Buying car with theft recovery history

[tenere]

It is 06 Cayman S , 40000 miles on it and buying it from an individual who I think buys cars at auction & flips them.He is asking 23k ,loan is with Capital one bank.

He had the clear title with him and said has lien on it from Capital one (CA address)according to seller we could go to any capital one local branch and along with him pay off his loan on car which is entire 23k.The bank would issue lien release document immediately.

I did test drive the car ,no apparent mechanical issues but think might have been driven hard by the seller.Interior is little rough & smokers car
Also there is scuff on rear bumper which might require repainting entire bumper .I will be buying the car out of state

Is 23k good price for the car?

[jbs986]

Originally Posted by tenere

It is 06 Cayman S , 40000 miles on it and buying it from an individual who I think buys cars at auction & flips them.He is asking 23k ,loan is with Capital one bank.

He had the clear title with him and said has lien on it from Capital one (CA address)according to seller we could go to any capital one local branch and along with him pay off his loan on car which is entire 23k.The bank would issue lien release document immediately.

I did test drive the car ,no apparent mechanical issues but think might have been driven hard by the seller.Interior is little rough & smokers car
Also there is scuff on rear bumper which might require repainting entire bumper .I will be buying the car out of state

Is 23k good price for the car?

You would be a fool not to buy this car, if you don't please let me know, I would love to buy it,

[san rensho]

Originally Posted by tenere

It is 06 Cayman S , 40000 miles on it and buying it from an individual who I think buys cars at auction & flips them.He is asking 23k ,loan is with Capital one bank.

He had the clear title with him and said has lien on it from Capital one (CA address)according to seller we could go to any capital one local branch and along with him pay off his loan on car which is entire 23k.The bank would issue lien release document immediately.

I did test drive the car ,no apparent mechanical issues but think might have been driven hard by the seller.Interior is little rough & smokers car
Also there is scuff on rear bumper which might require repainting entire bumper .I will be buying the car out of state

Is 23k good price for the car?

23k is low wholesale, so its a good deal but not great for a car with problems. I'd buy the car for 19k or less, but 23?

[husker boxster]

How can the seller have the title and have a loan on it? I would think the bank would have to have the title. If he has the title, what control does the bank have?

But assuming you can go to any Cap One bank, you should be good.