Title On Truck

[dlc1957]

title on truck - georgia
i received a title on my truck saying lien has been released, if received title, doesn't that mean the truck is paid in full? once recorded, isn't it the lien free and clear? the truck was destroyed by electrical fire.

 

[racer72]

My answer is full of assumptions. I would assume you received the title because your insurance company paid off the lein holder of the truck. And I would also assume that means the truck is paid in full. Even though the lein holder has released the title to you, it does not mean you own the truck. If the truck was considered a total loss by the insurance company and the outstanding balance was paid in full, the truck now belongs to the insurance company, not you. You may have the option of buying what is left from the insurance company. You will have to surrender the title either way to the state and if you rebuild the truck, apply for a new title. And per federal law, the new title will have bright red letters across it saying "REBUILT". You should contact your insurance company and find out what is actually going on.