Get A Lien Release For A Lender That is Out Of Business Lienholder

Problem with Lean Holder
So what happens if you have a vehicle that has a lean on it and your lean holder, the bank or the lender, whoever it is, is now out of business? Let’s say you bought the car five or six years ago, you paid off the loan, or maybe you didn’t pay it off, and now the lean holder is nowhere to be found; they’re out of business.

Easier Lean Release
Well, the good news is that sometimes it makes it easier to get a lean release, to get your title released to you, to get your title duplicated to you. It’s a very specific process for sending out documents to that lean holder.

Registered Agent
Now, the lean holder may not be in existence, but they do have a registered agent. A registered agent is an official recipient of all documentation, all correspondence for a company, and if that company is no longer in business, you can send it to them. If they are not able to sign your lean release or your letter of non-interest, you can now take that to your local County Magistrate with the right forms.

Follow Specific Instructions
It’s not just like you can walk in the door and have somebody else sign on your behalf. So, the lean holder is out of business; you have to go through a very specific set of instructions. Our website, cartitles.com, has those instructions. We also have title consulting if you’d like to have some more direct one-on-one assistance with that.

Don’t Despair
But the most important thing is, don’t despair if your lean holder is out of business. It doesn’t automatically make the lean go away; you still have to jump through a few hoops. The good news is, if the lean holder is not in business, they can’t object to it. They have to let it happen, but you do have to make some certain efforts.

Paperwork and Process
The paperwork has to be done right. You have to send it to the right place with the right wording on it, and if it doesn’t come back, that’s not the end of the story. You still need to get somebody else to sign off proving that this happened, but it’ll be very easy to do because they will see that the lean holder is not objecting to it. You’re in the right; you should get a title, and it’ll clear itself out.

More Information
Again, more information on our website, cartitles.com. It’ll give you all the instructions specific on how to do it with every lean holder like Santander or Chrysler, and you’ll get your title.