I have paid off my account. When will I get my title? (2024)

FAQs

I have paid off my account. When will I get my title? ›

How long does it take to get your car title

Once you've made your final payment, you must get the title from your lender to prove you legally own the car. In some states, getting your title is an automatic process after you pay off your loan. In others, you may have to submit paperwork to the Department of Motor Vehicles.

You will typically receive a title or lien release, depending on the state the vehicle is titled in, 30 days after your account is paid in full (or earlier as required by state law).

Title Application Processing Time

Please allow a minimum of 20 business days for processing of your title application. If there is a lien on the vehicle, the lienholder will receive the title. If you have not received your title within 30 business days, please contact us.

If you're submitting your form to a DMV office, we recommend you make an appointment so you can avoid any lines. You'll receive your title by mail 15-30 calendar days from the date you submit the replacement title application.

Paying off a car loan early can save you money on interest and improve your debt-to-income ratio. Early loan pay-off can also give you ownership of the vehicle sooner and reduce the risk of being upside-down on the loan. Before deciding to pay off your loan early, consider if your money could be better spent elsewhere.

Once you pay off a car loan, you may actually see a small drop in your credit score. However, it's normally temporary if your credit history is in decent shape – it bounces back eventually. The reason your credit score takes a temporary hit in points is that you ended an active credit account.

Processes and time frames for releasing titles and liens vary by state, and GM Financial releases them within those requirements. Check your state's website to find out the details that apply to you. Your final payment will need to be received and processed by GM Financial before your title or lien can be released.

While you are paying off your car loan, your vehicle is legally owned by another party, which is usually your lender. But once you've made the final payment on your loan, you can get the title from your lender and become the full owner of your car.

How can I check the status of a title in Texas? ›

Before you buy, take down the Vehicle Identification Number (VIN) and go to Title Check on the TxDMV website to use the national motor vehicle database to make sure the vehicle has a clean title.

If it has been 30 days and you have not received your title and/or registration, you can file a dealer complaint against the dealer. Our Enforcement Division investigates complaints against licensed dealers. You may submit a dealer complaint online.

An application will be processed within 72 hours (three business days, not including Saturday, Sunday, and holidays) when: A “rush title” is requested.

You can transfer ownership of the vehicle by mailing your completed form to DMV or visiting a DMV field office in person.

Yes, failing to transfer a car title within the required timeframe in California can result in penalties. The state expects title transfers to be completed within 10 days of the sale or acquisition of a vehicle. If this window is missed, the buyer may be charged a late fee.

Is car insurance cheaper if you own your car? Car insurance premiums don't automatically go down when you pay off your car, but you can probably lower your premium by dropping coverage that's no longer required. Banks and financing companies who loan you money for your car are called lienholders.

Lenders like to see a mix of both installment loans and revolving credit on your credit portfolio. So if you pay off a car loan and don't have any other installment loans, you might actually see that your credit score dropped because you now have only revolving debt.

You'll own an asset

If you paid off an auto loan or a home loan, congrats! This means you now own the asset free and clear. For auto loans, according to a post for CarsDirect by Bethany Hickey, in 41 “title-holding” states, you'll receive the title to your car from the lender so you can transfer it to your own name.

Part of your monthly car payment goes toward paying principal, the lump sum you borrowed, and part to paying the loan's interest. Most auto loans use simple interest, so the interest amount you pay monthly is based on the principal amount you still owe.