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Started By
Message
Auto title question
Posted on 3/9/19 at 3:21 pm
Posted on 3/9/19 at 3:21 pm
I recently paid off my auto loan and received title in the mail along with a letter stating the note has been paid in full.
On the title it shows me as the owner, but the bank still reflects as the lienholder. A principal at the bank signed the title and dated it to reflect the loan has been paid off.
My question is do i need to take these documents to the dmv to obtain a title that has all lienholder information taken off or would it be fine to just hang on to the title with the lienholder info on it that reflects it has been paid off?
IL would charge a fee to get a new title, so i would prefer to just hang on to the one the bank sent me.
On the title it shows me as the owner, but the bank still reflects as the lienholder. A principal at the bank signed the title and dated it to reflect the loan has been paid off.
My question is do i need to take these documents to the dmv to obtain a title that has all lienholder information taken off or would it be fine to just hang on to the title with the lienholder info on it that reflects it has been paid off?
IL would charge a fee to get a new title, so i would prefer to just hang on to the one the bank sent me.
This post was edited on 3/9/19 at 3:22 pm
3
Posted on 3/9/19 at 3:40 pm to 3morereps
Just keep all the paperwork, you don't need to get a new title.
Posted on 3/9/19 at 9:22 pm to 3morereps
Fine to do nothing. You can get a new title but it'll cost you 30 or 40.
Posted on 3/13/19 at 9:41 am to 3morereps
It is strange how states do it differently. In MO the lender will send you a letter that has to be on company letterhead and notarized stating that the lien is released. You just staple it to the title.
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