How long does the law state that a lender must return my clear title after paying off my car loan?
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How long does the law state that a lender must return my clear title after paying off my car loan?
Asked on July 14, 2010 under General Practice, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Once the car loan has been satisfied the lender should notify DMV immediately and then the mender will send you the new title. I do not know of any statutory time period listed but within a "reasonable" amount of time. Some lenders, though, do not provide this service so you would have to do it yourself. All the information that you need is on the California DMV website., but generally you would need the signature of the lienholder on the original title, Lien Satisfied Statement form, which must be notarized and have the lienholder listed and a notarized statement from the lienholder (with the car’s description) stating that they have no loan on the vehicle. It costs $15 or so to transfer.
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