I have a 15-year old vehicle, first time owner, purchased new from dealer. Never realized until recently from the annual registration notice that the lien holder is still 'Toyota Financials'. I paid off the vehicle 10 years ago, so it does not make sense to have them as the lien holder.
Any consequences (re-sell, insurance, etc)? Do I need to do something to remove them as the lien holder? Via what steps?
Thanks!
California Vehicle - lien holder issue?
Re: California Vehicle - lien holder issue?
Contact Toyota Financial. Tell them the situation. They should be able to find information from your VIN number that it has been paid off. They will then issue a new pink slip without a lien.
This is not legal or certified financial advice but you know that already.
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Re: California Vehicle - lien holder issue?
Do you have the title to the vehicle? If so does it list Toyota Financial as a lien holder? If so you need to get a new and clear title.
This could cause you problems if you goto sell the vehicle.
I know in my state until you get a new title without the lien holder on the title you essentially do not have a clean title and cannot transfer the vehicle without the lien holder signature at the time of the transfer. When I paid off my vehicle I took my title into the DMV with the payoff letter and they issued me a new title without the lien holder.
This could cause you problems if you goto sell the vehicle.
I know in my state until you get a new title without the lien holder on the title you essentially do not have a clean title and cannot transfer the vehicle without the lien holder signature at the time of the transfer. When I paid off my vehicle I took my title into the DMV with the payoff letter and they issued me a new title without the lien holder.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin
Re: California Vehicle - lien holder issue?
You may still need to go to the DMV to have the vehicle re-titled in your name, though.harrychan wrote:Contact Toyota Financial. Tell them the situation. They should be able to find information from your VIN number that it has been paid off. They will then issue a new pink slip without a lien.
Speaking from personal experience, Toyota Financial should have sent you a copy of the lien release/title when you paid the vehicle off. You would then take that to the DMV (at least in WV) to have a new/updated title issued with your name as the owner.
Stephen