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Author Topic: Stupid question-Titling a vehicle  (Read 1598 times)

Dannyboy

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Stupid question-Titling a vehicle
« on: June 05, 2014, 10:53:05 AM »
Do I need to get a new title in my name after I get the lien release? Like I said, stupid question.

This is in VA, if that matters.
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cassandra and sara's daddy

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Re: Stupid question-Titling a vehicle
« Reply #1 on: June 05, 2014, 10:58:24 AM »
Not required so long as the lien release is documented but I always do unless I am turning car over real soon


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Brad Johnson

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Re: Stupid question-Titling a vehicle
« Reply #2 on: June 05, 2014, 11:12:39 AM »
Who's name is it in now?  Are you buying it from someone?

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Nick1911

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Re: Stupid question-Titling a vehicle
« Reply #3 on: June 05, 2014, 11:53:46 AM »
I have/would.  Makes selling them later easier. 
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Tallpine

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Re: Stupid question-Titling a vehicle
« Reply #4 on: June 05, 2014, 11:58:54 AM »
Most states I have been, the title is in the owner(buyer) name with the bank lien noted.

There should be a place for the lender to sign off / release the lien ....  =|
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Re: Stupid question-Titling a vehicle
« Reply #5 on: June 05, 2014, 12:08:31 PM »
Quote from: Dannyboy on June 05, 2014, 10:53:05 AM
Do I need to get a new title in my name after I get the lien release? Like I said, stupid question.

This is in VA, if that matters.

Probably a really good idea, if for no other reason than to get the former lien holder completely out of the picture.  I always prefer a "one stop" document when it comes to proving ownership, rather than one with outdated info and one or more updates on separate pages.
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Re: Stupid question-Titling a vehicle
« Reply #6 on: June 05, 2014, 12:27:22 PM »
I may be misremembering but Va DMV sent me a new title without a lien noted when the lender notified them (as required by Va law) that the lein was no longer in existence.

Check with the lender to make sure they have done their paperwork.  Check with your insurance agent to make sure they have removed the leinholder.  Check with your City/County Treasurer to make sure they are showing you as the sole owner.

stay safe.
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cassandra and sara's daddy

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Re:
« Reply #7 on: June 05, 2014, 02:03:10 PM »
I have a 1972 title to a vehicle that hsd worked fine lien was released in 75. If I sell it all I have to do us fill in one section at bottom buyer fills in theirs and it serves as bill of sale with the stamped lien release

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It is much more powerful to seek Truth for one's self.  Seeing and hearing that others seem to have found it can be a motivation.  With me, I was drawn because of much error and bad judgment on my part. Confronting one's own errors and bad judgment is a very life altering situation.  Confronting the errors and bad judgment of others is usually hypocrisy.


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Dannyboy

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Re:
« Reply #8 on: June 05, 2014, 02:07:09 PM »
Quote from: cassandra and sara's daddy on June 05, 2014, 02:03:10 PM
I have a 1972 title to a vehicle that hsd worked fine lien was released in 75. If I sell it all I have to do us fill in one section at bottom buyer fills in theirs and it serves as bill of sale with the stamped lien release

That's how I always figured it worked. Thanks.
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cassandra and sara's daddy

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Re: Stupid question-Titling a vehicle
« Reply #9 on: June 05, 2014, 02:22:40 PM »
I just want you to know looking at that title made me feel old.


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It is much more powerful to seek Truth for one's self.  Seeing and hearing that others seem to have found it can be a motivation.  With me, I was drawn because of much error and bad judgment on my part. Confronting one's own errors and bad judgment is a very life altering situation.  Confronting the errors and bad judgment of others is usually hypocrisy.


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Doggy Daddy

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Re: Stupid question-Titling a vehicle
« Reply #10 on: June 05, 2014, 02:25:44 PM »
I read that as "TILTING a vehicle."


Thought it was going to be a Smart Car thread...
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Re: Stupid question-Titling a vehicle
« Reply #11 on: June 05, 2014, 03:33:48 PM »
Quote from: cassandra and sara's daddy on June 05, 2014, 02:03:10 PM
I have a 1972 title to a vehicle that hsd worked fine lien was released in 75. If I sell it all I have to do us fill in one section at bottom buyer fills in theirs and it serves as bill of sale with the stamped lien release

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Not necessarily. Some states now require an additional "official" title change form that must be notarized for both parties' signatures. I ran into this recently .

Back to the OP... If you currently own the vehicle and are about to pay off the loan, the lender will submit the lien release and you will receive a clear title.

If you are purchasing a vehicle by "paying off the loan", you do not have the ability to submit the lien release unless you are the current lienholder.  Chances are the lienholder has reserved that right to thsmselves in the original borrower's loan agreement.  The borrower will have to pay off the lien, receive the clear title, and then sign it over to you.  There are ways around that, obvously. Dealerships do it all the time, but with a clear set of documents and lots of CYA on their part.  For individuals the long way around is better.  You should do some simple contract for performance to give you some assurance that the vehicle title will be handed over once the payment is made and the lien cleared.

Brad
« Last Edit: June 05, 2014, 03:44:11 PM by Brad Johnson »
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zxcvbob

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Re: Stupid question-Titling a vehicle
« Reply #12 on: June 05, 2014, 04:15:36 PM »
Quote from: Doggy Daddy on June 05, 2014, 02:25:44 PM
I read that as "TILTING a vehicle."


Thought it was going to be a Smart Car thread...

Me too.  I am disappoint. :(

In Minnesota, you get a "release of lien" document from the lender when the loan is paid-off.  I just keep that with the title until I sell the vehicle -- or need a new title because I'm adding or dropping a co-owner or something.

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Re: Stupid question-Titling a vehicle
« Reply #13 on: June 05, 2014, 11:06:56 PM »
I would get a new one, its the only way to be sure the lien is gone. DMV and the banks have a habit of not doing it.
I had this happen with a work truck, had it for years, loan long paid off. Original bank was defunct. It was such a bitch we never got it cleared up. Ended up putting construction equipment in transit plates on it for 5 years till we junked it.
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Re: Stupid question-Titling a vehicle
« Reply #14 on: June 06, 2014, 12:59:00 PM »
I also thought we were tilting a vehicle. :(
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charby

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Re: Stupid question-Titling a vehicle
« Reply #15 on: June 06, 2014, 01:02:56 PM »
Quote from: Dannyboy on June 05, 2014, 10:53:05 AM
Do I need to get a new title in my name after I get the lien release? Like I said, stupid question.

This is in VA, if that matters.

My experience in Iowa is once the load is paid off the lending institute mails the title back you with their sign off of lien is paid.
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Re: Stupid question-Titling a vehicle
« Reply #16 on: June 07, 2014, 04:55:48 PM »
Quote from: charby on June 06, 2014, 01:02:56 PM
My experience in Iowa is once the load is paid off the lending institute mails the title back you with their sign off of lien is paid.

I have always heard that in Iowa once the load was paid off she went back to her father's farm.  :O

stay safe.
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