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911 User
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buying a car with a Cap-One Lien ?
Ok,
I am about to buy a 930.The guy has a capitol one loan.Owing almost what I am paying him.Since there is no way to walk into a Capitol One and pay the loan into my name like you can do at a normal bank and since they have a very bad reputation in general,I am very leary as how to pay this guy.I am an Oregon resident buying a California car. Any Ideas ?
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'84 Carrera 3.4-280hp '75 914 2.0 85hp '60 BMW R69-34hp '49 VW Bug-25hp Last edited by barndoor; 04-02-2007 at 08:13 PM.. |
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Porsche Junky
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Some real estate title companies offer this service also....or use an attorney...a few hundred bucks is worth it...
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1986 930 RUF equipped |
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Registered
Join Date: Jan 2000
Location: South NJ
Posts: 2,516
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I've done this a few times both buying and selling. The seller needs to call for the payoff, then you write a check to cap one for the loan and a check to him for whatever's left.
Write up a bill of sale, take the car and wait for your title. Cap one will make arrangements to rush the title for a fee, assuming they have it. (They will lend without holding the title, at a higher rate.) I've received titles in a few days, other times it's taken weeks. Make sure the seller is willing to work with you post sale, and you may need to make a few follow up calls as well.
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Todd Doing business with leebparts? http://forums.pelicanparts.com/porsche-911-used-parts-sale-wanted/555068-attn-leebparts-please-contact-me.html |
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Registered
Join Date: Feb 2004
Location: louisiana
Posts: 1,478
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get the phone number for the planos location and call them. You can payoff over the phone.
I can say for sure it takes longer to get a title from nissan and chrysler than it does from capital one. I've never had problems with them. EVEN THOUGH the bastards just cancelled my fixed rate CC. Intrest rates must be getting high. |
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Registered
Join Date: Jan 2000
Location: South NJ
Posts: 2,516
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Correction-Cap one may have you pay them the full sale amount and send you the title. The seller then waits for his "equity." (He'll wait longer than you'll wait for the title by the way.)
It took 4 or 5 calls to straighten out my last title issue with cap one. Get annoyed, ask for a manager, ask for their manager, issue resolved. I can't bash them though because that seems to happen everywhere these days...any unique situation requires a "manager."
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Todd Doing business with leebparts? http://forums.pelicanparts.com/porsche-911-used-parts-sale-wanted/555068-attn-leebparts-please-contact-me.html |
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Registered
Join Date: Apr 2007
Location: oregon
Posts: 3
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capitol one loan
ok, here is the deal(or what I had to go through with capitol one).
You need to treat this just like you would be buying the car with a traditional bank lien. 1. Your guy needs to call CAPITOL ONE to get his pay off amount. 2. You then write the check or money order out to the lien holder, in this case it is CAPITOL ONE, for the pay off amount. 3. He hands over the keys to the car and you drive away. 4. He sends the check to CAPITOL ONE and the lien is satisfied and the CAPITOL ONE title division sends you the old title and paper work so you can register the car in your name. Dmv sends you new title and registration. The entire process takes about 7-14 days, but they do come through for you and if you call there 1-800 number for the auto division, they will tell you exactly what you need to do or where you are at in the whole process. IN NO CIRCUMSTANCE DO YOU WANT TO PAY HIM WITH CASH OR A CHECK THAT IS MADE OUT TO HIM. IF YOU DO YOU WILL BE IN A SITUATION THAT WILL BE CAUGHT UP IN RED TAPE WITH CAPITOL ONE OR YOU MAY RUN THE RISK OF YOUR GUY NOT PAYING THE LONE OFF WITH CAPITOL ONE AND YOU BASICALLY HAVE A CAR THAT YOU CAN'T REGISTRER IN YOUR NAME UNTIL THE LIEN IS SATISFIED. I just bought my first 911 about a month ago using a capitol one loan from a guy that had a lein on the 911 through capitol one. Double Whammy. I made my capitol one blank check out to the guy selling the 911 and he gave me the keys and I drove away. Capitol one then called me the next day and said that my blank check needed to be written out to Capitol one because they were the lien holder and that basically my blank check that was originally written out to the 911 owner was cancelled. I called the guy and told him what was going on. Both of us were kind of clueless, but he had told me that he had used capitol one before on transactions and they tended to freak out over stuff and that it would work out fine. It did... But I felt really bad because I basically had his car and he didn't have the money.... I quickly realized that if I were using my own money and that I wrote him a check or gave him cash, that the situation would have been the oposite. He would have the money and I would have a car that really wasn't mine. The situation was kind of a pain but capitol one handled it fine and everytime I talked to them on the phone they were on top of the situation and acted professional. The dude I bought the car off of was great about the entire situation and ended up being really cool. I wanted the car and he wanted the money to buy anohter 911, so both parties were on the up and up. But by default I found away through capitol one that a dishonest person could walk away with someones car or money with the help of capitol one blank check program. Bottom line: Capitol one needs to be part of the process. The only difference is that you are going through the mail and phone lines instead of walking down to your local bank to pay off the lein. Even then, it is going to take 7-14 days to get the title and paperwork in your name, so the process is basically the same. SORRY FOR THE LONG POST.....BUT I TALK FOR A LIVING AND I CAN GO ON FOR HOURS, DAYS AND WEEKS....... later and good luck. Cheers, Craig |
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Registered
Join Date: Apr 2007
Location: oregon
Posts: 3
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sorry for the long reply guys....when i was writing a couple of people wrote the same info in about half the time......
Todd is exactly spot on.....everytime i called the person on the other end really wouldn't know what was up....you need to talk to a manager...they will hook you up....it takes awile but they get the job done....... I can go on for days....... Cheers |
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Registered
Join Date: Feb 2002
Location: Annapolis, Maryland
Posts: 1,360
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I had a loan through Cap One on my old 968. When I sold the car the buyer sent a check to Cap One for the outstanding balance on the loan and a check to me for the rest.
When you pay off a CapOne loan it takes longer to clear a personal check vs. a bank check. With my 968 it took 14 days to get the lien release...the buyer sent them a bank check. When we paid off my wife's VW with a personal check it took a month to get the lien release. May sure that the buyer writes the loan number on the check. You don't want to have him/her pay off the wrong loan...the customer service rep I talked to said that this happens from time to time.
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1981 Porsche 931 w/S1 engine & g31 transmission. Water-cooled intercooler |
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Edministrator
Join Date: Aug 2003
Location: SF east bay
Posts: 24,780
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Here's what I'd recommend:
1. Have the owner call Capitol One and get the exact payoff procedure AND have him give Capitol One his permission for you to discuss and verify this with them. 2. Then verify every step yourself. Sounds like doing this with a manager is advisable. Verify if you're getting a title or if it's paperless. 3. Verify with Oregon DMV that you're getting everything you need to satisfy their requirements to title the car. See if they need a smog check or VIN verification, etc. 4. Ask how to insure the title is sent to you. Verify that a bank check will work with no delays. Perhaps certified funds works better, or is that the same thing? 5. Have all the documents and check ready to go with a FedEx envelope ready to send. Meet your buyer and exchange the car for the FedEx package and his equity (if not sent to Capitol One). Both of you witness the FedEx package go into a dropbox or a FedEx station. Don't hand the check to the guy and trust him to send it. He doesn't want to trust you to send it, either. Perhaps the seller would like to verify your funds are legitimate. 6. Call Capital One to verify they received the package and they are sending the title to your address.
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