The Expert Podcast

So how do you get a lien release for your vehicle when the lender has gone out of business? So if you have a car that you've paid off a loan and maybe you have the title and lost it or maybe you didn't get the title from the lender. You have to get a replacement title. In many cases, the lien on the vehicle will prevent that So first step one is to verify the lien is actually in the system at the DMV Sometimes when the lien is paid off the lender will notify the DMV. So you can just get a duplicate. If it's in their system, then verify that the lender is actually close just because they're not at that location anymore, or they don't answer the phone. It means that they might have moved Maybe they changed names Maybe they were acquired by another bank. Or they had a merger with another bank. If that's the case if they moved or changed names or bought out by a company that new company or new location can provide you with a lien release letter, they won't be gay They be able to give you a new title. But the DMV can give you a title If you have. lien release letter So start by getting that letter from the lender or requesting it from them. If the lender actually has closed. In many cases you can contact the secretary of state to find out who is the registered agent for that bank In many cases the bank will keep their corporation open so that the registered agent can provide lien releases or other documentation on behalf of the lender. You can also get what's called a letter of non-interest if the merging bank or the registered agent or. even if somebody bought out that bank. If they don't have access to your files anymore, that's okay They can provide a letter of non-interest It means that that lender and that official person for the lender has no interest in the vehicle that is just as good as a lien release When you go to DMV to get a title. Last resort. If you can't get any of that and the lenders just disappeared into thin air. You can provide your proof of payments for that loan to the your local court at the magistrate. And the magistrate will give you a proof of ownership that you can bring to DMV to get a title If you have any questions about lien releases or how to get the right documentation for your title you can contact us@cartitles.com.