go check on scam.com it will tell you every scam out there.

 

Most likely he's wanting to use a credit card access check, one of those promotions you get monthly, ".9% until April 2009, or 4.9% until paid off" something like that. Rather than getting an auto loan he's likely to be trying to buy the car on a credit card promotion.

Those usually take a few days to clear, I deposited one into my personal account once for over 10k and it took 11 days for the money to clear into my account.

If I were you I would be very leery of it. It could be legit or it could be shady. Can go either way with that one.

 

The bank is covering its ***.A very simple solution like the guy said.Once cash is deposited wait intill it clears to hand over the keys.Its a VERY common practice to hold ALLLLL checks intill they clear both banks. Come on guys its 2008.


AND who cares if you have to wait 2-3 or even a week,your car is SOLDDDDDDDDDDDDDDDDDDDDD!

 

There's a lot to be said about capone checks. There are "good" and "bad" capone checks. My dealership does not accept either as a form of payment; the "good" ones take typically a month or so to process. The "bad" ones will sometimes not be honored by capone.

I would ask the guy point blank if he has good credit. If yes, I would tell him he needs to find another source of funding. This will cost him possibly a half point of interest, or about $100-300 if he makes a complete set of minimum payments. If no, move on.

 

Did anyone ever show up with a check from Capital One?

 

To all the people in this thread that don't believe it, go to Capital One's website and you'll see they have a program where they offer auto loans via a "Blank Check" system. You apply for a loan and they'll tell you if you're approved or not. If you're approved, the vehicle has to fall within certain guidelines (mileage/year/price) before you can use the check. Also, when you go to use the check, the selling party has to contact Capital One I believe in order to confirm everything.

I had almost done this before, but I got a better rate elsewhere and ended up shredding all the documents and the check.

 

I would not accept anything but a casheres check made out to me or a wire transfer.

 

Tell him to write the check to himself, cash it, and hand you the cash.

 

No? Then the question is moot.

 

LOL. That would be way too simple.