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Wisdom & Authority Title Solutions
|Posted on February 9, 2015 at 12:19 PM|
COMMON AUTO TITLE MISTAKE ISSUES SERIES
LIEN MISTAKES ON AUTO TITLES (SEGMENT 4)
In the final and fourth segment in the Common Auto Title Mistake Issues Series; the focal point will be placed on lien mistakes. Lien mistakes on auto titles is a very serious matter because the collateral or security of interest of the lienholder can be in jeopardy if and when lien mistakes occur. To look further into lien mistakes on auto titles; I will discuss the types of lien mistakes that occur, the seriousness of lien mistakes and how to keep lien mistakes from happening with your auto title transaction.
TYPES OF LIEN MISTAKES:
First, the types of lien mistakes that usually occur with auto titles are:
1. Wrong Lienholder Being Recorded: Sometimes the mistakes can occur on the paperwork at the dealership or by the DMV entering the wrong lienholder code.
2. Transferring of Lien Errors: Occurs when the old lienholder is kept on the title, instead of being removed and adding the new one or the old and new lienholder both are on the title.
3. Lien Recorded in Error (Case of a "Clear Title"): This situation comes about when the buyer has rendered payment for the vehicle in full, but somehow a lien is reflected, on his/her title. Note: most likely a lien was put on the paperwork in error somehow.
4. Forgetting to Record a Lien: Occurs when the buyer is getting his/her vehicle financed, and the title safeguards the interest of the financing company. Rather than having a lien placed on the title (so that the lienholder receives it), the buyer receives the title instead.
THE SERIOUSNESS OF LIEN MISTAKES ON AUTO TITLES:
Failing to record, remove, or transfer a lien on an auto title record is serious; as financial loss can occur in regards to the lienholder, and make selling the vehicle a challenge for the seller. Accordingly, ensuring that a lien isn't put on a title record when there is no security interest in the title (having a clear title) is equally important as well.
HOW TO AVOID LIEN MISTAKES ON AUTO TITLES:
The following are tips to follow, so you don't fall upon a lien mistake regarding your auto title:
1. Ensure that the dealership and DMV have the correct lienholder and their address for your transaction (IF YOUR VEHICLE IS BEING FINANCED).
2. If you paid for your vehicle in full, make sure that you receive a clear auto title" without a lien.
3. Confirm with the lienholder within 30 days of buying a vehicle that they have received the title or documentation showing that their interest in the vehicle has been recorded.
Note: If your lienholder doesn't receive the title within the designated time; they will take legal action against you (the buyer), or the dealer; whoever caused the delay or denial of a title being rendered to them.
Wisdom & Authority Title Solutions LLC, specializes in vehicle title mistakes and complicated title matters. If you are in a lien mistake situation; call or click in your request today.
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Categories: LIEN MISTAKES ON AUTO TITLES