Title Transfer ?

[HogHunter34]

I have a title that has the first lienholder name and address on it. It also has a section beside it of the date of 1st lien released signed by the authorized agent of the financial institution (1st lienholder). With the title I received came a letter that states to take to the DMV with my original title to have the financial institutions name removed. Is this something that I have to do prior to selling? It has my name on the title as the owner with the release date of the 1st lien and signed by them. I'm a little confused as to why their name has to be removed if the release lien date from them is on the title?

[blacksunshine]

change in ownership needs to be updated with the state within a reasonable time by law.

[tvc184]

I have a title that has the first lienholder name and address on it. It also has a section beside it of the date of 1st lien released signed by the authorized agent of the financial institution (1st lienholder). With the title I received came a letter that states to take to the DMV with my original title to have the financial institutions name removed. Is this something that I have to do prior to selling? It has my name on the title as the owner with the release date of the 1st lien and signed by them. I'm a little confused as to why their name has to be removed if the release lien date from them is on the title?

My credit union signed my title over to me a few months ago. I asked them if I had to have their name removed and they said, "no". I could have it in my name only but since they signed the release, I could also just hang on to the title and sell it to another person with the original that they signed off on.

Since they transfer new and used titles all the time I figured that they know what they are talking about.

[Wayne Meuir]

According to the lady at the DMV in Plano, Texas, it does not have to be done, but the risk if you don't is that IF you were to lose the title and have to apply for a new one through the DMV, it would still show the lein, and you could not sell the vehicle without going back and tracking down the right person at the lenders office to get the lein release signed again, and that is going to be a lot more of a PITA that just filing the release you have now at the DMV.

Wayne

[tvc184]

According to the lady at the DMV in Plano, Texas, it does not have to be done, but the risk if you don't is that IF you were to lose the title and have to apply for a new one through the DMV, it would still show the lein, and you could not sell the vehicle without going back and tracking down the right person at the lenders office to get the lein release signed again, and that is going to be a lot more of a PITA that just filing the release you have now at the DMV.

Wayne

Yeah, that is what she told me also. As long as I had the signed original title with the endorsed lien in hand I was okay. Lose that original and I would have to go back through the credit union and they would have to sign a letter that the lien clearly and send it to the state and blah blah blah.

I hope I don't lose that original.

[blacksunshine]

I guess the title people at the tax offices don't always disseminate the same info...?

[czechaholic]

My credit union signed my title over to me a few months ago. I asked them if I had to have their name removed and they said, "no". I could have it in my name only but since they signed the release, I could also just hang on to the title and sell it to another person with the original that they signed off on.

Since they transfer new and used titles all the time I figured that they know what they are talking about.

Same thing happened with me....had to give release form from credit union along with tiltle to the buyer