If we do it’s a state government thing, not Federal. Most states, much as Grant described, allow the lien holder to hold the title until the lien is satisfied. Once it is, the title is sent to the State, where the lien release is recorded and a clear title is issued to the owner. If the lien is satisfied as a function of a sale, such as the car being traded in, for example, the lien holder can fill out the back of the title and satisfy the lien release to clear the title.
-D > On Nov 8, 2019, at 2:43 PM, Randy Bennell via Mercedes > <mercedes@okiebenz.com> wrote: > > Do you folks have a lien registry system? We have the Personal Property > Registry which is where Banks (and others) register liens on things like > vehicles. One can search the VIN and the name of the vehicle owner to see if > any liens show up. Unfortunately, errors in VIN can occur and a search does > not really protect you if there is an error. That is why many people prefer > to buy from a licenced dealer. They have to be bonded so there is assurance > that errors will not result in losses to the buyer. > > Randy > > On 08/11/2019 1:38 PM, G Mann via Mercedes wrote: >> Some states allow the lien holder [bank or lender] to hold the actual title >> in their name until the car is paid off in full, then a "Release of Lien" >> must be supplied along with the title, then made out to the "owner" who has >> faithfully made all the payments. >> >> To be safe, ask the question "Who holds the lien and the title"... If the >> title is just lost, owner can apply for a duplicate... if the lien holder >> "owns the car"... good luck... you buy the parts... they still own the car. >> > > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > > _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
