You do if you ever plan on selling the truck.Silly question. I paid off my truck, and just got the title in the mail. The letter that came with it said to go to motor vehicles and have the lien holder removed. Is it worth the hassle and the fee to have that done? Do I really need to do that for some obscure reason?
Even if you don't plan on selling, get a copy of the clean title showing the bank notified the state. Much easier to resolve any issues now than down the road.You do if you ever plan on selling the truck.
This has been my stance for always. However, with other "qualifying life events" taking place in my life, I am going to pay the state their 30 pieces of silver to say that my truck is my truck.The Bank should have Signed Off in the Lien Holder section of the Title. I've never replaced a Title after they Signed Off. It's just more money spent at the license bureau.
I've sold multiple vehicles with the title that was signed off on by the lienholder indicating that they released the lien, for which I never went to get a replacement title. Some private sales some not.You do if you ever plan on selling the truck.
I'm in the position right now of having to apply for a duplicate title for a car that i purchased and paid off about 2 years ago from Carmax and I haven't been able to find the title. Apparently, I never had the lienholder removed. When I went on the BMV website to apply for a duplicate it was still showing that Carmax was the lienholder.I've sold multiple vehicles with the title that was signed off on by the lienholder indicating that they released the lien, for which I never went to get a replacement title. Some private sales some not.
Just sold one a couple of weeks ago like that. Sold it to Carmax.
That said, I understand if one had to order a replacement title it could be an issue if the lien holder is not still around to release the lien for the BMV to reissue.
I'm guessing that is likely correct.I'm in the position right now of having to apply for a duplicate title for a car that i purchased and paid off about 2 years ago from Carmax and I haven't been able to find the title. Apparently, I never had the lienholder removed. When I went on the BMV website to apply for a duplicate it was still showing that Carmax was the lienholder.
Never had this happen before and I'm trying to figure out what needs to be done to receive the duplicate and get the lienholder removed. I suppose I need to contact Carmax and let them know. I believe I received the title from them and a letter stating that I had paid the loan off but for some reason I haven't been able to find either one.
Not sure but I'm thinking when I apply for the duplicate, they will send the title to Carmax, and I'll have to get them to sign off on the duplicate and send it to me along with another letter stating that the loan has been paid off.
Yeah, I understand that. My situation is a bit more complicated with having to get a duplicate title and that's one reason in favor of getting the lienholders name removed and the title reissued.I'm guessing that is likely correct.
I'm not saying one shouldn't get the title reissued when the lien is released and I may actually go do it on the 2 titles I have now for vehicles, but just pointing out one can sell a vehicle with such a title.
Carmax will have the lein letter on file. Get it and take to license branch. Should be ok with it.I'm in the position right now of having to apply for a duplicate title for a car that i purchased and paid off about 2 years ago from Carmax and I haven't been able to find the title. Apparently, I never had the lienholder removed. When I went on the BMV website to apply for a duplicate it was still showing that Carmax was the lienholder.
Never had this happen before and I'm trying to figure out what needs to be done to receive the duplicate and get the lienholder removed. I suppose I need to contact Carmax and let them know. I believe I received the title from them and a letter stating that I had paid the loan off but for some reason I haven't been able to find either one.
Not sure but I'm thinking when I apply for the duplicate, they will send the title to Carmax, and I'll have to get them to sign off on the duplicate and send it to me along with another letter stating that the loan has been paid off.
If you keep the title in a safe with letter, i wouldn't worry about giving the bmv more money. Title is signed off on. As far as insurance goes, you might call and tell them it's paid off. Hope you weren't paying for that gap coverage...Silly question. I paid off my truck, and just got the title in the mail. The letter that came with it said to go to motor vehicles and have the lien holder removed. Is it worth the hassle and the fee to have that done? Do I really need to do that for some obscure reason?
Contacted Carmax finance to see if I can get a copy of the letter and I was told they only keep account records on file for so long. I paid the note off back in early 2021.Carmax will have the lein letter on file. Get it and take to license branch. Should be ok with it.