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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 goal is to help you make better financial decisions by providing you with financial calculators and tools that are interactive, publishing original and objective content. This allows you to conduct your own research and compare data at no cost – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that are advertised on this site come from companies that compensate us. This compensation can affect the way and when products are featured on this site, including such things as the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other home loan products. However, this compensation will not influence the information we publish, or the reviews that you see on this site. We do not include the entire universe of businesses or financial offers that may be open to you.
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3 min read Published June 23, 2022
Written by Holly D. Johnson Written by an Award-Winning Author and Writer
Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing articles for Bankrate and CreditCards.com, Johnson does ongoing work for clients including CNN, Forbes Advisor, LendingTree, Time Magazine and more.
The edit was done by Chelsea Wing Edited by Student loans editor
Chelsea is with Bankrate since early 2020. She’s committed to helping students navigate the daunting cost of college as well as breaking down the complexities in student loans.
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When you’ve completed the final payment on an , you will need to obtain an official title issued by your lender to prove you legally own the vehicle. The title is also a crucial document if you end up selling your vehicle down the line. What a car title lien is is a proof that your vehicle is , in many cases your lender. In many ways the lien on your vehicle is like a property lien on your home. When a lien is in place it is the lender has rights to the car until you have paid off the amount you borrowed, plus interest and fees. When your loan is paid in full, that lien placed on the vehicle title is lifted and the title can be transferred to you. This is when the legal title to the vehicle transfers from the lender to you. How to get your title after paying off the car loan After you have paid the auto loan the lien holder must to notify your state’s Department of Monitor Vehicles (DMV). They can do this electronically or submit specific documents required by the state. In either case, they’ll notify the state that you no longer have a amount due on your loan and are only the owner of your car. “After you’ve completed the repayment of your auto loan you’ll receive an “unconstrained and undisputed” title to your vehicle, which means you’re now completely in control of the vehicle,” says Julie Shinn, vice president for lender administration at RateGenius. “Anytime there’s a change in ownership, you have to update your title.” The title change process varies by state The process involved in getting the title of your paid-off car depends on your state laws. Some states manage this completely, while other states require grunt work. According to Shinn, your lender will give you an obligation to file a lien release in states that require you to file to get your title. This will include formal proof that the loan is paid in full. From there, you’ll take the documents to the state DMV to obtain a new title that is solely yours. In other states, after the DMV is notified that you’ve registered, they’ll send you the title to your car with nothing required from you. For more information on the process for the state you reside in, check out the state’s DMV website . How long it takes to receive a title following loan payment Shinn states there are states in which you have to file paperwork to get the title of your car under the name of your own, you could expect to receive your new title anywhere from two to six weeks after you have submitted the necessary paperwork. But since every state’s processing times are different, the process may be a bit longer or shorter. Nishank Khanna, a CFO at Clarify Capital, says that states with DMVs that mail out auto titles electronically could take less time, usually about 15-30 days. But, processing and mailing time can take a while therefore, be sure to contact them via phone or email, or even an in-person visit when you think that it’s been a long time. Last thoughts about liens Although it’s common that you have an obligation placed on your vehicle, there are some key details to remember. For instance, a lien on your vehicle may — or at the very least make the sale significantly harder, says Brian DeChesare of Mergers and Inquisitions. This is based on the fact that you will have to pay off your car loan and gain acces to your title before you can sell your car and transfer the title to another person. It is possible that you don’t have the funds to pay for your car before the sale, and if you happen to owe more than your vehicle is worth the amount, you’ll need to pay the difference. DeChesare is also of the opinion that the opposite is true as well: You cannot be granted the title to a car when you’re buying from someone with a lien until they pay off the car. This is a tricky ordeal. However, some DMVs offer a lien search option which allows you to determine who owns the title to the car and then contact them directly. Because of these issues, many drivers simply sell their cars with a lien to their dealership when they upgrade. When you at a dealership, you’ll be offered the value of your trade-in car that is hopefully more than what you are owed. The dealership will then transfer the title to the owner in order to be able to sell your car to someone else and take you completely off the table. The final word If you’re trying to obtain your title after paying back your automobile loan and you’re in need of to do nothing more than relax and sit back and. But, in some states, a trip to the DMV may be in your future. Whatever the case, you’ll be happy that you paid off your auto loan. Think about your future financial plans before deciding to upgrade to a new car with a new payment, especially if your car is in good shape. 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 to her work on behalf of Bankrate and CreditCards.com, Johnson is also a regular contributor for clients which include CNN, Forbes Advisor, LendingTree, Time Magazine and many more.
Editor: Chelsea Wing Edited by Student loans editor
Chelsea has been with Bankrate since early 2020. She’s committed to helping students navigate the high cost of college as well as dissecting the complexity that are associated with student loans.
Student loans editor
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