jjking

Well I think I have finally found a c7 to buy. It is private party from a forum member and there is a lien on it through capitol one.


Does anyone have any advise or tips on going about this. Tomorrow is about the only day that will work for both of us to make it happen. I will be going from Ohio to Virginia to get it so want to have everything planned out. The Bank does not hold the title. Once the Lien is paid and released (3 days) the dmv prints a new title which he will have to sign and mail to me.


-We will be meeting at Capitol one bank and I will pay off his lien with a certified check made out to capitol one. Another made out to him for the difference.
-Then fill out a bill of sale stating both names vehicle description and Vin and purchase price and date and have that notarized.


Is there any other steps I can take to go about this the safest way. I thought about a power of attorney to sign the title myself but what are the chances the DMV will mail the title to me instead of him.

Foosh

It sounds like you've identified the proper steps.

I may be mistaken, but the financial institution should be able to indicate lien release and notarize the copy of the title w/ the lien recorded, which should be all you need to register the car and have a new title issued to you.

etaylor14

That is the same way I did mine when I bought my C6. The title will be sent to the seller and he will have to sign and forward to you. Should be ok. Good luck with the C7

Maxpowers

As mentioned above. The bank will provide evidence that the lien is payed off. You may even want to meet him at the bank.

drclaw

From Capital One's site:
Q: "I want to sell my car, but I have an outstanding balance. How can I get my title so I can give it to the buyer?"
A: "Capital One Auto Finance only releases a title or its equivalent, when the loan is paid in full."
https://www.capitalone.com/auto-financing/faq/

Also, Capital One has this cars.com guide on their site:
https://www.capitalone.com/media/doc...lers-guide.pdf
Page 6 references your seller's situation. It would sure be nice to get the original title, but Capital One is a pretty huge bank. That said, I'm pretty sure they're headquartered in Virginia.

I suggest you get someone at the bank to notarize your bill of sale.

Congratulations on finding the one!

olcrazy1

while you are at the bank have him sign a bill of sale and the bank notarize it when you pay off the car for him.

won't hurt to add verbiage in the document that once he receives the title it will be signed and forwarded to you. leave with the car and this document.

if for some reason he tries to not send you the title you will have the car and a notarized bill of sale which will prevent him from claiming you stole the car and give you legal means to get a new title or force him to sign and send his.

hopefully it goes smooth, but won't hurt to get this extra document to cover yourself.

justplainjim

All good advice..

TXshaggy

Some car dealership finance departments will handle a flow through private sale for a nominal cost. While added cost, this would alleviate all worries on both sides of the transaction.

vbdenny

In Virginia, the lien holder holds the tilte until the obligation is satified then the title is mailed to the owner who must go to the DMV to obtain a new title showing no lien. Be careful.

Foosh

In this case, the OP is going to the lien-holding bank with the owner, and the car is being paid off then and there. Thus, he should be able to walk away from the bank with notarized documentation that he is the new legal owner.

If the branch bank can't stamp the previous owner's title copy paid-in-full at that location, the new owner should be able to arrange to have the bank's title serving center mail the bank's title copy directly to him.

kenownr

Unfortunately some banks and lending institutions no longer accept a "Certified Check" as payment in full, and will not release lien and put a 3 to 5 day hold on the funds until cleared. I would contact the bank site that you are planning on closing at and reaffirm a "Certified Check" is accepted the same as cash. This has been a real problem the past couple years as more and more banks are going to this policy.

Profit

Guessing this is because certified checks are now popping up more as counterfeited. You only know until it clears? Scary selling a car.

kenownr

When I bought my 12GS used at CARMAX they insisted on a wire transfer of funds from my credit union before they would release the car to me. A certified check from my CR U would have had a 3 day hold before they would release the car.

RipcordZ51

There is even a short delay with wire transfer funds.

Foosh

That's pretty weird.

My wife and I have purchased 10 vehicles at dealerships in the last 7 years with hand-written checks, and left the lot with printed registration cards and plates within an hour or so.

brooklync5

I've done this before... the steps you are taking are the right ones. Went to the bank and paid off his loan. I had the title in my hands in around 2 weeks.

kenownr

I think the difference we are talking about is the "Release of Lien" when paying off a vehicle. That's when they seem to get picky about the funds presented. My CARMAX issue may have been that I flew in from out of state to get the car.
Foosh: I agree normally when I buy a new car I set up the financing at my credit union, the dealer confirms the correct amount of money he's supposed to get with the credit union, they e-mail dealer a confirmation of funds, I sign it and drive home with the car.
It seems the picky stuff with said issues above, are the "Release of Lien" funds with buyers and sellers -- non-dealers.

Corvette ED

If a dealer is paying the lien off the bank will have the DMV forward the title to the dealer

hope2

First, once the bank is paid incentive is absent to deliver title. Second, get a POA just for the car. Good luck, if you feel good about owner, do it.

Fasteners201

This guy hit it on the head. Banks will not release due to the fact that bank checks and CF's are forged everyday thus banks will not release until 3 to 5 business days until funds clear. We all know banks can clear funds someday but that is the program.

I would get the power of attorney like a dealer would do.

Congrats and good luck!