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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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