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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 mission is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare data for free and help you make informed financial decisions. 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 deals that are displayed on this site are from companies that compensate us. This compensation may impact how and when products are featured on this site, including for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other home loan products. However, this compensation will affect the information we publish, or the reviews that appear on this website. We do not include the universe of companies or financial deals that could be available to you.

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3 min read Published June 23, 2022

Written by Holly D. Johnson Written by an Award-Winning Author and Writer

Holly Johnson writes expert content on personal finances, credit cards loyalty, insurance and other topics. In addition to her work for Bankrate and CreditCards.com, Johnson writes for clients on a regular basis that include CNN, Forbes Advisor, LendingTree, Time Magazine and more.

The edit was done by Chelsea Wing Edited by Student loans editor

Chelsea has been working with Bankrate since the beginning of 2020. She is invested in helping students navigate the daunting costs of college , and simplifying the maze of student loans.

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When you’ve completed the final payment on an auto, you’ll need to obtain you a title document from the lender to prove that you legally own the car. It is also an important document in the event that you decide to selling your car down the line. What a car title lien is is a note showing the car is often, your lender. In a lot of ways, a lien on your car is similar to a title lien for your house. With a lien in place 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 paid in full, the lien on your automobile title is lifted and the title is released to you. At this point, the legal ownership of the car transfers from your lender onto you. How do you get your title after paying off your car loan Once you pay the auto loan the lien holder must to notify the State’s Department of Monitor Vehicles (DMV). They can do this electronically or by submitting specific documents that are required by law. In either case, they’ll let your state know that you no longer have an unpaid balance in your loan and are an owner solely of the car. «After you’ve paid off your auto loan, you’ll have an «free and clear» title to your vehicle, which means you are now the sole owner of the car,» says Julie Shinn who is vice director of lender control at RateGenius. «Anytime there’s an ownership change that require updating your title.» The title change procedure varies from state to state. process involved in getting the title for the car you paid off is based on your state laws. Certain states handle this completely, while other states require grunt work. According to Shinn you, your lender will give you an obligation to file a lien release in states which require you to file to get your title. This includes formal documentation that the loan is fully paid. From there, you’ll take the documents to the state DMV to obtain a new title in your name only. In other states, after the DMV is informed that you’ve registered, they’ll send you the title for your car , with no additional effort from you. To find out more about the procedure in the state you reside in, check out the State’s DMV website . What is the time it takes to receive a title following loan payoff Shinn says there are states in which you have to submit paperwork in order to obtain a new car title in your name, you can expect to get your new title in any time between two and six weeks after submitting the paperwork. But since every state’s processing times are different and the process could be shorter or longer. Nishank Khanna, a CFO at Clarify Capital, says states that have DMVs which mail auto titles electronically could take less time, generally between 15 and 30 days. However, processing and mail time can drag things out, so be sure to follow up with a phone call or email, or even an in-person visit in case you feel that it’s been a long time. The final considerations regarding liens While it’s normal that you have an obligation placed on your vehicle, there are key details to remember. A lien on your vehicle could — or at least make selling it more difficult, 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 an access right to the title before you can sell your car as well as transfer title another person. You may not have the funds to pay off the car prior to the sale and, if you are able to owe more money than your car’s value the amount, you’ll need to pay the difference. DeChesare is also of the opinion that the opposite is true also: You can’t get the title of an automobile when buying from someone who has a lien until they’ve paid for the vehicle. This makes on it an extremely difficult process. Some DMVs do have a lien search feature where you can find out who owns the title to the car and then contact them directly. As a result of these issues, many drivers opt to sell their cars that have an attached lien to their dealership to upgrade. When you at a dealership, you’ll be offered a trade-in value for your car that is hopefully more than you have to pay. The dealer will transfer the title to the owner in order to be able to transfer your vehicle to someone else leaving you off the table. The bottom line If you’re looking to obtain your title after you’ve paid off your auto loan and you’re in need of to just relax and just wait. However, in certain states, a trip to the DMV may be in your future. Either way, you should be proud that you completed the repayment of your auto loan. Consider your future finances before upgrading to a different car with a new payment, especially if your car is still in good condition. Learn more

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Written by Author, Award-Winning Writer

Holly Johnson writes expert content on personal finance, credit cards loyalty, insurance and other topics. In addition writing articles for Bankrate and CreditCards.com, Johnson is also a regular contributor for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and other publications.

Edited by Chelsea Wing Edited by Student loans editor

Chelsea is 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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