Need help with car title (sales, credit, loan)

[asubram3]

I bought a used car earlier this year from a car dealership (it was a trade-in). At the time I got it financed through a credit union bank. The car dealership charged me $75 for car title. I never got a title in hand since the car was financed. I have now paid off my loan. Looking at the OR DMV website it looks like I have to fill out a form to get a new title in my name and pay the title fee again. Does this sound correct? Am I getting screwed in having to pay the title fee twice, or does everyone who finances a car in OR have to do the same? Obviously I have never financed a car before, so never thought of questioning the dealership at the time I bought the car.

[jjpop]

I think you can go to your credit union and request them to hand over the title. All they have to do is verify that you paid off the loan, then I think there's a space where they sign that they are no longer the leinholder. BUT... if you want to remove the credit union's name from the title, I believe you would have to pay the fee. But I'm not sure there's any need to do that unless you were planning on selling the car right away.

This is from my recollection from a few years ago when I had to do the same thing.

[Steve Pickering]

Almost correct. Yes you will eventually need to get a new title, and yes you will have to pay again, but .... If the title has the lender as a secured interest holder and they are not on the top line with your name, they just sign releasing their interest, and you won't need to do anything else until you sell the car. Get the title from the lender.

But .... If they are on the top line (Many Private sales are this way and some buy here-pay here) you will need a new title.

And yes if you want them removed from the existing title you will need to pay the fee also, but once they sign off security interest holder it is not needed.

Now tell us why you would not believe the official source (DMV) but you would come to city data and look for answers?

[nardoman]

Have you spoken with your credit union bank? They do this kinda stuff all the time, for a living, so most likely they will be able to walk you through this process. If you trusted them with your money, why not trust them now?

[oregonwoodsmoke]

When you do get the lien holder to sign off on the title, you aren't required to have the title modified at that point it time. (in Oregon. I don't kmow about other states)

However, consider what happens if you lose that title certificate with the lien holder's signature on it. Think how much trouble it will be to get another one. Then go down to the DMV, pay the fee for the paperwork and have the lien holder officially taken off the title.

Then, if you happen to lose your title certificate, all you have to do is to go own to the DMV and ask them to issue a duplicate. You don't have to hassle with your bank to try to get them to sign off on the lien again.

[Steve Pickering]

Originally Posted by oregonwoodsmoke

When you do get the lien holder to sign off on the title, you aren't required to have the title modified at that point it time. (in Oregon. I don't kmow about other states)

However, consider what happens if you lose that title certificate with the lien holder's signature on it. Think how much trouble it will be to get another one. Then go down to the DMV, pay the fee for the paperwork and have the lien holder officially taken off the title.

Then, if you happen to lose your title certificate, all you have to do is to go own to the DMV and ask them to issue a duplicate. You don't have to hassle with your bank to try to get them to sign off on the lien again.

Good Point. Same info I posted, but you made the point of why.