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How do I get a lien release from Toyota?
I want to sell my 2016 Toyota RAV-4 to a private buyer, but according to the DMV, there is a lien on the vehicle. How do I get a lien release from Toyota?
Matthew Macgugan · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good question! A
lien
is likely placed on your vehicle because you have not paid off your finance balance. Toyota Financial put this lien on your vehicle when you purchased it. Should you default on your loan, it gives Toyota the ability to repossess your car. To release the lien, satisfy the loan by paying off the balance you owe to the lender, including interest and finance charges. Once you’ve met the terms, the lender is required to execute a release of security interest via mail no later than three business days after you pay off your loan.
Once the lender releases the lien, you will also be sent a title for your vehicle. After the title is in your name, you’re able to sell the vehicle legally.
If you’d like more information, contact Toyota! A member of their financial department can give you more information about options that may be available.
Should you decide to wait to sell your car, consider refinancing. Doing so can help reduce your interest rate and fees, meaning you could pay off your loan sooner!
If you’d like help looking into refinancing options, download the
Jerry
app. Not only does Jerry generate top insurance quotes, but it also finds you the best auto refinancing rates! View full answer
- Gregory R.
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