Car Lien Release

[SENKA 0]

I just called my bank to pay off my car, and am so frustrated as they said that on top of all the balance they will take out the regular payment as well on Monday as they apparently can't stop the process now. Unreal!!! And they also couldn't tell me which governemnt department issues car lien releases. They also said it can take a while, and I am planning on moving before end of June. Am I stuck in Canada longer than I thought???

[Flames9_RN 358]

I thought the bank (or financial institution) holds on to the lien. When we paid off our Scion, the credit union mailed us the title. Back in Canada (2004)when I paid off my Spec V I do not recall getting anything, they just lifted the lien, so when the buyers bank did a lien check they would would have seen that there were none. When calling to see how much I owed to pay off the loan, they also gave me a date qand if I paid by that date I owed that number, if it was past that date, would be so and so a number. You should be able to call them, expalin the situation and they should be able to give u assistance. maybe you just got a incompetent operator. Can you do phone banking? Leave the $$ in there and then just do it via phone on Tuesday?

[KiminON 0]

I thought the bank (or financial institution) holds on to the lien. When we paid off our Scion, the credit union mailed us the title. Back in Canada (2004)when I paid off my Spec V I do not recall getting anything, they just lifted the lien, so when the buyers bank did a lien check they would would have seen that there were none. When calling to see how much I owed to pay off the loan, they also gave me a date qand if I paid by that date I owed that number, if it was past that date, would be so and so a number. You should be able to call them, expalin the situation and they should be able to give u assistance. maybe you just got a incompetent operator. Can you do phone banking? Leave the $$ in there and then just do it via phone on Tuesday?

yes, i thought the ownership being transferred into your name by the financial institution proves there is no lien. when i bought mine, the dealership gave me the new ownership in my name. and i pick up the bill of sale tomorrow

k

[Bonny 0]

It will take about 2 weeks for the bank to clear the lein on the vehicle title (this was my experience). Check with your Motor Vehicles office and ask them if they can do a title search to indicate that there is no lein on the vehicle. I'm sure there's a fee for the service, but they should be able to do it and provide you with a print out. Your lender should be able to tell you the date that the lein was removed.

This may be too late, but just tell your bank to put a stop payment on the automatic withdrawl for the payment? If you withdraw your permission fro them to take the money by automatic withdrawl, they can't take the money. You have to do it at your end, not the lender's end. I went through the same thing with my lender.

[SENKA 0]

It will take about 2 weeks for the bank to clear the lein on the vehicle title (this was my experience). Check with your Motor Vehicles office and ask them if they can do a title search to indicate that there is no lein on the vehicle. I'm sure there's a fee for the service, but they should be able to do it and provide you with a print out. Your lender should be able to tell you the date that the lein was removed.

This may be too late, but just tell your bank to put a stop payment on the automatic withdrawl for the payment? If you withdraw your permission fro them to take the money by automatic withdrawl, they can't take the money. You have to do it at your end, not the lender's end. I went through the same thing with my lender.

Thanks Bonnie, I talked to my bank and you are right, it will take about 2 weeks to clear the lien, they said they have maximum of 30 days to do it. So, since I am moving on June 30th, I guess it should be fine.

I managed to have them first take the regular payment, and then the remaining balance, so that is o.k. now. Thanks for you advice.

Senka

Edited June 1, 2006 by SENKA