Once the loan on the car is paid off in full, you own it outright.
the title then becomes personal property that does not need to be reported as an asset on your taxes. usually up until this point, you listed it with your vehicle on your taxes and got some deductions for interest expense accrued throughout the year. but once it's paid off, no more tax! :]
how do i obtain my car title?
q: how do i obtain my car title?
a. contact the dmv, the local record-holding office or your insurance company to obtain a release of interest document and then follow these steps:
1. visit your local dmv ____ (and bring your vehicle certificate of ownership (otherwise known as certificate of title), an updated photo id with signature, and payment for any applicable registration fees).2) provide a lienholder release on the “release of interest” form you received from dmv, or if no lienholder is on file ____ .3) update personal information in drive account under “vehicle registration”.4) print off updated vehicle registration form.5) make sure all necessary updates have
how do i check the status of my car title?
the status of your car title can be verified by entering the state, date, and number on this search form.
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