The Toyota dealer won't accept the pre-arranged financing I have through Capital One.?

I applied to get credit through Capital One Auto Finance. I received a %26quot;blank check%26quot; for up to $19,000. I went to the dealer to purchase my car with it and they wouldn%26#039;t take it. Said it takes too long to get their money. Any one else have this problem????

The Toyota dealer won%26#039;t accept the pre-arranged financing I have through Capital One.?

Capitol One is known for making the dealer jump through hoops and delaying payments. The %26quot;blank check%26quot; is actually a bank draft, that requires all sorts of additional things to cash!

What happens is you pay interest on the loan from the day that you get the car, and the dealer does not get their money for 30-60 days. The bank gets the interest on money that they still have.

Check with the dealer to see if they can match the terms of your loan, and if they can not, either buy the car elsewhere, or contact Capitol One, and see if they will issue a real check to the dealer.

The Toyota dealer won%26#039;t accept the pre-arranged financing I have through Capital One.?

Seems that they want to make you (a customer) available to their competition. Is there another Toyota dealer near you? I am sure someone would be willing to give you a car and take your money. These sales people live off of commissions. Shop around.

The Toyota dealer won%26#039;t accept the pre-arranged financing I have through Capital One.?

Find another dealer

The Toyota dealer won%26#039;t accept the pre-arranged financing I have through Capital One.?

So, I guess you have to find another dealer who will accept the loss associated with slow payment, or you have to do the waiting yourself.

I assume you can deposit your %26quot;blank check%26quot; at your bank. When it finally clears, you can get a cashiers check drawn that the dealer will LOVE.

The Toyota dealer won%26#039;t accept the pre-arranged financing I have through Capital One.?

They would much rather you go through %26quot;toyota financing%26quot;. They don%26#039;t want the profit going to Cap One, they want it going to Toyota.

The Toyota dealer won%26#039;t accept the pre-arranged financing I have through Capital One.?

I have had similar issues, they want to do the financing themselves because they get paid for the loan, so if they are going to go to the hassle for loan paperwork they want the money. Think of it this way, they probably would have had terrible service after the sale! You may be able to do as I did and go to the competition and get a better deal, I did and got just what I wanted for $4,000 less! Good Luck!

The Toyota dealer won%26#039;t accept the pre-arranged financing I have through Capital One.?

Yeah, those %26quot;sight drafts%26quot; can be a royal pain in the butt. Some dealers won%26#039;t take them, others will. Most of the time that they refuse them, they%26#039;re trying to switch you over to their own financing at a higher rate.

I had the same problem with one from my bank. I called them and they overnighted a check for the exact amount the next day, made out to the dealer. So I took delivery a day late. No biggie!