DMV title issue-Lien papers

nakedape

nakedape

Well-known member
PO sold me his SV. During the process we found out at the counter the lien holder was the bank. They never sent a release even though the loan was paid five years ago. He had them send a letter attesting to the loan being paid. I have that letter, BOS and application for paperless title transfer.

What I see on the form is a need for a notarized sign off. Section 2 asks for "Legal owner of record", which is still CapitalOne. Section 3, missing title statement. (Lost) Section 4 is Registered Owner release. Got that.

It appears Section 5 asks for "Legal Owner of record release of ownership", which I have in the form of a letter.

CapitalOne says the letter will do. Will I wait through the line at DMV only to be told "cool letter bro, send that form to bank and have them notarize it"?

I was able to insure the bike and reg in POs name (a friend) is current.

Word on the net is this company is notorious for not following up with title transfers. HSBC Retail Credit USA. I guess CapitalOne bought them out.
 
nakedape

nakedape

Well-known member
"By presenting this letter to the appropriate Vehicle Division Office, you will be issued a title for the above referenced vehicle."

The "you", I assume, is the PO whose name appears on said letter.
 
matty

matty

Well-known member
I just did this with a car a few months ago. I had the lien satisfied form, signed by the bank and a notary. I went to the DMV and they said no go, without the notary stamp. So after some back and forth, I (really the PO) was finally able to get the bank to supply me with a new lien satisfied form, signed AND stamped by a notary.

Your luck may be different.....
 
L

limey

Well-known member
You can get a title if the PO signs a bill of sale and no title is present.

Thus if the letter you have would allow him to get title (I think this is what you are saying), and you have a BOS from him, if follows that you should also be able to get a title with what you have.

1+1 = 2.

I just hope the DMV is as logical.

By the way, your friend should have chased this up years ago. Hopefully he/she will go to the DMV with you to sort this out, if needed. If necessary re-issue the title to your friend with what you have, then do the transfer when the new pink arrives to him/her.

Good luck.
 
nakedape

nakedape

Well-known member
1+1 = 2.

I just hope the DMV is as logical.

LOL. I'm sending the person who generated the letter DMV form. Along with a copy of the letter. Hopefully that works.

Was it cheap? Below market value. $1900 for 1999 SV650 with 14K miles and perfect condition. New Pilots, all service, adult owned. Bone stock AFIK

Thanks for the responses guys.
 
Tri750

Tri750

Mr. Knew it All
There is one other way to skin that cat.
I never got a title on a bike purchased after pay off and oops, never noticed until I went to sell it. The loan had been sold several times, the bank had been sold, no one had a record of it and no one would send a letter saying I didn't owe any money.
Someone at DMV suggested I buy a title insurance policy. It's an insurance policy you buy where if in the future, (whatever that means) someone lays claim to the vehicle the insurance company pays them the value of the vehicle at today's numbers.
It's like Lloyd's of London insuring a pair of boobs. You seldom have a claim.
It was I think 70 dollars for a 3500.00 bike.
You call an insurance broker who writes all kinds of policies, they have you sign stuff and take your money and give you a paper.
The DMV takes it and you get a title.
 
nakedape

nakedape

Well-known member
In this case the claim is settled. But that's great information.

The banking industry truly sucks.
 
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