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GoldenAlexanders t1_iy1w5kq wrote

Keep the title safe for when/if you want to sell the car. If you don't have a need for a safe-deposit box, get a fireproof box for your important papers like the title, your passport, etc.

You may want to tell your insurer; I'm not sure that they need to know, but it wouldn't hurt.

Also, congratulations! That's a big step.

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EndlessErrands0002 OP t1_iy1wbhj wrote

>Keep the title safe for when/if you want to sell the car. If you don't have a need for a safe-deposit box, get a fireproof box for your important papers like the title, your passport, etc.You may want to tell your insurer; I'm not sure that they need to know, but it wouldn't hurt.Also, congratulations! That's a big step.

thank you so much

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PICHICONCACA t1_iy1y8h1 wrote

Congratulations! I love knowing my car is paid off. And I’ll tell you I’ll never buy a car again! Ahahahaha!

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turbopro25 t1_iy1ytso wrote

I bought my wife a new car in 2010. Paid it off in 2015. Bought myself a truck in 2017 I have 5 payments left. God I can’t wait to have no car payment.

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mickey_jewelz t1_iy1zuxp wrote

You may have to go to NJ MVC to get the listed lien removed from the title. To get a clean title only in your name.

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EndlessErrands0002 OP t1_iy24pcg wrote

that's what I'm confused about. The title certificate is signed off by the Motor Vehicle Comission saying it ceritifies "evidence of ownership", so doesn't that mean that the lien was removed from the title?

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Illustrious_Drink127 t1_iy2ltpi wrote

Yes the lien was removed. If it is signed on the front bottom right hand corner saying "lien released" with a signature you're good to go. If you decided to sell the car you would need the title and attach the original lien release letter by the bank. The letter isint 100% necessary if the title is signed or stamped paid for but is necessary if it isint.

Congratulations

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JimTheJerseyGuy t1_iy316u5 wrote

FWIW, my parents had this happen to them with a car they that bought in 1999, paid off in 2004, and kept until 2018.

Despite having a title that was clearly marked as having the lien released, the MVC had no record of it being paid off. Made a hash out of what should have been a no-brainer transfer of an essentially worthless vehicle.

It might be worth a check with them to insure that all the paperwork processed correctly.

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EndlessErrands0002 OP t1_iy3hqop wrote

>FWIW, my parents had this happen to them with a car they that bought in 1999, paid off in 2004, and kept until 2018.Despite having a title that was clearly marked as having the lien released, the MVC had no record of it being paid off. Made a hash out of what should have been a no-brainer transfer of an essentially worthless vehicle.It might be worth a check with them to insure that all the paperwork processed correctly.

got it. I'll check into it, thank you.

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mcgeggy t1_iy3ej0p wrote

Make sure the original lien holder name matches exactly to the name on the release stamp. Often banks merge, change names, get bought, etc. during the time the vehicle is being paid off. If they don’t match MVC might catch it and not do a title transfer to the next buyer when you sell it (or make them produce a bank letter showing the name change). If everything matches there shouldn’t be a problem.

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FartFragrance t1_iy33zch wrote

Congratulations. It's nice to see there are still a few of us people out there that haven't been sucked into the never-ending car lease cycle. I have always tried to pay off my cars and hang on to them for at least another 10 years.

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storm2k t1_iy43fp8 wrote

i finally got off the roller coaster the last time i needed a car (late 2019) and never happier.

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igglesfangirl t1_iy1ywau wrote

Yep, keep it safe. It is a pain in the behind to replace a lost title.

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HeadCatMomCat t1_iy2dpmo wrote

Just did the same thing. You have to:

  1. Go to DMV. You'll need the title and payoff information, which will show the state tax paid, plus your insurance card. They'll switch the registration and you'll get new plates. I made an appointment at Springfield DMV and was in and out in under an hour.

  2. Call your insurance company and let them know you own the car not the loan company.

  3. If you have EZ-PASS, register the new license plate online.

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Familiar-Buffalo-490 t1_iy3vfg6 wrote

Unless it was a lease, you shouldn’t have to change plates. On a loan, you own the car subject to a lien, so the plates are in your name. On a lease, the dealer owns the car, so the plates are in the dealers name. If you buy out the lease, then you need new plates. If you pay off a loan, you do not.

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HeadCatMomCat t1_iy3y7d6 wrote

Thank you for this clarification. I was leasing so needed new plates.

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asecuredlife t1_iy2lsd2 wrote

you need to remove the hold on the title at the DMV.

The DMV will either ask if you want to do that, or if you want a new title re-issued with the right address/owner information.

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storm2k t1_iy446mt wrote

if you get the title back from the dealer with the signed section from mvc that the lien has been removed, you're all set. hold onto the title somewhere safe (safe deposit box, fireproof box) because you'll need it in case you sell the car or need to prove ownership.

if you're not sure, follow the instructions here to do a lien search. if they think there's still a lien on it, you need to follow the directions there to get the paperwork fixed.

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Beginning-Type-4217 t1_iy3v27w wrote

Nope make sure the bank stamped it paid and you have a lein release you will need that is you want to sell it other then that nope you are good to go

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Cheekclapped t1_iy4205w wrote

The dealership wouldn't keep the title unless they are the lending company. Contact the lender.

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EndlessErrands0002 OP t1_iy4795t wrote

It's from the lender, I had meant the lender, not the dealership. Thank you

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ThanksNew9906 t1_iy5ftg1 wrote

I would also send a copy of the title to your insurance company. If you were to have an accident, you are now the loss payee.

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Linenoise77 t1_iy5iac2 wrote

You can get a new title with the lien release on it issued.

While its not necessary, having that done in advance makes it easier if you can't find your title like 5 years later, and the company who wrote your original note has been sold\transfered\bankrupt\transfered again in that time and DMV insists on getting a lien release from the lender, because their information still says there is a lien on it.

Ask me how i know.

I wouldn't run out to DMV tomorrow, but its worth the step next time you are there.

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stevepasternak t1_iy64lba wrote

Don't forget timely car inspection...

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hopopo t1_iy1zicn wrote

Start sending me car payments.

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