If a bank finances the purchase of your car, the name of your bank will reflect as the lien holder. The bank is listed on the title as a lien holder so that you cannot sell the car or transfer ownership without the consent of your lender when you have not fully paid off the loan in full. Once you pay off the loan near me, the lien is lifted and a lien release document is issued by your lender so that you can have proof to show that you have fully paid off your loan. Once the lien holder is removed, you own the car outright and you will take possession of your lien, this will enable you to sell the car or transfer ownership if you want to.
Choose the Appropriate Way to Get the Title
The way you choose to obtain your title depends on your proximity to the nearest office of your local Department of Motor Vehicles (DMV) or how close your home is to the office of the lender. Other factors that may influence your choice include if you need the title of your car urgently such that you might need to have it sent to your mail. If you are the busy type, I am sure you will not want to spend the whole day on the queue. In such case, you might find out from your lender or state DMV if you can get your title via mail.
Title System; Titles and Electronic Lien
The title system and electric lien helps to store and transmit title information in digital format, so that both the state DMV, lenders, and users of the system can find the process easier. This system ensures that there is proper record keeping, and turnaround time can be kept as low as possible. If you live in a state that the DMV takes part in ELT program, as soon as you make your last payment to pay off the loan, an electronic release is automatically generated and transmitted to the DMV, this will take the lien holder off the title and you will receive a hard copy of the certificate of title.
Obtaining a Title from a Non-ELT Lender
It takes longer time to obtain your title from a lien holder that does not operate electronic titles because the paper title will have to be retrieved from storage and signed in order to release the lien. Getting the signed title to the owner takes up to 30 days. However, if you are in a hurry to get your car title, you will have to take the released title to your local DMV office to apply and do the transfer on the spot. Also, if you are not working against time, you can mail the released title to the DMV, and they will mail the modified title to you.
If there is a lienholder on your car, most likely not be able to sell the car, as the buyer will request for a clean title. This means the lien holder will have to be removed. If you want to make things faster, you can make your final payment at the office of your lender so that you can get a copy of your title immediately.