Vehicle Titles

What is a vehicle title?

The vehicle title is the legal document that is the state’s record of who owns the vehicle.  If you have an auto loan on that vehicle, both you and the lienholder are listed on the title.  The lienholder is the lender who made the loan to you.  When you pay off your loan, a new title is issued to you, showing you as the sole owner.

Why is it important?

The title is the document that provides proof of your ownership in the vehicle.  Depending on your state rules, either you keep a copy of the title or the lienholder holds it until the loan is paid off.  When refinancing with RefiJet, we will let you know if you are in a title-holding state and need to provide us with the title.

How does RefiJet get the vehicle title for refinancing?

If you live in a title-holding state, you are the borrower will have the official title document.  You will need to send in the title to RefiJet to complete the refinance process.  If you don’t have it, we will guide you through the process of getting a copy.  Typically, to get a replacement title, you need to go to your department of motor vehicles or county tax office, depending on your state and county.  Or, you might even be able to file online or send in a form to get the title in the mail.  If the current lender has the title, we will handle the process of getting the title from the previous lender, who will release it directly to us as soon as that loan is paid off through the proceeds of the new refinance loan.

How is the title handled during a refinance?

When you refinance, a new title needs to be issued.  This means that old lender will no longer be on the title.  The new title will show the new lienholder.  This is a process that is conducted through your state department of motor vehicles.  When you refinance with RefiJet, we handle every aspect of getting a new title as part of your loan refinance.  When the title is updated, it will go to the appropriate party, either you or the lienholder, depending on the state.

What if there are co-borrowers on the loan?

If there are co-borrowers on the loan, then the title will show both borrowers.  If you are adding someone as a co-borrower or if you are removing a co-borrower who will no longer be on the new refinance loan, the title needs to reflect the new ownership.  RefiJet, will guide you through the entire process to make sure the new title accurately reflects the borrower(s) on the new refinance loan.  This includes working with the state department of motor vehicles and both lenders to facilitate the process on your behalf.

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