2. File the lien release letter with the DMV. The DMV will then issue a new title for your car.
If the amount owed is higher than the fair market value of the car, you may want to negotiate a settlement with your lender. You can also try to sell the car privately or trade it in for a new car to resolve the debt.
In some states, you may be able to get a bonded title for a car that has been charged off for non-payment. A bonded title is a type of title that is issued by the DMV when there is a lien on the vehicle. In order to get a bonded title, you will need to pay a bond to the DMV. The bond amount is typically equal to the amount of the debt owed. If you do not pay off the debt within a certain period of time, the DMV will foreclose on the bond and you will lose your car.
Getting a title for a car that has been charged off for non-payment can be a complex and time-consuming process. However, it is important to take the necessary steps to get a title for your car so that you can legally drive it and sell it.
