Background and Context........................................................................................................... 3. B. Purpose of this Guidance .......................................................................................................... 4. C. Target Audience, Status and Content of the Guidance ............................................................ 5. D. Scope of the Guidance: terminology, Key features and business models................................
A lien holder is someone who has either leased a vehicle to you with an insurable interest, or given you money on loan to buy it. The lien holder is usually a bank or another financial firm. When insuring your car, the lien holder is also included on your policy. This will protect the lien holder in the event that you are in an accident and damage the vehicle. The lien holder has a secured interest in the car.
Ad. 2. Ask to see the lien release if any liens are listed on the vehicleâs title. A lien release is an official document or certification that an outstanding lien has been fully satisfied. Depending on the state issuing the vehicleâs title, the lien release may either be noted on the title or in a separate document. In many states, you can do an online lien history search on a vehicle by using its VIN. 2  Check the website of your local department of motor vehicle services (or equivalent) to see if this method is available to you.