Do I still have to pay my loan off if I was sent the lien release and the contract copy and it has been certified by a notary?

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Do I still have to pay my loan off if I was sent the lien release and the contract copy and it has been certified by a notary?

I was sent a lien release on my car from my auto lender along with a copy of my contract with a paid in full stamp on it. However I believe they made a mistake.

Asked on July 27, 2011 Michigan

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Humm.  A release of lien is also known as a satisfaction of the loan.  This document needs to be filed and then yo will need to obtain  a clean title to your car.  If you think that it is a mistake then you are very wise to be cautious about it all.  It will catch up with you should it be a mistake.  In the meantime, I would not be a spendthrift with the loan payments that you think that you owe.  I would can  and ask for a complete history of the loan including all payments (you are entitled) and I would ban the payment sin a separate account just in case.  Good luck.


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