The letter must request a lien release for your specific vehicle.
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Bring the document to your local VA DMV office. The Virginia Department of Motor Vehicles (DMV) implemented the Commonweaths Electronic Lien and Title (ELT) System in 1995.A paper title-Your lienholder must release the lien and send you your title within 10 days of receiving your final loan payment.The Virginia Department of Motor Vehicles will print and send you a clean title.An electronic title-Your lender will release your lien electronically.This will vary slightly, depending on whether you have: Once you've paid off your auto loan, you can begin the process of removing the lien from your Virginia car title. They will be in possession of your VA title and considered your car's legal owner by the Virginia DMV. Your lienholder is the individual or entity that wrote your car loan. Oftentimes, this position will be filled by a bank, credit union, or other financial institution. The company or person who fronts the money or services in a transaction is usually the lienholder. The lien on your Virginia car title will allow your lienholder to repossess the vehicle if you are not able to continue making payments or default on your car loan. Account approval requires satisfaction of all eligibility requirements, including a credit inquiry and motor vehicle appraisal.
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Must be at least 18 years of age (19 in Alabama). It protects a lender, service provider, or property owner against the chance that they will encounter monetary losses if a bill or loan goes unpaid. Minimum loan amount for title-secured loans in South Carolina is 601. The car won't legally be considered yours until the lien is released, which you can do at the Virginia Department of Motor Vehicles (DMV) after satisfying your auto loan.Ī lien is a type of collateral. When you finance your car, there is usually a lien placed on your vehicle's title.