A "blank check" auto loan is basically a loan you apply for at eloan, capital one, etc where once approved, they give you a blank check to write to anyone you buy a car from. Dealerships, private parties, etc. It will only get funded with the appropriate paperwork (title, registration, etc) it doesn't work like a balance transfer check.
And I have to clarify the "2 cars paid in good standing" statement. It was late and I was lacking a good way to phrase it. They were two completed leases in the last 5 yrs which is still on my credit record.
As for the car - I work within the auto industry, so I've never overpaid and I know how to prevent myself from getting screwed. Just like real estate agents with homes (or IHB showing us "good" deals), I've purchased cars, driven them for 5 yrs, and sold it at the same price. Thats a rare case and probably wont happen again, but most recently, my colleague leased a car, drove it for 6 months, and sold it at a price that recovered most of the lease payments. Another for $32k, drove for a yr, sold for $29k. Cheaper than driving a honda
. Another bought a '07 Dodge for 13k below sticker last year, and now selling it for $3k profit!
These days there are so many REPOs and people getting out of cars, leases, etc that the cars are beginning to backlog in the dealer lots, and there are insane deals out there. The cars are not sprisingly high end german cars bought with equity money. A 2007 BMW costing $70k can be had for a little under $50k, less than 10k miles with FULL BMW warranty. 2006 BMW that went for $100k is selling for $50k, with about 30k miles. Again, full warranty. I can go on, and on, and on! And surprisingly, I don't sell cars nor do I own car dealerships. I just do business with them!
So.. I was actually just driving a beater car, ready to pull the trigger on some homes, but I figured, screw it, get the car first, and if i find something, sell it if the cash flow warrants it.
Now... I JUST need a friggen loan
