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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, by enabling you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site come from companies who pay us. This compensation can affect the way and where products appear on this site, including for instance, the order in which they may appear in the listing categories, except where prohibited by law. Our mortgage and home equity products, as well as other home loan products. However, this compensation will affect the information we publish, or the reviews that you read on this site. We do not cover the universe of companies or financial offerings that could be available to you.
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3 minutes 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 ins and outs of securely borrowing money to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to control their finances by providing precise, well-studied data that lets complex topics into manageable bites.
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An lien can be described as, at its most basic it's an insurance policy can be used by a lender employs to safeguard itself if a borrower defaults on a vehicle that is financed. It is the lender's legal claim to the vehicle and it remains in place until the loan has been fully paid. If you've recently been on the title, take these steps to place yourself in a less precarious financial situation. What exactly is a car lien? While the thought of a lien on your vehicle might seem daunting, it is not uncommon. Cars that are financed by a loan are usually placed on a lien for a period of time until loan is fully paid. This "insurance policy" set up by the lender provides it with the legal ability to keep title to the vehicle until amount of the loan is paid in full. Many drivers do not fully know how a lien operates until they are attempting to understand it and realize that they are not capable of. If a lien is in place on a vehicle it is possible for creditors or lenders to if the loan has not been paid off or falls into default. Along with affecting the ability to sell a vehicle it also affects the cost of . How to tell if a car is in the midst of an obligation to purchase a second-hand car is to ask the seller to provide you with a confirmation letter from the lender stating that the lien has been removed. If the seller provides the title, check with your nearest Department of Motor Vehicles first to ensure there is no lien. In some cases it is possible to access 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 windshield. If you are issued a title to the car you've used, the chances are that the lien was fully paid -- it's just not released in a proper manner. This could be because of an error in the bank or be hidden in the confusion of a merger . Look out for this when working with the seller. Where to find lien information The information on lien is available by a variety of ways, including: Department of Motor Vehicles: Using the vehicle identification number you can check the lien status of your vehicle through the Department of Motor Vehicles. In many areas you can conduct a lien search on the internet using the DMV website. You may also be able to contact or visit your nearest DMV to get the lien information. Report on vehicle history: Many websites online offer vehicle history reports for a nominal fee. These websites, like VIN Smart and AutoCheck, offer full reports on the history of your vehicle along with the information about lien. How do you remove a lien from the title of a car the used car you want to purchase is not a good idea if there are strings attached -- particularly not an obligation to pay. Even though it could take some legwork and possibly a few weeks, you'll be able to solve your problem for a minimal or no cost. Contact the seller When buying a pre-owned car from the dealer, make sure to discuss with the salesperson if there's a lien on the vehicle. In these cases, the dealership typically handles the process of clearing the lien. If you're financing your purchase using the help of a loan, your lender will become the . If so, you should request that they provide you with proof that the car loan was paid in full by means of cancelled checks or a fully paid letter. It is the responsibility of the seller to repay the loan to be able to transfer the title to the vehicle. You can include that requirement in your purchase contract. It's an excellent idea to reach out to the lender directly and inquire about the status of the lien. You even can do so before finalizing the purchase. Ask about the total amount required to release the car as well as other stipulations which could impact the sale. Request the removal of a lien if the lienholder is a bank that has failed (or is a subsidiary of one), you can contact FDIC Federal Deposit Insurance Corp. directly to request a release notice. The FDIC will assist you in obtaining a lien if you have confirmed that the bank that failed was placed into FDIC receivership. It has a search feature that lets users search the database of banks in receivership. The FDIC also maintains separate lists of failed banks , including specifics about how the institution was acquired by a financial institution. Once you have the documentation you need, you can submit it to DMV and DMV and . The bottom line Simply put that it's not easy to enjoy your new ride in the event that there's a lien attached to it. Be sure that the previous owner pays off any money owed so that the vehicle becomes entirely yours, not the bank'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 details of taking out loans to purchase 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 take control of their finances with clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.
Auto loans editor
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