Oregon Release of Security Interest - Termination Statement
Description
How to fill out Release Of Security Interest - Termination Statement?
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FAQ
You will need to remove your lienholder's name from the document by applying for a new title at the Oregon Driver and Motor Vehicle Services Division. To apply for your new title, bring to your local OR DMV office: The title sent to you by your lienholder.
A security interest holder may use a Statement of Lien Satisfaction, Form 524, to release interest in a vehicle when they cannot release directly on the title. A business must sign the business name and the signature of an authorized representative on the Form 524.
The lien holder must sign and mail the vehicle title to you when they receive the final loan payment. In order to successfully remove the lien holder's name from the vehicle title, you can apply for a new vehicle title at your local OR DMV.
Sign either the back of the title or a Bill of Sale; If you had a loan, make sure the lienholder signed the front of the title*; Write the odometer reading on the back of the title; and. Use DMV2U to notify DMV within 10 days.
Removing a Lien from an OR Car Title To apply for your new title, bring to your local OR DMV office: The title sent to you by your lienholder. If your lienholder does not sign a release of interest on the title, they must sign and submit a separate Lien Release (Form 735-524).
You need a bill of sale to transfer ownership of a vehicle, boat, or firearm in Oregon. Learn what a bill of sale is and how to write one that will work.
Oregon law provides for perfection of security interests in vehicles by making application for notation of a security interest on the Oregon title within 30 days of the date of sale.
