California Vehicle - lien holder issue?

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itworks
Posts: 150
Joined: Sat Jan 15, 2011 2:20 pm

California Vehicle - lien holder issue?

Post by itworks »

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!
harrychan
Posts: 2046
Joined: Sun Nov 14, 2010 8:37 pm
Location: Pasadena

Re: California Vehicle - lien holder issue?

Post by harrychan »

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.
SimonJester
Posts: 2500
Joined: Tue Aug 16, 2011 12:39 pm

Re: California Vehicle - lien holder issue?

Post by SimonJester »

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.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin
wvmtnbkr
Posts: 69
Joined: Thu Dec 24, 2015 8:40 am
Location: WV

Re: California Vehicle - lien holder issue?

Post by wvmtnbkr »

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.
You may still need to go to the DMV to have the vehicle re-titled in your name, though.

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
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