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Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n

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Old 05-14-2019, 07:11 PM   #1
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Has anybody paid a car loan off early? Lien question

Going into my bank in the next few days to pay my auto loan off early. I've either paid cash for cars before or bought one and just paid until the end of the term and it was so long ago I forgot.

Anyway, i e-mailed the company who holds the loan and they told me once they receive my payment they will issue "paid in full documentation" which will allow me to "[have the] lien removed from the vehicle registration"

I'm going to call them up to clarify tomorrow, but does anybody know in BC specifically for cars if there is a process to get the lien removed with proof of payment, or if in your experience it gets taken off manually by the lender in a certain amount of time, once they receive payment?

If so, how long does it take?
Does the insurer (ICBC of course) need anything from me?

I'm not looking to sell the car right now, i am just excited to be debt free once this car is paid off and it'll be mine and not the banks
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Old 05-14-2019, 08:12 PM   #2
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Just get your proof of payment that $0 balance is owing and you're fine. It's not uncommon for lenders to not even bother removing the lien prematurely because it's a transaction that they have to pay to do so and spend the time to do (not long, but in volumes it'll add up) and instead just wait for it to expire for however long they registered it. If anyone wants interest in the equipment in the future (most likely another lender that can search up for any liens) and has any concerns about it if it's still on there, they will just send a letter or contact the original lender and get a signed document from them that they no longer have interest in the equipment.
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Old 05-14-2019, 08:34 PM   #3
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I paid off my first car with the proceeds from the sale (via certified cheque) at Scotiabank who was the financier of my car (through Mazda Finance). Thankfully he was a friend of a friend and he trusted me to take the money and handle the payment before giving him the car.

After I paid it off, we simply walked into an insurance office and did the transfer. I waited 3 weeks and didn't get a confirmation from Scotiabank regarding paying off the lien so I gave them a call. They said they typically release a "congratulatory" letter for paying off the last bit of the loan but for some reason was not mailed to me. A few mouse clicks later, I was sent something in the mail and received it a few business days later.
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Old 05-15-2019, 01:28 PM   #4
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I just went to the bank, paid it off, and then called the company. They said they will send something in the mail in 10 days or so paid in full, and then every 30 days they remove liens on paid off vehicles.
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Old 05-16-2019, 04:56 PM   #5
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I paid off the remaining balance of a car at the bank and had them email me a letter telling me there is no balance owing afterwards. Got it in about 5 mins.
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Old 05-16-2019, 06:19 PM   #6
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Besides having the satisfaction of paying off the loan early, is there any benefit to paying your loan off early?
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Old 05-16-2019, 07:04 PM   #7
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Quote:
Originally Posted by bcrdukes View Post
Besides having the satisfaction of paying off the loan early, is there any benefit to paying your loan off early?
No longer having to pay interest? And who knows what financial star you might be in 2-3 years from now
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Old 05-16-2019, 07:43 PM   #8
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Most car loans aren't based on simple interest.
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Old 05-16-2019, 08:06 PM   #9
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Lien on me
When you're not strong
To pay off your loan
I'll help you carry on
Debt
It won't be long
Till I'm gonna need
Somebody to lien on

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Old 05-17-2019, 08:39 AM   #10
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Originally Posted by bcrdukes View Post
Besides having the satisfaction of paying off the loan early, is there any benefit to paying your loan off early?
You save interest, although admittedly it's less and less the longer the loan goes on for. I also want to buy a condo soon, so I want to free up some monthly income.
Additionally, some financial gurus say that if you pay off a debt, it encourages you to be more motivated to be more responsible with other purchases.

Plus it's easier to just sell if i want to.
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