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I am not an attorney but I doubt having a conversation with Capital One would restart the SOL, I know it won't have an impact on the DOFD which is what dictates the SOL for your credit report. While for you this is a very personal issue for Capital One this is just business and you won't be the first in this situation. I don't see any way to resolve a situation like this short of calling them and asking.
Is there any update on this situation? I am in the EXACT situation.
Also not an attorney ...
I would just inquire to the DMV about getting the title. If they require a lien release from Cap1, you can do it by mail, and the Dmv must have a form for it, they have one for everything.
The Dofd and the CO rule the day here and they wont change. An inquiry on a 14 year old car wont re-age it.
I am sure Cap1 has no interest in the car now, they have already done the accounting change to CO and if they did take that car now, it would be of little value to them to wholesale it, especially after the physical repo fees.
So if it were me, I would just start at the Dmv and request the title and work it from there.
hth
Update:
Started with a phone call to the DMV and they just sent me over to Cap 1 as they are the lein holder from my original financing. After talking with Cap 1, the balance that I was carrying with them was a little over 8k. They offered a settlement at $2k to release the title. They were very easy to deal with and started the conversation by stating that because of the date on the original charge off that they could not sue for any debt on the vehicle (a nice thing to hear). However, and obviously, without paying the settlement amount, the title wouldn't be released. I had a letter sent via postal mail stating the terms, I paid the debt, received the title, and sold the vehicle for $2k. Could have sold the vehicle for more but I was in no way looking to make money off of the situation. Breaking even and moving forward from this situation is better than I could have asked for.
Hope this helps!
Thanks to everyone who helped out on giving some advice and information on this!
@Anonymous wrote:Update:
Started with a phone call to the DMV and they just sent me over to Cap 1 as they are the lein holder from my original financing. After talking with Cap 1, the balance that I was carrying with them was a little over 8k. They offered a settlement at $2k to release the title. They were very easy to deal with and started the conversation by stating that because of the date on the original charge off that they could not sue for any debt on the vehicle (a nice thing to hear). However, and obviously, without paying the settlement amount, the title wouldn't be released. I had a letter sent via postal mail stating the terms, I paid the debt, received the title, and sold the vehicle for $2k. Could have sold the vehicle for more but I was in no way looking to make money off of the situation. Breaking even and moving forward from this situation is better than I could have asked for.
Hope this helps!
Thanks to everyone who helped out on giving some advice and information on this!
Well Done!
Now you have the 14 year old car gone, you did not lose money because you recovered it from the sale, AND you resolved a CO with Cap1!
Even though they couldn't sue, they could have black listed you forever. Now they will likely let you back in, but I would certainly let the dust settle on it. I used to live in NE Ohio so I would have said 'let the 'Rust settle', lol.
Maybe you'll never need them for an auto loan again, but you might have use for a CC in the future.
I'll say it again, Well Done, you took the high road!