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Car Titles.. (1 Viewer)

Jay H

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After you finish paying off a car's financing, are you supposed to get the title for the car from the manufacturer or the financing company?

Just curious cause I just finished paying off my car this month..yippee!

Jay
 

Jay H

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Thanks Bill..

I also celebrated my paying off of my first car with buying another one.. Jeez, I bought a brand new green MR2 Spyder (if I don't have enough live tarantulas in my bedroom, there's one in my garage now) recently from my savings. I just tried to register it in my state since I bought it out of state and found I need the title for it. D'oh! That kind of had me wondering about my first car...

Jay
 

Pamela

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When I finished paying off my car, I got the title from the bank which financed the car.
 

Todd Hochard

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Whoever had the lein against the title will have the title. i.e. whoever financed it. You may have to call and ask for it, otherwise, you'll get it "eventually."
Jeez, I bought a brand new green MR2 Spyder (if I don't have enough live tarantulas in my bedroom, there's one in my garage now) recently from my savings.
Edit: Who'd you buy it from? They should have given you the title when you paid for the car. Get this resolved ASAP. He who owns the title owns the car!!!
 

Malcolm R

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Hmmmm. Having recently paid off my car loan, I was going to post this very question. When I got home, I found my final loan papers were in the mailbox. A letter from the bank enclosed with the papers said:
"If your loan was secured by a vehicle, we recommend that you have us removed as a leinholder on your title. For the proper procedure, please contact your state's Department of Motor Vehicles."
So, I assume the State DMV is responsible for issuing/changing titles. Edit: After further research, Todd and Pamela are correct in that your financing institution holds the title and will likely send it to you "eventually." Then, to have the bank removed as lienholder, you have to apply for a new title with the State DMV which will reissue the amended title....for a fee, of course (here in VT it's currently $10). :frowning:
Also:
"You also should contact your auto insurance agent and have us removed as loss-payee."
Bonus advice! :D
 

Jay H

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While I was at the DMV, I read about the transfer of title, in NJ it's $20 I believe and there is some penalty for filing for a new title if you're after 10 days from the date of purchase. I called the dealership and they overnighted the document and I should have it by Monday. :)
Jay
 

Jay H

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Sheesh, just 2 days after tax,titling, and registering my Spyder I bought in Virginia, I get the Title to my first car after paying off the loan. Now it says that I have to release the lien-holder and go to the DMV to do this. I hope they don't charge me $$$ again.. I asked my father and he doesn't recall ever having to do this before after paying off a car loan.

Jay
 
E

Eric Kahn

In Ohio, the bank holds the title until payoff and they automatically remove the lien on it when they send it to you
 

Scott Merryfield

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In Michigan, you receive the title from the Secretary of State soon after you purchase the vehicle. The title states if there is a lien, and who holds the lien. You then receive a release of lien statement from the finance company when the loan is paid off.
 

Graham Perks

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In Florida (and Texas too, I think), the bank will send you the title. It will show them as lienholder but they should have signed off releasing the lien. Now you have a clean title that you can use to sell the car.

For a fee, you can now apply for a totally clean title that doesn't even mention any lienholders. The benefit of this is that now the State knows that the lienholder has gone. If you lose it, no problems, you can get another from the State and it will show you as sole owner with no liens.

If you only have the title from the bank and you lose it, well you have no proof that they released the lien and thus must get the bank to send you a lien-release letter and apply with that to the State to get another title. Otherwise the State would only send you a title showing that the bank was still lienholder! Doh!
 

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