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For example, in Ohio, a vehicle owner who wishes to sell a car that has an ELT must first have the lien released by paying the lienholder the remaining amount owed on the lien. The lienholder then releases their lien electronically which allows the customer to pick up the title directly from the Ohio BMV on the following business day. Some ...
Vehicle titles are also used for car title loans, in which a car owner gives the vehicle lender their vehicle title as collateral in exchange for a loan. In addition to the vehicle title, lenders often also require the borrower to provide a set of keys for the car and/or purchase a roadside service plan.
A department of motor vehicles (DMV) is a government agency that administers motor vehicle registration and driver licensing. In countries with federal states such as in North America, these agencies are generally administered by subnational entities governments, while in unitary states such as many of those in Europe, DMVs are organized ...
What is a car lien? And how will it affect your car sale.
If the vehicle is towed by a public agency or private towing company, the lien arises when the vehicle is towed or transported. The lien may be satisfied by selling the vehicle through the lien sale process. To conduct a lien sale, the person/lienholder must have possession of the vehicle and may require lien sale authorization from the State's ...
Federal tax lien: The IRS can place a lien on your property due to failure to pay your federal taxes. This lien can cover your personal property as well as other real estate assets, any vehicles ...
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dragnet lien (United States)—a lien that is enlarged to cover any additional credit extended to the debtor to the same creditor. environmental lien—a charge, security, or encumbrance on a property's title to secure payment of cost or debt arising from response actions, cleanup, or other remediation of hazardous substances or petroleum products.