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When you pay off your loan that financed the purchase of your car, boat, mobile home, etc? Afterwards, the bank or finance company will release the lien. The type of lien your title has will depend on how it gets removed. Paper titles with a lien can be released by the lienholder signing a lien satisfaction form.
Obtain a Release of Lien, which is a written statement that removes your property from the threat of lien. Before you make any payments, make sure you receive this waiver from all suppliers and subcontractors, and that it covers the materials used and the work performed.
Once you pay off your loan, your lender will send you an official release of lien letter. Take that letter to your state's Department of Motor Vehicles office (or, in some cases, to your local city or town clerk's office), and they'll issue you a car title in your name.
Once you pay off your loan, your lender will send you an official release of lien letter. Take that letter to your state's Department of Motor Vehicles office (or, in some cases, to your local city or town clerk's office), and they'll issue you a car title in your name.
Form 82040, Application for Certificate of Title with/without Registration accurately completed. (A Form 82041 may be signed in lieu of the 82040 if all persons are present for the transfer.) If a lien is to be recorded, the lien information must be provided in the appropriate space of the Form 82040.