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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 financial calculators and tools that are interactive that provide objective and original 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 Make Money The offers that appear on this website are provided by companies that compensate us. This compensation may impact how and where products appear on this site, including such things as the order in which they appear in the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. However, this compensation will affect the information we provide, or the reviews that appear on this website. We do not include the universe of companies or financial deals that could be open 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 on behalf of Bankrate and CreditCards.com, Johnson writes for clients on a regular basis that include CNN, Forbes Advisor, LendingTree, Time Magazine and many more.
Editor: 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 costs of college , and breaking down the complexities in student loans.
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Once you’ve made the final payment for an auto, you’ll need to obtain an official title issued by your lender to prove you legally own the vehicle. It is also a crucial document should you ever end up selling your vehicle down the road. What exactly a car title lien is An auto lien is a document that proves that your vehicle is , often, your lender. In a lot of ways the lien on your vehicle is similar to a property lien on your home. With a lien in place it is the lender has rights to the vehicle until you pay back what you borrowed, in addition to interest and fees. When your loan is paid in full that lien placed on the car title is lifted, and the title is transferred to you. The legal ownership of the car passes from your lender to you. How to get your title after paying off the car loan After you have paid off your auto loan, the lien holder is required to notify your state’s Department of Monitor Vehicles (DMV). It can be done electronically, or by submitting documents that are required by law. In either case, they’ll notify the state that you no longer have an unpaid balance in your loan and are an owner solely of the car. “After you’ve completed the repayment of your auto loan you’ll receive a ‘free and clear’ vehicle title, meaning you are now the sole owner of the vehicle,” says Julie Shinn, vice director of lender management at RateGenius. “Anytime there are ownership changes that require updating on the record.” The process for changing the title procedure varies from state to state. procedure for obtaining the title of your paid-off car 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 provide you with an agreement to release the lien in states that require you to submit a claim to obtain your title. This includes formal documentation that the loan is paid in full. After that, you’ll need to take those documents to your state DMV for an updated title in your name only. If you live in another state, after the DMV is notified that you’ve registered, they’ll send you the title for your car , with no additional effort from you. To learn the procedure in the state you reside in, check out the state’s DMV website . What’s the length of time required to receive a title following loan payoff Shinn states there are states in which you have to file paperwork to get the title of your car in your name, you can expect to receive your new title anywhere between two and six weeks after filing the required paperwork. But since every state’s processing time is different, the process may be longer or shorter. Nishank Khanna, a CFO at Clarify Capital, suggests that states that have DMVs that issue auto titles automatically may take shorter time, typically around 15 to 30 days. However, processing and mail time can drag things out and you should contact them via phone or email, or even an in-person visit in case you feel that it’s been a long time. Final considerations about liens While it’s normal to have a lien on the vehicle you own, it is important to remember important details to keep in mind. For example, a lien on your car could — or at the very least make selling your car more difficult, says Brian DeChesare of Mergers and Inquisitions. This is based on the fact that you’ll be required to pay back your car loan and get an access right to the title before you are able to sell your car and transfer the title to another person. You may not have the money to pay off your car before the sale and, if you are able to owe more than your vehicle is worth then you’ll be required to pay for the difference. DeChesare also says that the reverse is true also: You can’t be granted the title to an automobile when buying from someone who is a lien holder until they have paid off the car. This can be an extremely difficult process. Some DMVs do have a lien search feature where you can find out who holds the title of the car and then contact them directly. Because of these challenges, many drivers just trade in cars with the dealership’s lien to upgrade. If you visit a dealership, you’ll be offered a trade-in value for your car , which is likely to be greater than what you are owed. The dealership will take care of transferring the title to its name so it can sell your car to someone else, taking you entirely off the table. The final word If you’re trying to obtain your title after you’ve paid off your auto loan it is possible that you will need to simply sit back and sit back and. But, in some states, a trip to the DMV might be in your near future. Whatever the case, you’ll be happy that you have paid off your car loan. Be aware of your financial future before upgrading to a different vehicle with a new loan particularly if your vehicle is in good shape. Learn more
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Written by an Author, Award-Winning Writer
Holly Johnson writes expert content on personal finance, credit cards loyalty, insurance and other 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.
Edited by Chelsea Wing Edited by Student loans editor
Chelsea has been with Bankrate since the beginning of 2020. She is invested in helping students navigate the daunting cost of college as well as dissecting the complexity in student loans.
Student loans editor
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