Paying off Car Loan today
 

So I'm paying off the $1700 remaining on my car loan today and I'm obviously excited, as this will be the first time I've held the title to a car.

I've already verified with the bank that there is no pre-payment penalty, but what else do I need to be made aware of when paying it off today? They told me they'll mail the title in 4-6 weeks. Where shall I retain the title? Obv. not in my car, I know.

General comments and advice welcome. Thanks. [img]/images/graemlins/cool.gif[/img]

Re: Paying off Car Loan today
 

Congrats. Obviously a safe deposit box is a good choice if you have one. I don't have one so mine is in my "big boy" folder, which is constantly growing as I get older, and more of a pain to sort through each year. So, yeah, maybe you want to have a better plan than me.

Re: Paying off Car Loan today
 

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Congrats. Obviously a safe deposit box is a good choice if you have one. I don't have one so mine is in my "big boy" folder, which is constantly growing as I get older, and more of a pain to sort through each year. So, yeah, maybe you want to have a better plan than me.

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Haha, I have the same type of folder that I do not keep organized in the slightest.

Re: Paying off Car Loan today
 

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Congrats. Obviously a safe deposit box is a good choice if you have one. I don't have one so mine is in my "big boy" folder, which is constantly growing as I get older, and more of a pain to sort through each year. So, yeah, maybe you want to have a better plan than me.

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Haha, I have the same type of folder that I do not keep organized in the slightest.

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What you need is:

http://www.staples.com/sbd/img/cat/enl/s0071085_enl.jpg

+

http://www.staples.com/sbd/img/cat/enl/s0155499_enl.jpg

+

http://www.staples.com/sbd/img/cat/enl/s0136221_enl.jpg

Re: Paying off Car Loan today
 

Hold it in the glove box, how else are you going to race for pinks?

Re: Paying off Car Loan today
 

I don't even know where the title to my car is, I suppose I should find it. My car is paid off but I still need to go to the DMV one of these years to get the Bank's name off of the title so only my name is on there. Unless I decide to sell it i guess it really doesn't matter.

Re: Paying off Car Loan today
 

You need a "lien reease" from the lending institution listed on your title. Without that the DMV will not remove the banks name as a lienholder.

Jimbo

Re: Paying off Car Loan today
 

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You need a "lien reease" from the lending institution listed on your title. Without that the DMV will not remove the banks name as a lienholder.

Jimbo

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Thanks, I do have that as well, but like my title, will need to search for it. It has been several years since I paid off my loan but just dread going to the DMV. I probably won't take care of it until I actually need to.

Re: Paying off Car Loan today
 

shoe, not always easy after alot of time has passed. the papers you need to verify may not be found. and you will spend alot more time then than now.

Re: Paying off Car Loan today
 

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You need a "lien reease" from the lending institution listed on your title. Without that the DMV will not remove the banks name as a lienholder.

Jimbo

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Jimbo, so when I pay off my car today I just go in and tell them I need a lein release as well? Are they going to give me the run-around here?

Thanks