I just signed a contract for my 2005 XA scion which should be in the dealership in about 1 week, but I got financing from Capital One. Scion says they require me to sign the contract for THEIR financing as backup. It seems ok, however when I asked if they would rip up the contract when I provided the check from Captial One, the manager said they would still keep the Toyota/Scion contract "just in case". Shouldn't I demand they rip that contract up if I pay them in another way??? Advice anyone?

Thx,
netchic

 

I was under the impression that when you get the check from Capital One, it is a done deal as soon as the dealer cashes it. They are not going to be coming back to you saying, "Ooops, you aren't really approved."

I went to the dealership with a Capital One check in hand. When I put it on the table, the finance manager beat the rate by .25%, so I went with Toyota and voided the check. Plus, they sent me a $50 gift certificate for using Toyota.

 

they really shouldn't have that "laying around" if it is a done deal... it has a lot of vital information on it...

 

technically you may not be quallified from Capital One by the time the dealer cashes the check. There may be stipulations pending due on the customers part or the dealers end and Capital One won't transfer the funds to them. Most online financing companys and credit card companys who offer auto financing are very hard to work with on the dealers end. most dealerships will not accept these finance company "checks" due to the run around they come with.