The Expert Podcast

Hello, this is Dave at Car Titles. Lately, we've been getting more requests for lien releases on vehicles from a lender called Yendo. This is a very innovative type of lending institution. What they do is provide you with a line of credit, like a credit card, that is tied to your vehicle. They get the title for your car, hold on to it, and give you a credit card that you can use to borrow against or pay down. It's not any kind of fixed amount; it's a very innovative lending business model.

But what you want to make sure of is that whenever you close that account or pay it to zero, you get a lien release from the lien holder. That way, if you ever need to sell your car or trade it in, you actually have a lien release. The last couple of inquiries we received were from people who had a loan with Yendo. They had a credit card and had just recently paid it to zero but hadn’t canceled the card yet. Their car was totaled, so they had to get a title to receive their insurance money.

Remember, as long as that card is still active, they're going to hold a lien on that vehicle because you could charge it up any day. You want to make sure you get a lien release document. If you need assistance on how to do that, you can check out our website. If you want assistance with the paperwork, we can handle that as well. This Yendo credit lending on vehicles is an interesting new twist on vehicle loans, and I'm wondering if anybody here in the comments has experience with it and how it worked out for you.

So far, we've had really good luck dealing with them to get lien releases. As long as there's no type of conflict with the company, they're very good at providing the documentation. In some cases, even when there's a delinquency or a charge-off, they have provided a lien release because it's a charge-off. But in most cases, they will deal with you very straight up as a lender. They are very well known, and if you look at the bottom, they've been featured in all kinds of media and publications for their unique and novel approach to lending on vehicles.

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