Financing Question: Received Lien release letter, what now?

[salvorhardin]

Just call and do it over the phone, that's how I paid my car off. With the large payment you made will you end up paying the loan early if you continue doing normal payments? If so, it's too late to be worrying about the prepayment penalty and I would probably call them up and make the last payment.

 

[KentState]

I'm going to keep full coverage, but I have like 300/500k liability. No need for that. lol

You live in NY which is densely populated. It would be easy to max out 300/500k with the close density of people and property. You are on the hook personally for any amount awarded that you insurance doesn't cover.

 

[amdhunter]

Just call and do it over the phone, that's how I paid my car off. With the large payment you made will you end up paying the loan early if you continue doing normal payments? If so, it's too late to be worrying about the prepayment penalty and I would probably call them up and make the last payment.

I just spoke to a friend of mines who said the payoff quote includes interest for the next 10 days, so whatever I see there should be exactly what it costs to end the loan completely.

I'll see what they say after the current payment posts, which is 2 days from now. Hopefully I can just charge the last payment over the phone. I want to end this chapter of my life and move onto house payments. ^_^

 

[amdhunter]

w00t. Got a notice of lien release just now. What do I do now? I figure I just go to the DMV and ask them to remove Toyota as the lien holder?

 

[EagleKeeper]

w00t. Got a notice of lien release just now. What do I do now? I figure I just go to the DMV and ask them to remove Toyota as the lien holder?

Yup - they will then send you a clean title.

Also, notify your auto insurance company. They may take your word, contact Toyota own their own or ask for a copy of the release.

 

[Sbr]

Yup - they will then send you a clean title.

Also, notify your auto insurance company. They may take your word, contact Toyota own their own or ask for a copy of the release.

I've been trying to get a lien release letter from Toyota for a week now SMS. I purchased a 10 year old vehicle which I have the title for. I'm not sure why Toyota is on the title when the car is already paid off. Do u have a copy of what the lien release letter look like?

 

[NutBucket]

The letter looks different depending on who issues it. What has Toyota told you?

 

[Sbr]

Yup - they will then send you a clean title.

Also, notify your auto insurance company. They may take your word, contact Toyota own their own or ask for a copy of the release.

I've been trying to get a lien release letter from Toyota for a week now SMS. I purchased a 10 year old vehicle which I have the title for. I'm not sure why Toyota is on the title when the car is already paid off. Do u have a copy of what the lien release letter look like?

I've been trying to get a lien release letter from Toyota for a week now SMS. I purchased a 10 year old vehicle which I have the title for. I'm not sure why Toyota is on the title when the car is already paid off. Do u have a copy of what the lien release letter look like?

The letter looks different depending on who issues it. What has Toyota told you?

Thank.you for your response. They told me it would take 24-48hrs a week ago. They request that I send a copy of the front and back of the title which I faxed over. I request a call back to confirm they received my fax and a lady named Stephanie confirmed she received it. I gave her Dmv fax number but every time I call Dmv they said the still have not received it. This is so frustrating.

 

[BonzaiDuck]

I'm going to keep full coverage, but I have like 300/500k liability. No need for that. lol

I think JulesMaximus really meant to say "$100/MONTH".

How many thousands of miles on the odometer? And what is the current Edmunds or Kelly Blue Book value for the car?

One thing I like about old or used cars is the possibility to assume the risk of totaling the car if you -- the driver -- are at fault. I've saved a ton on insurance for that option. But I'd only do it if the Blue book value is below maybe $8,000. Or conversely, if the car is pushing 100,000 miles . . .