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Capital One Auto Finance / hold lien of paid off vehicles too long

1 United States Review updated:

I have paid my Capital One Auto Loan in full, having never missed a payment in nearly 4 years, and sold the vehicle. Now, they say they cannot release the Lien on the vehicle as I used "unsecured funds" to pay off the loan. I paid the loan at their web site, using their system to draw the funds electronically from my account. The money is gone, and I have an impatient person who purchased the car and would like a clear title. I have been told it could take up to 30 days. And talking to them on the phone is horrible, as nobody speaks English, or just came out of 3RD grade. I keep getting the old run-around. DO NOT USE THIS COMPANY, I promise you, you will regret it.

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  • Lu
      31st of Jul, 2009
    0 Votes

    The reason most banks and finance companies hold the title or lien is to ensure that payoff amount clears the bank > unsecured funds is a terminology used by banks & lenders that describes a payment that is no made by or secured by cash like a money order, cashier check or western union / moneygram payment > what it seems you paid off the loan with was with an ACH type pymt that can be disputed up to 60 days and be debited from the payees account & you now have the title > believe me this happens more than you can imagine and it is very sad that a good people have to pay for a few bad people that take advantage of certain situations > but to help call your lender tell them you can fax a rolling bank statement that shows the positive bank balance prior to & after you payment & this will possilby help you getting your title or lien released.
    Here to Help
    Los Angeles, CA

  • Ro
      10th of Apr, 2010
    0 Votes

    This is a bunch of nonsense. I have the same complaint. My payment was made through electronic transfer, paid off on the 29th of March 2010 and here it is the 10th of April and am still waiting for my title. This company is the worst. I've never had to wait 30 days with any other finance company, but I've worked with more reputable companies in the past. They didn't have a problem with all the previous electronic transfer payments and the same should be for the last one.

  • Jb
      19th of Jul, 2010
    0 Votes

    I purchased a car from a friend of mine who had the car loan through Capital One loans, which he paid off the loan in full. They have been giving him the run around saying that they are so far behind in reposessions that they are trying to catch up.

    He gave them the full payoff amount back in Late-March 2010. It is now Mid-July 2010 with no Title or Lien Release received. He has contacted that attorney general but still nothing.

    Doesn't anyone notice the numerous complaints about Capital One holding the lien on vehicles and feel that something should be done????

  • Fe
      17th of Jul, 2014
    0 Votes

    I too have the same problem as Luvtheback9. Capital One Bank and their Title Dept. are the most apathetic and rude people that I have ever dealt with. I am trying to get the lien release expedited so that I can deliver a clean and clear title to the purchaser and Capital One could care less. Their credit card people are just as apathetic. I requested a lower percentage rate on my cards after 10 plus years of excellent history and they refused. I have been an excellent customer for Capital One but good customers are not relevant to CO.

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