Consumer Title Resource | Since 2009!

Vehicle Title Lender out of Business

Dealing with a Lost Car Title with a Lien

  • Investigate for Subsequent Asset Holder
    If you find yourself in a situation where your car title has a lien and the lender is no longer in business, the first step is to determine if there’s a subsequent asset holder. This means finding out if the original lender sold their assets to another lender. Sometimes, this information can be found online or through news articles announcing acquisitions or mergers between banks.
  • Statutory Release Possibility
    There might be a statutory release option available. If the loan on the vehicle was initiated more than a certain number of years ago, typically five, seven, or ten years, by statute, the lien may be automatically released. You can inquire about this with the Department of Motor Vehicles (DMV) in your area.

Document of Title Transfer
If you possess the document of title transferred to you, it can serve as evidence to help erase the lien. Providing documentation that the vehicle was indeed transferred to you, along with proof that the lender or seller paid off their loan, or presenting receipts, can be instrumental. These documents indicate that the loan has been settled, and thus, the lender is obligated to issue a lien release.

Obtaining a Lien Release
If the lender refuses to provide a lien release despite meeting the necessary requirements, you have legal recourse. You can seek a court order to erase the lien, thereby enabling you to obtain a clear title in your name. It’s essential to follow the legal procedures diligently to resolve the issue efficiently.

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