Thought I would share something I learned today. When you pay off the loan on a vehicle and receive the title in the mail, take it to the Revenue office (DMV) and they will issue you a new title that lists you as the owner with no lien holder. In AR, it costs $5 a title.
That way, if you lose the title, you save yourself a lot of hassle in replacing it. (I think if you didn't get the title wholly in your name, and the title was lost, you would have to contact the company who held your loan and get them to release the title for reissuance--something along those lines.) Plus, I assume that if you sell the vehicle at a later date, you would need to have this done, anyway, so the purchaser knows they have a clean title.
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A place to update family and friends about our life. (And a place to post pictures of the kids!)
About Me
- Corrie
- Arkansas, United States
- I am a Christian living in central Arkansas. My husband Jon and I were married in 1998. We have two adorable children, Ainsley and Asher. Visit my blog.
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4 comments:
Good tip! (And congrats on paying off your car!)
We were wondering the same thing...but didn't know if we should do it or not.
thanks
I wouldn't have thought of doing this, because the lienholder stamped the loan released right on the title, but the person on the loan company told us we should. I asked again at the revenue office, and she said the same thing--she is the one who said it is a big hassle if you lose the title and haven't had the loan completely removed from it.
Glad this could help! Sometimes I wonder how we are expected to know the stuff we don't know! :-)
Hmmm... very interesting! I just received a title in the mail last week and had already filed it away in the filing cabinet! Maybe I should pull it back out and run down to the DMV. Thanks for the tip!
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