hodmandod

Lone Wolf

I have dealt with Cap One many times, and this latest 4 week deal is a real pain - and it can take longer than 4 weeks. I gave up using them because of this. It is a fairly new thing - in the last couple of years or so. Prior to that, you could get it overnighted.

Philip

Arena993

Another thing when the buyer has the checks both of you go to UPS and send the payoff to Capital 1. That way no isues of someone saying the other never sent it.

Mike

Canyon56

Do banks give loans on 10+ year olds cars?

Just curious.......

LoanWolf

That was one reason I went with Cap One at the time...they qualify you for a certain amount regardless of the collateral. They send you a check based on the agreed-upon amount and you can go shopping. You do have to send them the title eventually, but the loan is based on your credit rating and not on the vehicle.

The rate was excellent at the time too and I had their check within 3 days.

Of course this was three years ago...don't know what they're doing nowadays.

larpy

I would not mess with the delay in sending checks. Send a wire transfer to the lien holder from your bank. The lien holder can then send the title directly to you with the sellers approval once the wire transfer clears. The previous owner can assign a power of attorney to you when you pick up the car so you do not have to meet up with him again to have him sign the title. I did this on my purchase and I had my title in 1.5 weeks. I was told it would take 3 weeks but the wire transfer eliminated the wait time for a check to clear. The original lien holder will then send the differnce between the payoff and the the selling price to the seller.

I called the lien holder on my purchase previous to me sending the wire and they agreed to process it within the week.

Rinty

LoneWolf:

I haven't read all the posts above, but I would suggest you pay the loan out first, and get the title ordered. Keep your records to show the buyer.

You should be able to avoid cracking the CD just by using it as collatoral for a short term, temporary loan to buy out the car loan.

I'm an attorney, and I just handled the purchase of an encumbered Harley for an out of country relative, and it's a lot of work. You want the deal to be as clean as possible for your purchaser. And they can get confused or worried about the process.

JM993

I just passed on a great deal on a 2006 F150 4X4 because of the potential headache involved with purchasing this way. Because the truck was purchased new with Ford Credit as lienholder the truck never had a "paper" title. Therefore, in order to do the sale, we would need to payoff the truck and Ford Credit would send notice to the DMV of the payoff. The DMV apparently would then print a paper title and subsequently provide it to the seller. Then the seller would sign the title over to me. I imagine this process would take some time - especially with the DMV involvement. While this might be perfectly fine, I keep thinking that after a month or so goes by, what if I can't find the seller or he's been run over by a bus?

LoanWolf

Car is sold.

The buyer agreed to cut a cashier's check for the payoff (which he verified with CapOne), I prepared the overnight letter in front of him, gave him a copy of the air bill with the tracking number on it and he watched me drop the package off.

He paid me the equity and I let him drive the car home and everybody is happy.

Sum1Dial911

Cool! But I thought Cap One doesn't finance 993 cars.

LoanWolf

See my post #19 above...their decision to make the loan was based on the person and not the collateral....this was in 2006, I would not be surprised if they don't make these loans anymore.

Sum1Dial911

Well, I read on their site that they don't.