You can get a lien release letter from GMAC the moment you settle the amount you owe. The company will retain its hold on the asset until you meet your obligation. Contact DMAC customer support to learn more.
When you take a loan to buy a car or new vehicle, your lender puts a lien on your title certificate for the vehicle. This means that the vehicle or car is under legal ownership of that lender until the loan amount is settled fully. Sometimes a borrower can decide to sell the vehicle before fully settling the loan.
You can also offload the vehicle after settling your loan in full, but the title can be released later than planned. In this case, if the lien is with GMAC, you can make your lien release letter from ally as GMAC was rebranded to Ally Financial back in 2010.
How Do I Get a Lien Release Letter from GMAC?
To get your lien release letter from GMAC you need to have all the documentation. This is regardless of whether you have settled the loan or not before taking another step towards getting that lien release letter. You need all the information which includes the vehicle identification number commonly referred to as VIN. Besides, you need your account number, the name on your account and your address found on the tittle. Once you have gathered all these information, you are ready to begin. Contact GMAC customer support directly for direction.
Contact customer support to get the payoff amount and settle the remaining amount if you have funds available. This starts the process of releasing your lien. Once the loan amount is settled in full, the company releases your lien.
You can take your lien release letter notification to the local DMV to get that certificate of tittle for that vehicle. If you are planning on selling the vehicle, before paying off your loan in full, things can be complicated without the required title transfer.
Dealing with a salesperson means that they can meet the company and pay off the loan amount in full before the lien is released. You can go to the local GMAC branch and if it's not available, you can go to a bank to help facilitate the transfer of funds from your vehicle buyer to GMAC to have the lien released.
However, this process can delay the transaction by a couple of days. Alternatively, you can refinance the loan through a different lender to pay off the loan before selling the vehicle. Once the lien is released and you have the release letter in hand, you can visit your local DMV and get that copy of your vehicle title.
What Is a Lien Letter?
This is a notice of intent more like a demand letter. The document is sent to the DMV warning that the claimant has a right to the certificate of title of the property unless the payment is settled in full.
When a person payoffs their loan in full, the lien is released and the assert no longer is tethered to the loan. It means your asset is no longer pledged to the creditor. The creditor acknowledges it by signing the lien release letter.
What Is the Purpose of Having a Lien Release?
A lien release provides protection to the loaned and frees them of the liability for the specific amount. Besides it provides reassurance that GMAC no longer has responsibility once the payment amount is cleared.
You get a lien release letter that states that the lender no longer has interest in the vehicle.
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