Huzzah!

[Bateluer]

I have just clicked in the final payment to automobile in my online banking service. Feels good not to have a car payment any more, which will free up about 400 dollar per month. Which I may not get very long to enjoy, but thats another story.

Curiosity though, am I supposed to get some sort of paperwork from the lender now that I've paid off the balance? I'm assuming I need some documentation on my ownership of the vehicle before I can scale back on the insurance.

 

[NL5]

The title.

 

[Corporate Thug]

congrats! always feels good to pay off something.

 

[Atomic Playboy]

Yeah, if you got an auto loan whereby the lender was listed as having a lien on the title, you'll need a replacement title where the lender releases their interest in the car. If that's not the case, the lender should be providing you with monthly statements, receipts, etc., some documentation to show that you have been paying off the loan, correct? What is your goal in obtaining the paperwork? Is it to get the lender's name off the title or is it just for proof that you've paid?

 

[Bateluer]

Originally posted by: Atomic Playboy
. . . some documentation to show that you have been paying off the loan, correct? What is your goal in obtaining the paperwork? Is it to get the lender's name off the title or is it just for proof that you've paid?

I've been making my payments online. Statements come in the mail, which I file in my filing cabinet.

I don't really have a goal in mind with attaining the paperwork, was just curious what would happen, aside from having a 400 dollar surplus every month.

At the moment, I have two sources of debt left, one of which will be paid off next month. The other is a credit card with a 3k balance, my next project.