Okay, so PenFed financing update including inevitable hiccups:
I called PenFed and provided the requested information indicated in my previous post: owner information, address, VIN, and copy of the title (more accurately, it was an attached photograph of the title). What I was not initially told was that they require a copy of both the front and back of the title. Not sure why this mattered because the back of a California title is just typical government form BS that provided no additional info specific to the car, but I guess it is different for titles from other states. Regardless, I sent that off.
A few hours later I called again and apparently what was missing now was a completed form 127B available from the PenFed site: "statement of intent to sell vehicle." A post earlier in this thread indicated this was probably needed but up until today, no one at PenFed ever mentioned it. Notified the seller and immediately got it sent back completed, then forwarded it onwards. Of course, it would be several more hours for the "firewalls in their system" to process everything accordingly.
Did I mention that each time I called, I needed to provide the car's VIN, verify the make/model/year/body style of the car, and sympathize that "NSX" was not available in their drop-down menus and had to be entered manually? This wouldn't be a problem except for the fact that each time I gave the specifics, it got me more excited while reminding me I did not have the car yet.
Then I learned that another "probable hurdle" that would need to be overcome is that the document I sent over indicated the seller had financed the car and "Capital One Auto Finance" was still on the title. I was assured by the seller that there were no liens on the vehicle but he simply did not have the title with just his name on it (it would take two to four weeks to get one). Okay, great. So what is required now is documentation for "release of lien" from Capital One indicating the car was fully paid off. Apparently, this is something I can get myself without the seller's involvement and is sometimes acquired by people interested in buying a car. Learned something new today.
Of course, Capital One is already closed and they don't open on Sundays so I'm left sitting here looking at NSX pictures until Monday. Will update again soon.
I called PenFed and provided the requested information indicated in my previous post: owner information, address, VIN, and copy of the title (more accurately, it was an attached photograph of the title). What I was not initially told was that they require a copy of both the front and back of the title. Not sure why this mattered because the back of a California title is just typical government form BS that provided no additional info specific to the car, but I guess it is different for titles from other states. Regardless, I sent that off.
A few hours later I called again and apparently what was missing now was a completed form 127B available from the PenFed site: "statement of intent to sell vehicle." A post earlier in this thread indicated this was probably needed but up until today, no one at PenFed ever mentioned it. Notified the seller and immediately got it sent back completed, then forwarded it onwards. Of course, it would be several more hours for the "firewalls in their system" to process everything accordingly.
Did I mention that each time I called, I needed to provide the car's VIN, verify the make/model/year/body style of the car, and sympathize that "NSX" was not available in their drop-down menus and had to be entered manually? This wouldn't be a problem except for the fact that each time I gave the specifics, it got me more excited while reminding me I did not have the car yet.
Then I learned that another "probable hurdle" that would need to be overcome is that the document I sent over indicated the seller had financed the car and "Capital One Auto Finance" was still on the title. I was assured by the seller that there were no liens on the vehicle but he simply did not have the title with just his name on it (it would take two to four weeks to get one). Okay, great. So what is required now is documentation for "release of lien" from Capital One indicating the car was fully paid off. Apparently, this is something I can get myself without the seller's involvement and is sometimes acquired by people interested in buying a car. Learned something new today.
Of course, Capital One is already closed and they don't open on Sundays so I'm left sitting here looking at NSX pictures until Monday. Will update again soon.
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. Overnight-ed check and seller's BOA asked me some questions to verify, but otherwise transaction went very smooth. They also have great offers on credit cards and mortgage so this could be the beginning of something nice ......
