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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 aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing original and impartial content, by enabling you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has agreements 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 pay us. This compensation may impact how and where products appear on the site, such as, for example, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other home loan products. But this compensation does affect the information we publish, or the reviews that you see on this site. We do not cover the universe of companies or financial offers that may be accessible 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 finance, credit cards as well as loyalty and insurance issues. In addition to her work articles for Bankrate and CreditCards.com, Johnson does ongoing work for clients that 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 is invested in helping students manage the steep costs of college , and simplifying the maze that are associated with student loans.
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After you've paid the final payment on an auto, you'll need to get an official title issued by your lender to show that you legally own the car. This title is also an important document should you ever end up selling your car down the line. What exactly a car title lien is is a note showing that your vehicle is , in many cases your lender. In many ways, a lien on your vehicle is similar to a property mortgage on the home you own. When a lien is in place, the lender holds the rights 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 that lien placed on the vehicle title is lifted, and the title will be transferred to you. This is when the legal ownership of the car shifts from the lender to you. How do you obtain your title after paying off your car loan Once you pay the auto loan, the lien holder has to notify the State's Department of Monitor Vehicles (DMV). They can do this electronically or submit specific documents that are required by law. Whatever method you choose, they'll let your state know that you no longer have an unpaid balance to your loan and that you are an owner solely of the vehicle. "After you've completed the repayment of your auto loan you'll receive a 'free and clear' title to your vehicle, which means you are now the sole owner of the car," says Julie Shinn who is vice president for lender control at RateGenius. "Anytime there's an ownership change, you have to update on the record." The process for changing the title process is different for each state. process involved in getting the title to your car that you have paid off depends on your state laws. Some states manage it entirely and others require tedious work. According to Shinn the lender will send you an obligation to file a lien release in states where you must file to get your title. This will include formal proof that the loan is paid in full. Then, you'll bring these documents to your state DMV for an updated title that is solely yours. If you live in another state, when the DMV is notified that they have received your information, they will send you the title to your car with nothing required on your part. To learn the procedure in your state, visit the State's DMV website . How long it takes to obtain a title after loan payment Shinn says the states that you are required to submit paperwork in order to obtain the title of your car under the name of your own, you can expect to receive your new title anyplace between two and six weeks after submitting the paperwork. Since every state's processing times are different, the process may be shorter or longer. Nishank Khanna, a CFO at Clarify Capital, says that states with DMVs that mail out auto titles on a regular basis may require less time, generally around 15 to 30 days. But, processing and mailing time can drag things out, so be sure to contact them via phone, email or in-person visit in case you feel it's been too long. The final considerations regarding liens While it's normal for you to be able to put a lien on the vehicle you own, it is important to remember some key details to remember. For example, a lien on your vehicle could -- or at the very least make selling your car more difficult as per Brian DeChesare of Mergers and Inquisitions. This is based on the fact that you'll have to pay off your car loan and get acces to your title before you are able to sell your car as well as transfer title another person. There may not be enough money to pay off your car before the sale and if you do happen to owe more than what your vehicle is worth, you'll have to pay for the difference. DeChesare also says that the opposite is the case as well: You cannot get the title of the car you purchase from someone who is a lien holder until they've paid to buy the car. This is an extremely complicated process. Some DMVs do offer a lien search function where you can find out who owns the title to the vehicle and contact them directly. Due to these difficulties, many motorists simply sell their cars with a lien to their dealership when they upgrade. If you are at a dealer will be given the value of your trade-in car , which is likely to be greater than the amount you are owed. The dealership will take care of transferring the title to the owner in order to be able to transfer your vehicle to an individual leaving you off the table. The final word If you're trying for your car's title after you've paid back your automobile loan and you're in need of to just sit back and wait. But, in some states, a visit to the DMV could be in the 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 car with a new payment, especially if your car is still in good condition. Find out more
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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 writing articles for Bankrate and CreditCards.com, Johnson writes for clients on a regular basis including CNN, Forbes Advisor, LendingTree, Time Magazine and other publications.
Edited by Chelsea Wing Edited by Student loans editor
Chelsea is with Bankrate since early 2020. She's dedicated to helping students navigate the high cost of college and simplifying the maze that are associated with student loans.
Student loans editor
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