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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 choices by providing you with interactive tools and financial calculators, publishing original and objective content. This allows users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has partnerships 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 website are provided by companies that compensate us. This compensation could affect how and when products are featured on this website, for example such things as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage, home equity and other products for home loans. However, this compensation will affect the information we publish, or the reviews appear on this website. We do not cover the universe of companies or financial offerings that could be open to you.
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3 min read Published June 23, 2022
The story was written by Holly D. Johnson Written by Author, Award-Winning Writer
Holly Johnson writes expert content on personal finances, credit cards as well as loyalty and insurance issues. In addition to her work 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 with Bankrate since the beginning of 2020. She is invested in helping students navigate the high costs of college , and dissecting the complexity that are associated with student loans.
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When you’ve completed the final payment on an auto, you’ll need to obtain an official title issued by your lender to prove that you legally own the car. This title is also a critical document in the event that you decide to selling your car in the future down the road. What a car title lien is is a note showing that your car is , in many cases your lender. In many ways, a lien on your vehicle is similar to a lien on your home. When a lien is in place it is the lender is entitled to the car until you have paid off the amount you borrowed, in addition to fees and interest. Once your loan is paid in full, you can remove the lien from your car title is lifted, and the title is released to you. At this point, the legal title to the vehicle transfers from the lender to you. How to get your title once you have paid off the car loan After you have paid off your auto loan, the lien holder must to notify your local Department of Monitor Vehicles (DMV). They can do so electronically or by submitting specific documents that are required by law. Whatever method you choose, they’ll let your state know that you no longer carry a balance in your loan and are only the owner of your vehicle. “After you’ve paid off your auto loan, you’ll have an “free and clear” vehicle title, meaning you’re now completely in control of the vehicle,” says Julie Shinn the vice director for lender control at RateGenius. “Anytime there are ownership changes that require updating your title.” The process for changing the title process varies by state The process of getting the title to the car you paid off is based on the laws of your state. Some states manage this completely, while other states require you to do some tedious work. According to Shinn the lender will send you a lien release in states where you must submit a claim to obtain your title. This is a formal document that proves that the loan is paid in full. Then, you’ll bring these documents to your state DMV to obtain a new title solely in your name. Other states have different procedures, once the DMV is informed that you’ve registered, they’ll send you the title for your vehicle with no effort from you. To learn the procedure in your state, go to your State’s DMV website . What’s the length of time required to receive a title following loan payoff Shinn says the states that you need to file paperwork for the title of your car in your name, you could expect to receive your new title anyplace from two to six weeks after submitting the paperwork. However, since each state’s processing time is different, the process may be longer or shorter. Nishank Khanna, a CFO at Clarify Capital, says states with DMVs that mail out auto titles electronically could take shorter time, typically around 15 to 30 days. However, processing and mail time can drag on therefore, be sure to contact them via phone, email or in-person visit when you think you’ve been waiting too long. The final considerations regarding liens While it’s common to have a lien on vehicles, you should be aware of important details to keep in mind. A lien on your vehicle could — or at least make the sale significantly harder according to Brian DeChesare of Mergers and Inquisitions. This is based on the fact that you will have to pay off the car loan and get an access right to the title prior to being able to sell your vehicle or transfer it to someone else. There may not be enough funds to pay off your car prior to selling it and, if you are able to owe more than your car is actually worth then you’ll be required to pay for the difference. DeChesare is also of the opinion that the opposite is true too: You won’t receive the title for the car you purchase from someone who is a lien holder until they’ve paid for the vehicle. This can be a tricky ordeal. But, certain DMVs have a lien search feature where you can find out who holds the title of the vehicle and get in touch with them directly. Because of these issues, many drivers just trade in cars with the dealership’s lien when they upgrade. If you visit a dealership will be given the value of your trade-in vehicle that’s likely to be higher than what you owe. The dealership will transfer the title to the owner to allow it to sell your car to someone else and take you completely out of the equation. The bottom line If you’re looking to obtain your title after paying off your auto loan it is possible that you will need to just to sit and just wait. In some states, a visit to the DMV could be in the near future. Either way, you should be proud of having paid off your auto loan. Think about your future financial plans before deciding to upgrade to a new vehicle with a new loan in particular if your current vehicle is in good working order. Find out more
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Written by Author, Award-Winning Writer
Holly Johnson writes expert content on personal finances, credit cards, loyalty and insurance topics. In addition writing articles for Bankrate and CreditCards.com, Johnson writes for clients on a regular basis 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 with Bankrate since the beginning of 2020. She’s dedicated to helping students manage the steep cost of college as well as dissecting the complexity in student loans.
Student loans editor
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