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How to obtain your car title after loan payoff Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering financial calculators and interactive tools as well as publishing original and impartial content. This allows users to conduct research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers, including 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 site come from companies that pay us. This compensation may impact how and where products appear on this site, including for instance, the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage home equity, mortgage and other home lending products. But this compensation does affect the content we publish or the reviews that you see on this site. We do not include the entire universe of businesses or financial deals that could be accessible to you.
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3 min read Published June 23, 2022
The story was written by Holly D. Johnson Written by an Award-Winning Author and Writer
Holly Johnson writes expert content on personal financial, credit card, loyalty and insurance topics. In addition to her work articles for Bankrate and CreditCards.com, Johnson writes for clients on a regular basis which include CNN, Forbes Advisor, LendingTree, Time Magazine and more.
Edited by Chelsea Wing Edited by Student loans editor
Chelsea is with Bankrate since early 2020. She’s dedicated to helping students manage the steep costs of college and breaking down the complexities of student loans.
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Once you’ve made the final payment on an automobile, you’ll have to get an official title issued by your lender to prove you legally own the car. It is also a crucial document if you end up selling your vehicle down the line. What a car title lien is An auto lien is a note showing the car is in many cases your lender. In a lot of ways the lien on your vehicle is like a property lien on your home. If you have a lien, the lender has rights to the vehicle until you have paid off the amount you borrowed, as well as fees and interest. When your loan is paid in full the lien on your car title is lifted and the title will be transferred to you. This is when the title of the vehicle passes from your lender onto you. How to get your title once you have paid off your car loan After you have paid off your auto loan the lien holder has to inform your State’s Department of Monitor Vehicles (DMV). It can be done electronically or by submitting specific state-required paperwork. Either way, they will inform the state that you no longer have an unpaid balance on your loan and are the sole owner of the vehicle. «After you’ve completed the repayment of your auto loan, you’ll have a ‘free and clear’ vehicle title, meaning you are now the sole owner of the car,» says Julie Shinn who is vice director for lender control at RateGenius. «Anytime there’s a change in ownership it is necessary to change on the record.» The process for changing the title process is different for each state. process of getting the title for your car that you have paid off depends on your state laws. Certain states handle the whole process, while others require you to do some tedious work. According to Shinn, your lender will provide you with an agreement to release the lien in states where you must submit a claim to obtain your title. This will include formal proof that the loan has been paid in full. Then, you’ll bring those documents to your state DMV for an updated title that is solely yours. Other states have different procedures, after the DMV is notified that they have received your information, they will send you the title to your vehicle with no effort on your part. To learn the process in the state you reside in, check out the State’s DMV website . What’s the length of time required to get a title after loan repayment Shinn says that in states where you are required to submit paperwork in order to obtain the title of your car under your name. You could expect to get your new title in any time from two to six weeks after filing the paperwork. Since every state’s processing times are different so the process can be longer or shorter. Nishank Khanna, a CFO at Clarify Capital, says states that have DMVs that mail out auto titles electronically could take shorter time, typically around 15 to 30 days. However, processing and shipping time can drag things out and you should follow up with a call, email or in-person visit in case you feel it’s been too long. Final considerations about liens While it’s normal for you to be able to put a lien on your vehicle, there are some crucial details to be aware of. A lien on your car could (or at least) make selling your car more difficult according to Brian DeChesare of Mergers and Inquisitions. This is based on the fact that you’ll be required to pay back your car loan and gain acces to your title prior to being able to sell your car as well as transfer title a different person. It is possible that you don’t have the money to pay off the car prior to the sale and if you do happen to owe more money than your vehicle is worth then you’ll be required to pay the difference. DeChesare is also of the opinion that the opposite is true as well: You cannot get the title of an automobile when buying from someone who has a lien until they pay for the vehicle. This makes on it a tricky ordeal. However, some DMVs offer a lien search option which allows you to determine who owns the title to the vehicle and contact them directly. As a result of these challenges, many drivers opt to sell their cars that have a lien to their dealership as they upgrade. When you at a dealership will be given a trade-in value for your vehicle that’s likely to be higher than what you owe. The dealership will then transfer the title to its name so it can transfer your vehicle to someone else and take you completely out of the equation. The conclusion If you’re hoping for your car’s title after having paid the balance of your car loan and you’re in need of to just to sit and wait. However, in certain states, a visit to the DMV could be in the future. Whatever the case, you’ll be proud that you paid off your auto loan. Consider your future finances prior to upgrading to a new vehicle with a new loan, especially if your car is in good working order. Find out more
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Written by an Award-Winning Author, Author
Holly Johnson writes expert content on personal finance, credit cards loyalty, insurance and other topics. In addition writing on behalf of Bankrate and CreditCards.com, Johnson is also a regular contributor for clients including CNN, Forbes Advisor, LendingTree, Time Magazine and other publications.
Editor: Chelsea Wing Edited by Student loans editor
Chelsea has been with Bankrate since early 2020. She’s dedicated to helping students navigate the high costs of college and dissecting the complexity that are associated with student loans.
Student loans editor
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