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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 offering interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and compare data at no cost and help you make sound 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 deals that are displayed on this site come from companies who pay us. This compensation can affect the way and where products appear on this website, for example, for example, the order in which they appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home loan products. But this compensation does not influence the information we provide, or the reviews that you see on this site. We do not include the universe of companies or financial offerings that could be accessible to you.
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3 min read Published June 23, 2022
Authored by Holly D. Johnson Written by Author, Award-Winning Writer
Holly Johnson writes expert content on personal finance, credit cards loyalty, insurance and other topics. In addition to writing for Bankrate and CreditCards.com, Johnson is also a regular contributor for clients which include CNN, Forbes Advisor, LendingTree, Time Magazine and other publications.
Edited by Chelsea Wing Edited by Student loans editor
Chelsea has been working with Bankrate since early 2020. She’s dedicated to helping students navigate the daunting costs of college , and breaking down the complexities that are associated with student loans.
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When you’ve completed the final payment for an , you will need to get the title from your lender to show that you legally own the car. This title is also an important document should you ever end up selling your car in the future down the line. What is An auto lien is a note showing the car is in many instances, your lender. In many ways the lien on your car is similar to a mortgage on the home you own. When a lien is in place it is the lender has rights to the car until you pay back what you borrowed, plus fees and interest. When your loan is paid in full, the lien on your vehicle title is lifted and the title can be released to you. At this point, the legal title to the vehicle transfers from the lender and you. How do you get your title once you have paid off the car loan After you have paid the auto loan the lien holder must to notify the state’s Department of Monitor Vehicles (DMV). It can be done electronically or by submitting specific state-required paperwork. In either case, they’ll notify the state that you no longer carry a balance on your loan and that you are only the owner of your car. “After you’ve completed the repayment of your auto loan and have it cleared, you’ll be able to get a ‘free and clear’ title for your vehicle, which means that you now fully own your car,” says Julie Shinn who is vice president for lender administration at RateGenius. “Anytime there’s a change in ownership it is necessary to change the title.” The process for changing the title procedure varies from state to state. procedure for obtaining the title to your car that you have paid off depends on the state’s laws. Certain states handle the whole process, while others require you to do some tedious work. According to Shinn the lender will send you an agreement to release the lien in states where you must submit a claim to obtain your title. This includes formal documentation that the loan has been paid in full. From there, you’ll take these documents to the state DMV for an updated title in your name only. In other states, when the DMV is notified, they will automatically mail you the title to your car , with no additional effort on your part. To find out more about the procedure in your state, go to your State’s DMV website . How long it takes to obtain a title after loan repayment Shinn says there are states in which you are required to file paperwork for a new car title under the name of your own, you could expect to get your new title in any time from two to six weeks after submitting the paperwork. However, since each state’s processing times are different, the process may be a bit longer or shorter. Nishank Khanna, a CFO at Clarify Capital, says states that have DMVs that issue auto titles automatically may take shorter time, typically between 15 and 30 days. However, processing and shipping time can drag on, so be sure to follow up with a call, email or in-person visit if you feel like you’ve been waiting too long. The final considerations regarding liens While it’s common to have a lien placed on your vehicle, there are some crucial details to be aware of. For example, a lien on your vehicle could — or at least make the sale significantly harder, says Brian DeChesare of Mergers and Inquisitions. This is due to the fact that you will have to pay off the vehicle loan and gain access to the title before you are able to sell your vehicle as well as transfer title a different 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 car’s value, you’ll have to pay the difference. DeChesare also says that the reverse is true too: You won’t get the title of the car you purchase from someone who has a lien until they pay off the car. This can be an extremely complicated process. However, some DMVs offer a lien search function where you can find out who holds the title of the vehicle and contact them directly. As a result of these difficulties, many motorists opt to sell their cars that have a lien to their dealership as they upgrade. When you at a dealership you’ll receive a trade-in value for your car that is hopefully more than you have to pay. The dealer will then transfer the title to the owner in order to be able to sell your car to another person, taking you entirely off the table. The bottom line If you’re looking for your car’s title after having paid back your automobile loan it is possible that you will need to just sit back and wait. However, in certain states, a trip to the DMV may be in your future. In any case, you can be proud of having completed the repayment of your auto loan. Consider your future finances before upgrading to a different car with a new payment in particular if your current vehicle is in good shape. Find out more
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Written by an Author, Award-Winning Writer
Holly Johnson writes expert content on personal financial, credit card, loyalty and insurance topics. In addition to writing on behalf of Bankrate and CreditCards.com, Johnson is also a regular contributor for clients which include CNN, Forbes Advisor, LendingTree, Time Magazine and other publications.
The edit was done by Chelsea Wing Edited by Student loans editor
Chelsea has been working with Bankrate since early 2020. She is invested in helping students navigate the high cost of college and breaking down the complexities that are associated with student loans.
Student loans editor
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