Eligibility for auto title after charge off

Question

Looking for some info on this here prior to moving forward with any next steps I take. Not looking for any illegal or loophole way to screw my previous financing obligation, just honest info. Back in 2001 I purchased a vehicle under Cap One Auto. After about two years of current payments I hit a block in my finances after a job loss. Needless to say I quickly lost the ability to continue paying on the vehicle. Before I knew it, I was in over my head in debt on the vehicle. The vehicle was never reposessed but my creit was obviously impacted with a charge off status for the loan. The car has never been in hiding and I have never attempted to weasel my way out of any of it. The vehicle is 14 years old now and the charge off was recently dropped from my credit report 6-12 months back. I am in a much better place now, financially speaking, and much more responsible with my finances. I have no intent on keeping the vehicle for the rest of my life but I am not sure what options I have as far as whether or not I would even be able to obtain the title for the vehicle. As far as I can remember, I believe the remaining balance was about 6-8k. I live in California and would like to move forward from this vehicle but I would hate to have the charge off or any negative reporting reappear from trying to inquire on information or even title for the vehicle. While I would hate to have to pay the 6-8k on this, I completely understand my obligation to pay, but at the same time if I am able to settle for a lesser amount or other option, I would gladly do so. My main concern is with having any negative or chargeoff reporting reappear on my credit. 

Answer 1

user_2000 wrote:
Looking for some info on this here prior to moving forward with any next steps I take. Not looking for any illegal or loophole way to screw my previous financing obligation, just honest info. Back in 2001 I purchased a vehicle under Cap One Auto. After about two years of current payments I hit a block in my finances after a job loss. Needless to say I quickly lost the ability to continue paying on the vehicle. Before I knew it, I was in over my head in debt on the vehicle. The vehicle was never reposessed but my creit was obviously impacted with a charge off status for the loan. The car has never been in hiding and I have never attempted to weasel my way out of any of it. The vehicle is 14 years old now and the charge off was recently dropped from my credit report 6-12 months back. I am in a much better place now, financially speaking, and much more responsible with my finances. I have no intent on keeping the vehicle for the rest of my life but I am not sure what options I have as far as whether or not I would even be able to obtain the title for the vehicle. As far as I can remember, I believe the remaining balance was about 6-8k. I live in California and would like to move forward from this vehicle but I would hate to have the charge off or any negative reporting reappear from trying to inquire on information or even title for the vehicle. While I would hate to have to pay the 6-8k on this, I completely understand my obligation to pay, but at the same time if I am able to settle for a lesser amount or other option, I would gladly do so. My main concern is with having any negative or chargeoff reporting reappear on my credit. Your first step is to contact CA DMV as to the status of the title. Even though the loan is over 14 years old and CAP ONE has charged off the loan, it's a safe bet it's still recorded on your title. Chances are also that if you or CAP ONE are no longer in possession of the title, you're going to need a lien release before CA DMV will let you apply for a duplicate. They will advise you as to what can be done to have the lien removed because of age, but again chances are you're going to have to contact CAP ONE if not directly, through certified mail.  I can't give any advice on how contacting CAP ONE would impact your credit history or whether it may restart the SOL clock, but IMHO sooner or later you're going to have to talk to them.      Hoping you have positive results.