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How to get a lien lifted from a used car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive financial calculators and financial tools that provide objective and original content. We also allow users to conduct research and compare information for free - so that you can make sound financial decisions. Bankrate has agreements with issuers such as, 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 who pay us. This compensation could affect how and when products are featured on this website, for example for instance, the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity, and also other home loan products. However, this compensation will have no impact on the information we provide, or the reviews that you see on this site. We do not cover the vast array of companies or financial deals that could be accessible to you.
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3 min read . Published January 19, 2023
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of taking out loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances with precise, well-studied information that breaks down otherwise complex subjects into digestible pieces.
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A lien is, at its most basic, an insurance policy that is used by a lender employs to safeguard itself in the event of a default by a borrower on a financed vehicle. A lien is the legal right of the lender to the vehicle and remains in force until the loan is paid in full. If you have recently taken out a title, take these steps to put yourself in a less precarious financial situation. What exactly is a car lien? While the thought of a lien on your vehicle could be intimidating but it's not unheard of. Vehicles financed with a loan are generally placed in a lien till the loan is paid off. This "insurance policy" set up by the lender allows it to have the legal right to hold the title of the vehicle until the remaining balance due to the loan is paid off. A lot of drivers don't understand how a lien works until they are attempting to understand it and discover that they are not able to. If a lien is in place on a vehicle it is possible for creditors or lenders to be able to claim the loan has not been paid off or falls into default. In addition to affecting the capacity to sell a vehicle it also affects the price of . What can you tell if a car is under the sway of a lien? When purchasing an used vehicle, it's always best to ask the seller to provide the buyer with a written confirmation from the lender which states that their lien was lifted. If the seller provides you with the title, make sure you check with the nearest Department of Motor Vehicles first to confirm that there isn't a lien. In some cases, you may be able to use the DMV website to search online for a lien using the 17-digit (VIN). This number is usually found in various places such as the lower left of the vehicle's windshield. When you are issued a title to the car you've used it is likely that the lien was fully paid -- but it hasn't been issued in the proper way. This can happen because of an error in the bank or be lost in the chaos of a merger . Be aware of these issues when working with the sellers. How to locate lien information Lien information is available in several ways including: Department of Motor Vehicles Utilizing the vehicle's identification number you can check the lien status of your vehicle through the Department of Motor Vehicles. In many places, you can do a lien search online using the DMV website. You might also be able to contact the local DMV to inquire about lien information. Report on vehicle history: Many websites online offer vehicle history reports at a cost. They include VIN Smart and AutoCheck, offer full reports on the history of your vehicle along with the information about lien. How to remove a lien from a car title Buying an used vehicle should not come with any obligations that are attached, especially not the lien. Although it may require some effort and possibly a few weeks, you can probably solve your problem for a minimal or no cost. Contact the seller before purchasing a used car through the dealer, make certain to ask the salesperson whether there is a lien attached to the vehicle. In these cases the dealership usually handles clearing up the lien. If you're financing your purchase with an loan the lender will become the . If so, you should request for proof that the car loan was paid in full by means of the canceled check or a full-payment letter. It is the responsibility of the seller to repay the loan to be able to transfer the title to the vehicle. This requirement can be included in your purchase contract. It's an excellent idea to contact the lender directly yourself and check the lien status. You even can do so before finalizing the purchase. Find out the amount to be paid to clear the vehicle as and other conditions that could affect the sale. Request a lien cancellation if the bank that holds the lien is one that failed (or is a subsidiary of one) Contact FDIC Federal Deposit Insurance Corp. directly for a request of a release letter. The FDIC can help you obtain a lien if you have verified that the failed bank was placed under FDIC receivership. The FDIC has a search function that allows users to check the database of such banks. The FDIC also keeps a separate list of failed banks , including information on what happened to the banks that were bought by a different financial institution. When you have all the paperwork that you need, you'll be able to submit it to the DMV and . The main point is it's difficult to enjoy your new ride when there's an obligation on it. Make sure the previous owner pays off any debts owed so that the car is fully yours -- rather than the lender's.
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Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the ways and pitfalls of taking out loans to purchase an automobile.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances through providing concise, well-researched and well-researched content that break down complex topics into digestible chunks.
Auto loans editor
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