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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 providing you with interactive tools and financial calculators as well as publishing original and impartial content, by enabling you to conduct your own research and compare data for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this site are from companies that compensate us. This compensation could affect how 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. Our mortgage or home equity products, as well as other home lending products. But this compensation does have no impact on the information we publish, or the reviews appear on this website. We do not contain the universe of companies or financial offers that may be available to you.
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3 min read Published June 23, 2022
The story was written by Holly D. Johnson Written by Author, Award-Winning Writer
Holly Johnson writes expert content on personal financial, credit card as well as loyalty and insurance issues. In addition to her work articles for Bankrate and CreditCards.com, Johnson writes for clients on a regular basis including CNN, Forbes Advisor, LendingTree, Time Magazine and many more.
Editor: Chelsea Wing Edited by Student loans editor
Chelsea is with Bankrate since the beginning of 2020. She is invested in helping students navigate the high costs of college and simplifying the maze of 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 show that you legally own the vehicle. It is also a critical document if you end up selling your car down the line. What is is a proof that your car is , in many cases your lender. In a lot of ways it is similar to a lien on your vehicle is like a property title lien for your house. When a lien is in place the lender holds the rights to the car until you pay off what you borrowed, plus fees and interest. Once your loan is paid in full you can remove the lien from your vehicle title is lifted, and the title is released to you. At this point, the title of the vehicle shifts from your lender to you. How to get your title after paying off your car loan When you’ve paid on your car loan, the lien holder has to notify the state’s Department of Monitor Vehicles (DMV). It can be done electronically or by submitting specific documents required by the state. In either case, they’ll notify the state that you do not 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 receive an “unconstrained and undisputed” vehicle title, meaning you’re now completely in control of the vehicle,” says Julie Shinn, vice president of lender control at RateGenius. “Anytime there’s an ownership change, you have to update on the record.” The title change procedure varies from state to state. process of getting the title to your car that you have paid off depends on your state laws. Certain states handle the whole process, while others require grunt work. According to Shinn, your lender will give you an obligation to file a lien release 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. From there, you’ll take the documents to the state DMV to get an updated title that is solely yours. In other states, after the DMV is informed, they will automatically mail you the title to your car with nothing required from you. For more information on the procedure in your state, visit the state’s DMV website . What’s the length of time required to get a title after loan payoff Shinn states the states that you need to file paperwork for a new car title under the name of your own, you can expect to receive your new title anywhere between two and six weeks after filing the paperwork. However, since each state’s processing timelines differ so the process can be a bit longer or shorter. Nishank Khanna, a CFO at Clarify Capital, says states with DMVs that mail out auto titles automatically may take less time, generally around 15 to 30 days. However, processing and mail time can drag things out therefore, be sure to follow up with a phone call to the office, an email or a visit in person in case you feel you’ve been waiting too long. Last thoughts about liens Although it is normal that you have an obligation on vehicles, you should be aware of crucial details to be aware of. For example, a lien on your vehicle may — or at least make the sale significantly harder according to Brian DeChesare of Mergers and Inquisitions. This is due to the fact that you’ll be required to pay back the car loan and get access to the title before you are able to sell your car as well as transfer title someone else. There may not be enough money to pay off your car before the sale, and if you happen to owe more than what your car is actually worth the amount, you’ll need to pay for the difference. DeChesare adds that the opposite is the case too: You won’t receive the title for a car when you’re buying from someone who is a lien holder until they’ve paid for the vehicle. This makes on it an extremely difficult process. However, some DMVs have a lien search feature which allows you to determine who has the title for the vehicle and get in touch with them directly. As a result of these challenges, many drivers simply sell their cars with an attached lien to their dealership as they upgrade. When you at a dealership, you’ll be offered a trade-in value for your car , which is likely to be greater than you owe. The dealer will take care of transferring the title into its own name in order to be able to transfer your vehicle to someone else, taking you entirely off the table. The conclusion If you’re hoping to get your car title after having paid off your auto loan it is possible that you will need to simply to sit and sit back and. However, in certain states, a trip to the DMV may be in your near future. In any case, you can be happy that you paid off your auto loan. Think about your future financial plans before upgrading to a different car with a new payment, especially if your car is still in good condition. Find out more
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Written by an Author, Award-Winning Writer
Holly Johnson writes expert content on personal finances, credit cards, loyalty and insurance topics. In addition to writing on behalf of Bankrate and CreditCards.com, Johnson writes for clients on a regular basis which include CNN, Forbes Advisor, LendingTree, Time Magazine and other publications.
Editor: Chelsea Wing Edited by Student loans editor
Chelsea has been with Bankrate since the beginning of 2020. She is invested in helping students manage the steep cost of college as well as dissecting the complexity of student loans.
Student loans editor
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