I’ve recently paid off a boat/trailer loan and have the lien releases from the financer. Is there a reason that I should have the titles reissued with no liens, or is common practice to just have the titles and lien releases together?
I’m 100% certain I’ve never had an auto title reissued after paying off a loan.
Is there a reason that I should have the titles reissued with no liens, or is common practice to just have the titles and lien releases together?
I’m 100% certain I’ve never had an auto title reissued after paying off a loan.
There’s no reason to re-issue the title as long as you keep the lien release. However!
I’ve been involved with 2 boat sales where the seller thought that somehow the state would keep track of the lien release so they threw that letter away. The state in no way tracks who owes money on what, so once there is a security interest on a title, they have no way to know if it’s been paid off. That letter is literally the only proof.
What a friggin’ mess I had on both those deals. In both cases, the lending bank had either gone out of business or merged, so getting another letter issued as proof of a payoff was a major hassle for the seller and it took months to clear up. Ug.
It isn’t necessary, but it sure is nice to have a clean title with no security interest listed.
Ok, that was my thought. Titles and notarized lien releases are in a safe deposit box at the bank, but I might have the titles reissued when convenient just to make things simple when I sell.
Ok, that was my thought. Titles and notarized lien releases are in a safe deposit box at the bank, but I might have the titles reissued when convenient just to make things simple when I sell.
Save your money. Lien release and titles are all you need to sell your boat.
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