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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 that provide objective and original content. We also allow you to conduct your own research and compare information for free to help you 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 deals that are displayed on this website are provided by companies who pay us. This compensation may impact how and when products are featured on this site, including such things as the order in which they may 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 loan products. But this compensation does have no impact on the content we publish or the reviews you see on this site. We do not contain 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
Authored by Holly D. Johnson Written by award-winning writer, author and author
Holly Johnson writes expert content on personal financial, credit card as well as loyalty and insurance issues. In addition to writing articles for Bankrate and CreditCards.com, Johnson does ongoing work for clients including CNN, Forbes Advisor, LendingTree, Time Magazine and other publications.
Edited by Chelsea Wing Edited by Student loans editor
Chelsea has been with Bankrate since early 2020. She’s dedicated to helping students navigate the daunting cost of college as well as breaking down the complexities that are associated with student loans.
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After you’ve paid the final payment for an , you will need to get an official title issued by your lender to show that you legally own the car. The title is also an important document should you ever end up selling your car in the future down the line. What exactly a car title lien is is a note showing that your vehicle is , in many instances, your lender. In many ways it is similar to a lien on your car is like a property lien on your home. When a lien is in place it is the lender holds the rights to the car until you have paid off the amount you borrowed, plus interest and fees. When the loan is fully paid, the lien on your car title is lifted and the title will be released to you. At this point, the legal title to the vehicle passes from the lender to you. How to get your title following the payment of the car loan After you have paid the auto loan the lien holder must to inform your State’s Department of Monitor Vehicles (DMV). It can be done electronically or by submitting specific documents required by the state. Either way, they will let your state know that you do not have an outstanding amount due to your loan and are an owner solely of the vehicle. «After you’ve completed the repayment of your auto loan, you’ll have an «free and clear» vehicle title, meaning you are now the sole owner of your car,» says Julie Shinn the vice president of lender control at RateGenius. «Anytime there’s a change in ownership it is necessary to change your title.» The title change procedure varies from state to state. process of getting the title of your car that you have paid off depends on the laws of your state. Certain states handle this completely, while other states require laborious work. According to Shinn the lender will give you an obligation to file a lien release in states that require you to apply for your title. This will include formal proof that the loan is paid in full. After that, you’ll need to take these documents to the state DMV to obtain a new title that is solely yours. If you live in another state, when the DMV is notified, they will automatically mail you the title for your car with nothing required on your part. For more information on the procedure in the state you reside in, check out your State’s DMV website . How long it takes to obtain a title after loan payoff Shinn says that in states where you are required to submit paperwork in order to obtain an auto title that is new under your name. You can expect to receive your new title anywhere from two to six weeks after filing the required paperwork. Since every state’s processing times are different and the process could be longer or shorter. Nishank Khanna, a CFO at Clarify Capital, says states with DMVs that issue auto titles on a regular basis may require less time, generally around 15 to 30 days. However, processing and shipping time can take a while therefore, be sure to follow up with a call to the office, an email or a visit in person if you feel like it’s been too long. The final considerations regarding liens While it’s normal that you have an obligation placed on your vehicle, there are some crucial details to be aware of. A lien on your vehicle could — or at the very least make selling your car more difficult as per Brian DeChesare of Mergers and Inquisitions. This is due to the fact that you will be required to pay back your car loan and gain acces to your title prior to being able to sell your vehicle or transfer it to someone else. You may not have the money to pay off the car prior to the sale and if you do happen to owe more than your vehicle is worth the amount, you’ll need to pay the difference. DeChesare adds that the opposite is the case too: You won’t receive the title for an automobile when buying from someone who has a lien until they pay off the car. This makes on it a tricky ordeal. However, some DMVs offer a lien search option which allows you to determine who holds the title of the vehicle and contact them directly. Due to these issues, many drivers simply sell their cars with the dealership’s lien to upgrade. When you at a dealership you’ll receive a trade-in value for your vehicle that’s likely to be higher than the amount you are owed. The dealer will then transfer the title to the owner so it can sell your car to an individual and take you completely out of the equation. The final word If you’re trying to get your car title after having paid back your automobile loan, you may need to do nothing more than relax and sit back and. However, in certain states, a visit to the DMV might be in your near future. Whatever the case, you’ll be proud of having have paid off your car loan. Be aware of your financial future before upgrading to a different vehicle that has a new payment particularly if your vehicle 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 financial, credit card, loyalty and insurance topics. In addition to writing articles for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more.
Editor: Chelsea Wing Edited by Student loans editor
Chelsea has been working with Bankrate since the beginning of 2020. She’s committed to helping students navigate the high cost of college as well as simplifying the maze in student loans.
Student loans editor
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