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A title with a lienholder refers to a bank or lender who holds the car's title. If you buy a car with a car loan, the lender holds the car title until you pay off the loan.
The family member receiving the car will still need to get the title transferred and re-register the vehicle—paying any fees that may apply. You'll also have to pay off any liens beforehand.
For example, in Ohio, a vehicle owner who wishes to sell a car that has an ELT must first have the lien released by paying the lienholder the remaining amount owed on the lien. The lienholder then releases their lien electronically which allows the customer to pick up the title directly from the Ohio BMV on the following business day. Some ...
One option to consider is asking the seller to pay off the amount owed on the vehicle so they can get the title. After the lender sends them the title, they can transfer it over to you. 2.
When a car is sold from one owner to another, the title must be transferred to the new owner. This is achieved by requesting approval by the state DMV. When the vehicle title is lost, the owner on record may replace the lost title by completing an application with the state that issued the current title.
Usually, the vehicle owner must be notified of a repossession. The repossession agent will find the car and check its information such as the vehicle identification number (VIN) to make sure they have the right vehicle. If there is a match, they will attempt to hook up the car to the tow truck and tow it away or pick the lock and drive it away.
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