Request a Chrysler Capital Lien Release In 3 Steps
A lien refers to a tool used by lenders or parties selling high-value items such as a car or a house. The lien turns the high-value item into collateral. Once the loan is paid off, the lender will remove the lien from your item's title, in this case, your car.
You can get your form by reaching out to the entity. But what happens when your lien was filed by someone else or some information is inaccurate? DoNotPay can help you leverage the law to avoid having your car seized.
What Is a Lien?
A lien is a legal right against an asset, in this case, a car, typically used as collateral to get you to satisfy your end of the deal. A lien serves as a guarantee of an underlying obligation; repayment of a loan.
Failure to satisfy the obligation, the lender may seize your car. Liens are public records, so it's easy to determine if a creditor has placed a lien on your car.
What Are the Types of Liens?
There are several types of liens, but the most common ones are
- Bank liens
- Judgment liens
- Car liens — like what you have here with Chrysler Capital
- Tax liens
- Real estate liens
- Mechanic liens
The bank will put a lien when you take out a loan to purchase an asset. For instance, the seller will be paid using the loan if you buy a vehicle. In turn, the bank would place a lien on the car, and failure to repay the bank loan will see the bank executing the lien and seizing the car to repay the loan.
A court typically places a judgment lien on assets due to a lawsuit. This type of lien can help the plaintiff get paid by liquidating the defendant's assets.
A car lien gives the creditor the right to your vehicle. It's their way of ensuring they are still covered if you cannot continue paying your loan. It says Chrysler Capital can repossess a vehicle, or make sure they get paid when you sell the car.
Tax liens are more of statutory liens than contracts. Tax authorities can put liens on a delinquent taxpayer's property to recover unpaid taxes.
Real Estate/ Property Liens
A property lien grants creditors the legal right to seize property if a contractual obligation isn't satisfied. A mortgage is the most common form of property lien. When you borrow money from the bank to buy a house, the lender will place a lien on the property until you've finished paying off the mortgage.
A mechanic lien is usually attached to the property if you fail to pay the contractor for any services rendered. The contractor can go to court and obtain a judgment whereby your property can be auctioned off to pay the lien holder.
How To Remove a Lien
There are several ways to remove a lien, including
- Paying what you owe in full so that the creditor can give you a Chrysler Capital lien release form
- Asking the lender to remove the lien
- Applying for a court order directing the lienholder to remove the lien, only if you've already paid the debt
What Does a Notice of Transfer and Release of Liability Do?
A Notice of Transfer and Release of Liability is a document that you must fill out when you want to sell your car. A Notice of Transfer and Release of Liability essentially lets the DMV know that you no longer own the vehicle.
It also tells the government that you no longer are responsible for legal issues accompanying the car. Filing a Notice of Transfer and Release of Liability is important. It helps you finalize the sale and prevents you from incurring legal violations such as parking and traffic violations that the vehicle may incur.
How To Get A Chrysler Capital Lien Release Form
To get a , you must first pay the account in full. The company offers a lien release either as a separate document or as the original vehicle title. You will receive the lien release via regular mail.
|Address||P.O. Box 961275
Fort Worth, TX 76161
Remove a Lien With DoNotPay
DoNotPay will help you amass all the necessary information about your situation and send a letter to your lender requesting them to negotiate the terms of the debt based on your needs. We can also help you fill out a Chrysler Capital lien release form and send it to your lender to sign, letting you put all the lien mess behind and secure your asset.
Here's how it works:
- Search for remove my lien on DoNotPay.
- Start our Remove My Lien product.
- Answer some questions about your specific lien and let us help you craft a letter to your creditor to resolve the issue.
DoNotPay Works Across All Groups
Helping you get a form isn't the only thing we can do for you. DoNotPay can also help you learn how to
- Sell a car with a lien
- Find out if there's a lien on your house
- Remove state tax lien from public record
- Find out if there's a lien against you
What Else Can DoNotPay Do
Aside from getting your Chrysler Capital release, DoNotPay can help you jump other bureaucratic hurdles such as
- Skipping customer service phone queues
- Increasing your credit limit
- Closing unnecessary bank accounts
- Cleaning your credit report
for DoNotPay today to get started.