Paying off Car Loan today

prohornblower · #1 10-01-2007, 12:24 PM

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]

Badger · #2 10-01-2007, 02:19 PM

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.

kyleb · #3 10-01-2007, 02:37 PM

[ QUOTE ]
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.

soko · #4 10-01-2007, 05:33 PM

[ QUOTE ]
[ QUOTE ]
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.

[/ QUOTE ]

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:

+

Yobz · #5 10-01-2007, 11:32 PM

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

Shoe · #6 10-01-2007, 11:43 PM

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.

Jimbo · #7 10-01-2007, 11:45 PM

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

Shoe · #8 10-02-2007, 12:32 AM

[ QUOTE ]
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.

Ray Zee · #9 10-02-2007, 01:40 AM

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.

prohornblower · #10 10-02-2007, 11:49 AM

[ QUOTE ]
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

[/ QUOTE ]

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