Special Stage Forums banner
1 - 4 of 4 Posts

·
Registered
Joined
·
189 Posts
Discussion Starter · #1 ·
Well, I figured y'all would probably be the best crowd to ask this question...

I'm in the process of buying a Lemon Law buyback. Since I have about three cars for sale, of which none have sold yet, I need to finance. I got a Capital One "Blank Check" that doesn't make any mention of "Branded Titles" nor does their website. The customer service lady I spoke with at Capital One was clueless. The dealer is leary of taking a finance check, but he is still checking on it.

Question is, has anyone financed a "Branded Title" car? If so, who through?

Thanks,


Gabe Pari
 

·
Registered
Joined
·
1,550 Posts
Gabe,

Salvage/Branded title cars are financeable but finding a lender to do it is difficult. If you got one of those online checks from the lender, the dealer's concern is very valid. After you give them the check, they will have to put together the funding package and send it to the lender, then the lender's funding department will review the paperwork to make sure that all the necessary documentation is there and will fund the deal to the dealer. However when they see that the car has a branded title, more than likely they will kick the contract and the dealer will have to unwind the deal. I'd recommend you to go to your own bank or credit union and obtain a personal loan.

FYI, Capital One is horrendous in their funding process and they kick a contract for the stupidest reasons. If the dealer you are buying the car from has a dealers agreement with Capital One, they can request the online check to be converted to a traditional approval. I suggest you call Capital One funding department (800 227 3863) and talk to them.

Cheers

M.Samli
 

·
Registered
Joined
·
1,443 Posts
My son financed a salvage vehicle a few years back by taking out a personal loan at the credit union. The interest rate is a little higher, but since it sounds like yours would be short term(i.e., until you sell something), it's worth considering.
 
1 - 4 of 4 Posts
Top