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All loans on a car with a lien must be paid off before the seller can transfer clear title to you to complete the transaction. Check Out: 6 Unusual Ways To Make Extra Money (That Actually Work)
Indiana and Ohio display two-number county codes, while Kansas plates display two-letter county codes, but these codes are placed on a sticker or are printed in the corner of the plate in a smaller font size. Texas places the county name only on the windshield registration sticker, where the car's license plate number is also printed.
In order to release the lien upon full payment, the lender sends a notarized release or other complementary document to the individual. 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.
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 ...
Property tax lien: Your state or local government can issue a property tax lien for unpaid property taxes. Federal tax lien: The IRS can place a lien on your property due to failure to pay your ...
A deterrent to auto theft: If a vehicle is a complete loss due to an accident, its serial number (VIN, Vehicle identification number) and registration documents could still be of potential value to persons dealing in stolen cars. The diminished sale value of a title branded vehicle reduces the profitability of switching the registration and VIN ...