Title, insurance... lienholder... I believe I have erred :/

[Sidewinder]

Looking at the papers to renew my auto insurance policy - new start date March 5 - I see there is a "Lienholder" listed.

 

I paid off the car like two summers ago.

 

Was there something I was supposed to do to apprise the insurance company that the car is paid off; that there is no longer a lienholder?  (I mean there'd better not be a lienholder... though I'm three million years old, this is my first car.)

 

[MarvBear]

Is the State where you have the vehicle registered an ELT State?

[Sidewinder]

2 hours ago, MarvBear said:

Is the State where you have the vehicle registered an ELT State?

 

I had to look that up but yeah it looks like it

 

https://www.autoremarketing.com/ar/ddi-now-provides-electronic-vehicle-title-registration-minnesota/#:~:text=Electronic lien and title technology,DDI Technology's Premier EVR services.

[MarvBear]

You should tell your insurance company there is no lienholder.   Normally people do not have a physical automotive title in their possession and the former lienholder can electronically release the lien.

[centex]

Generally, at least in my State, the lender does not notify the insurance carrier that the loan has been paid and that no lien exists.  My insurance carrier took my word for it when I called on the F-Type and said I had title in hand.  My premium also went down by some nominal amount.  

[swimmingwithsharks]

I just called my insurance carrier after I got the letter from the bank that the loan was paid off. They didn't ask anything about it. I also could raise my deductible then (the loan required $500 ded., but $1000 lowers the premium a bit).

[hdporter]

Your insurer doesn’t care if you list a lien holder or not and will revise the entry on just your say so.  The lender, on the other hand, will be all up in your business if they don’t receive evidence of a current policy that lists them as a loss payee.

 

So, yeah, most call or email the insurer with a request to remove the loss payee.

[Sidewinder]

On 5/12/2023 at 3:38 AM, hdporter said:

The lender, on the other hand, will be all up in your business if they don’t receive evidence of a current policy that lists them as a loss payee.

 

What does this have to do with someone (me) who's totally paid off the loan?

 

: /

[hdporter]

4 hours ago, Sidewinder said:

 

What does this have to do with someone (me) who's totally paid off the loan?

 

: /

 

4am whack job post  🤪

[swimmingwithsharks]

On 5/16/2023 at 6:17 PM, hdporter said:

 

4am whack job post  🤪

Well, it's helpful for a future CB reader of the thread to know why not to remove the lienholder from the insurance policy before the loan is actually paid off. Of course you shouldn't do that, but there's always someone who wants to know the consequences. And not having insurance, with the insurer listed as a lienholder, could be a violation of the loan terms and trigger default. So even 4am whack job posts have GREAT VALUE on CB.

[Sidewinder]

The lender mailed me the title after I paid off the loan but, concerningly, I did not find it in my "Automamotive" folder in my filebox just now.

 

I expect I'll find it after a more thorough cleanup job in my casa office, but - hopefully this will remain purely a matter of curiosity - what happens if I don't find it?

 

When I was 16 my mom's car title went missing from the middle drawer of the china hutch (I still suspect her !#$%& boyfriend) and she, after convicting me without trial or hearing, hollered a blue streak at me for about three and a half days about "NOW I HAVE TO DO A TITLE SEARCH!!!  YOU HAVE NO IDEA JUST HOW" something something.

 

Is it really some lumbering, expensive bureaucratic nightmare when a car title is lost or the dog ate it?

 

Mind you I'm asking about contemporary Minnesota, not Massachusetts in 1988.

[MarvBear]

@Sidewinder you should be able to get your title replaced at your local DMV provided you bring all the necessary documents when you visit.  If approved, they will print you a new title on the spot.  If they can leave your title in Electronic Status, I would leave it that way (just my personal preference) as it is always usable in ELT status.  

[Sidewinder]

4 hours ago, MarvBear said:

@Sidewinder you should be able to get your title replaced at your local DMV provided you bring all the necessary documents when you visit.  If approved, they will print you a new title on the spot.  If they can leave your title in Electronic Status, I would leave it that way (just my personal preference) as it is always usable in ELT status.  

 

So.... why did my mom (in 1989) behave as though a person (not me) who mislays a car title has basically unleashed the apocalypse?

 

 

[MarvBear]

• 1990s: Massachusetts became the first state in the US to introduce a mandatory ELT system in 1997.  
• So, it may have been problematic to get a duplicate title in any state prior to that date.
• 2020s: Today, 31 states in the US have adopted mandatory ELT programs, with others offering it as an option.

[Flyingifr]

On 2/18/2024 at 1:26 PM, MarvBear said:

@Sidewinder you should be able to get your title replaced at your local DMV provided you bring all the necessary documents when you visit.  If approved, they will print you a new title on the spot.  If they can leave your title in Electronic Status, I would leave it that way (just my personal preference) as it is always usable in ELT status.  

I am just the opposite - I like having a physical copy of my clean Title. If I ever sell or trade in a  vehicle, I will need it anyway, so might as well get it while the thought is fresh in my mind.