While a title loan can help you get cash by using the collateral in an owned vehicle, when the loan is finished you still need to get your title back – or, more accurately, get the lien removed from your title and have it restored to its original condition. Do not forget this last but vitally important step when completing your loan! While an efficient title loan establishment will take care of many of the details for you, you should still understand the process and your role in it to make sure no mistakes are made.
Confirm Loan Settlement and Receive Documentation
Your first step is, of course, to fully pay off your title loan. Typically the title return process will begin several days after you make your last payment – the title loan business needs to process your payment and affirm that the loan is settled without any problems. After this, the process varies a little based on where you live. States and even city governments can have differing regulations that alter the process. However, you should receive an official statement that shows your loan has been settled and that your account is clear and closed. If you do not receive this notification, ask for it.
Confirm Notification to Your State Government
Next, your local government must know that the loan is finished and that the lien can be cleared to fully restore the title to your name. Contact your lien holder (the title loan company) and find out how this notification will occur. Typically, the company will report the end of the lien to the Department of Motor Vehicles or a similar local agency to start turning the right gears. In some cases you may have to fill out paperwork and send in notifications yourself: Find out your part in the process so you can speed matters up as soon as possible.
Contact Your State Government Personally
Even if the title company takes care of most details for you, it is still a good idea to contact your state government agency. Call up the DMV and see if there is anything that you need to do. They will either be able to give you the necessary information or point you to the correct agency. The reason for calling is twofold: First, you should make sure your title has been recorded correctly, back in your name and without the lien. Mistakes happen, and sometimes timetables can get delayed between the title loan company and the government side of the process. Second, you may need to take action on your end. While some agencies will send you paperwork verifying the cleared title, in other areas you might need to request a copy of your restored title. Having a hard copy is always a good idea.
Examine Your Title Situation
Once the title is in your hands, read it carefully. Ensure that the lien has been removed and it is properly in your name. You are the final fact checker in the process, and it is up to you to note any small errors that may have been made during recording.
Jessica Moore is a professional blogger that provides financial information and resources for auto title loans. She writes for TitleBucks.com, a title loan company providing auto title loans and no credit check title loans.
Comment here
You must be logged in to post a comment.