I recently paid off my car (first one I didn't buy outright) and got the title in the mail. Along with it is a letter from Mazda that says I should take the title down to the DMV and get a new one with me as the owner and the lien holder removed. Am I supposed to do that now, or when/if I sell the car?
Do it soon at your convenience. Do not wait until you sell.
They likely have a fine associated with late transfer of title.
Here's why you do it now...
Maybe James McD is correct about late fees for title transfer, maybe not. I can't speak to what Illinois does.
But if you don't do it now, you will lose the payoff letter and have to try to get the bank to send you another while you are in the midst of trying to sell the car one day.
Trust me on this. Do it now.
Isn't your name on the Illinois title? I have a car with the banks name on it somewhere but they sent it after I paid for it but I still own the car.
Is this an out of state title?
No, it's an Illinois title. My name is on it as the owner, and then Chase as the first lienholder. At the bottom is an area that says the lien is released, and that's stamped by Chase and has someone's initials on it.
I will do it soon. I figure the guy at the DMV will tell me if I don't need to or whatever. Thanks guys!
Keep us informed cause I have one like that too.
In reply to slowride:
It's been about 4-years since I paid off a car in IL & received the title, but I don't remember having to go through the process you are. In fact I sold one of the cars(Accent) to a fellow GRMer last year & he didn't have any problem getting it plated in IN.
I tried to go today, but the place was packed and was closing in less than an hour. Probably because the next closest facility is closed because the AC broke and the landlord won't fix it until Illinois starts paying the rent again.
slowride wrote: No, it's an Illinois title. My name is on it as the owner, and then Chase as the first lienholder. At the bottom is an area that says the lien is released, and that's stamped by Chase and has someone's initials on it.
In many states that is all you need. I know it is in MD. In some states you just get a letter saying that the lien has been satisfied that you attach to the title. Never heard of having to get a new title becasue the lien was paid off.
I had never heard of this either. But it seems to say on the DMV website that I would need to do this before selling the car anyway, which means I could do it now, or I could do it later. Primarily, I think, so they can get their $95 fee. Considering the amount of debt Illinois is facing, I'm surprised it's not twice that.
if it's like here in MN, you don't have to do it but it's a good idea so you don't lose the lien release form and have issues when it's time to get rid of the car.
Tried to do this again on Friday because I got off work early, but the line at the DMV was out the door and down the block.
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