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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Selling a car with a lien from CapOne auto (out of state)
A couple years ago I bought a car with one of those pre certified checks from CAP ONE auto finance. It made things easy to pickup the car out of state and haggle with the dealer without worrying about the loan and/or changes in the amount (and the rate was good). Well now selling is a problem.
They seem to make this pretty difficult! Anyone have any tips with this? I figured they would partner with some national bank and I could meet the seller there and get the Title notarized and be done with it (perhaps a fee and that would be fine). But no! They want certified funds sent to their out of state location and then 7 days later I get a title to give to the buyer. WOW! How are you suppose to sell the damn car? I mean I wouldn't pay someone for a car and wait 7 days for the title,no way. What am I missing? Yes I know I can just get a 30 day note from a local bank and pay it off, but what if it doesn't sell or something else changes? It's gotta be easier than this?
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Cornpoppin' Pony Soldier |
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12-28-2005, 07:58 AM
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Location: Minneapolis
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Your buyer should understand. It's common and understandable. Just be up-front, open, and honest about what has to happen. If the buyer requests info, do your best to produce it. But never put yourself at 'uncomfortable' risk. If it comes to that, remember that there are always other buyers that will be more understanding.
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12-28-2005, 08:52 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Thanks, but what should happen here then? Do I request that the buyer send the funds to my lien holder? Or do I request that they pay direct to me and then trust me to pay off a lien?
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Cornpoppin' Pony Soldier |
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12-28-2005, 09:12 AM
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Quote:
If the buyer gives you a cashier's check, it still takes time to fully clear (esp $10K+). Then you have to have another check cut to CapOne that will take time to send and clear. Call CapOne and ask them. Perhaps the funds can be wired directly to CapOne for payoff. Your buyer should be reassured that the lien is satisfied if he was the one who paid it. Have him pay you the difference in cash/cashiers/wire transfer. There is always a scary time when money and goods change hands when it can't happen simultaneously. Relax a little, because you BOTH have to trust each other. Either way, I wouldn't let him have the car, or the title, until you have the money and/or the lien is satisfied. E |
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12-28-2005, 09:41 AM
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Join Date: Jul 2001
Location: Huntington Beach, CA
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I have sold several cars like that.
The seller would make out two checks, one for the payoff, made out to the bank, the other to me for equity in the car. We would draw up a contract and both sign. It would state that once title was recieved it would be sent to seller within 48 hours. It has always worked without a hitch. Michael
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12-28-2005, 12:03 PM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Thanks guys.
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Cornpoppin' Pony Soldier |
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12-28-2005, 01:05 PM
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