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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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