to Capital One!! Presuming you are not financing 100%, he can still keep his margin, if he has to. The only person who loses is you. I can smell a hidden agenda here.
[/quote]
I think is the dealer...... 
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Having problems financing with Capital One for ED