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How to get a lien lifted from a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. We also allow you to conduct your own research and compare data for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website are provided by companies that pay us. This compensation may impact how and when products are featured on the site, such as for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage and home equity products, as well as other home lending products. But this compensation does have no impact on the content we publish or the reviews that you read on this site. We do not include the vast array of companies or financial offers that may be available to you.
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3 min read . Published 19 January 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of taking out loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances with clear, well-researched data that lets otherwise complex topics into manageable bites.
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An lien can be described as, at its simplest, an insurance policy that can be used by a lender utilizes to safeguard itself in the event of a default by a borrower on a vehicle that is financed. A lien is the lender’s legal right to the vehicle, and remains in force until the loan has been paid in full. If you have recently taken out a title, take these steps to place yourself in a better financial position. What exactly is a car lien? While having an obligation on your vehicle may feel daunting, it is not uncommon. Cars that are financed by the help of a loan are generally placed in a lien till the loan is paid off. This «insurance policy,» put in place by the lender allows it to have the legal ability to keep title to the vehicle until balance of the loan is paid in full. A majority of motorists do not know how a lien operates until they attempt to do so and discover that they are not able to. If a lien has been put in place on a vehicle, lenders or creditors can be able to claim the loan has not been completed or has fallen into default. In addition to affecting the capacity to sell a vehicle the lien can also affect the cost of . How to tell if a car is under a lien When buying a used car, it’s always best to request that the seller provides you with a confirmation letter from the lender informing you that it has released the lien lifted. If the seller is providing you with the title, you should check with your nearest Department of Motor Vehicles first to make sure there’s no lien. In some instances you might be able to use the DMV website to search for a lien by using the 17-digit (VIN). This number is usually located in different places, such as the lower left of the windshield. When you receive a title for the car you’ve used, the chances are that the lien was paid in full — it’s just not released in a proper manner. This could be due to a bank error or be hidden in the confusion of a merger or . Keep an eye out for it when you work with the buyer. Where to find lien information Lien information is available in several ways like: Department of Motor Vehicles By using the vehicle’s identification number, you can determine the status of a lien on a vehicle at the Department of Motor Vehicles. In many locations, you can conduct a lien search online through the DMV website. You might also be able to call your local DMV to inquire about the information about your lien. Report on vehicle history: Many websites on the internet offer history reports for a nominal fee. They include VIN Smart and AutoCheck, offer full reports on the history of your vehicle together with the information about lien. How do you remove a lien from the title of a car an used vehicle shouldn’t come with any strings associated with it, and particularly not a lien. Even though it could require some work and possibly a few weeks, you’ll be able to get your issue resolved without cost or expense. Contact the seller before purchasing a used car through the dealer, make sure to inquire with the salesperson whether there is an outstanding lien on the car. In these cases the dealership usually handles the process of clearing the lien. If you’re financing the purchase with a loan, your lender becomes the . If so, request to provide proof that the car loan was fully paid by means of canceled checks or a paid-in-full letter. It is the seller’s responsibility to repay the loan in order to transfer the title to the vehicle. You can include that requirement in your purchase agreement. It’s recommended to reach out to the lender directly yourself and check the status of the lien. It’s even possible to do this prior to finalizing the purchase. Ask about the total amount required to release the car as in addition to other terms that might affect the sale. Request a lien removal If the lender is a bank that failed (or is a subsidiary of one) You can reach the Federal Deposit Insurance Corp. directly to request a release letter. The FDIC can assist with obtaining the lien if you’ve confirmed that the bank in receivership was placed under FDIC receivership. The offers a search function which allows users to search the database of such banks. The FDIC maintains an individual list of failed banks , including details about what happened to the banks that were bought by a different financial institution. When you have all the paperwork that you need, you’ll be able to file it with DMV and DMV and . The main point is, it’s hard to take pleasure in your new car when there’s a lien on it. Make sure the previous owner has paid the amount owed, so that the vehicle becomes entirely yours, it’s not the banks.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the details of taking out loans to purchase an automobile.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances with clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.
Auto loans editor
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