I plan on purchasing a used car '71 vette, from a private seller. I got approved for a car loan from Capitol One and was planning on simply sending the check for the total of the car to the seller. He states he will send the title when he receives payment. My question is, If I am paying on a car loan to Capitol One, wont they want the title to the vehicle?
If you are using the car for collateral I would think yes.
You can probably hold on to the physical paper title. However, the lending agency will want to record a lien on the title.
Depends on the state. Some states will include the lein holder on the title but send it to you (Michigan is an example of this). Other states send the check to the lein holder, who sends it to you once the loan is paid off. No sure how LA handles this.