How to Verify Full Satisfaction of an Outstanding Vehicle Loan in Wyoming
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Always consult a qualified attorney for advice on your specific situation.
Detailed Answer
When a vehicle loan is paid off, the secured party (lender) must release its lien and you must confirm no outstanding balance remains. As an administrator handling a vehicle transaction in Wyoming, follow these steps:
- Obtain a Final Payoff Statement.
Contact the lender or lienholder and request a written payoff statement. This document shows the exact amount needed to satisfy the loan—including principal, accrued interest, and any fees—and confirms that the loan will be marked “paid in full” upon receipt of payment.
- Make the Payment and Keep Records.
Pay the exact amount stated in the payoff letter. Use a traceable method (certified check, wire transfer) and retain copies of all payment confirmations.
- Confirm UCC Termination Filing.
Under Wyo. Stat. § 31-9-513(b) the secured party must file a termination statement within 20 days after receiving full payment. Visit the Wyoming Secretary of State’s UCC search portal at sos.wyo.gov/UCC and verify that the termination statement has been filed.
Link to statute: Wyo. Stat. § 31-9-513
- Request a Clear Certificate of Title.
After confirming the lien release, apply for a new title through the Wyoming Department of Transportation (WYDOT). The new title should show no lienholder. For title transactions, see WYDOT guidance at dot.state.wy.us.
- Check County Records (if applicable).
Some counties record liens at the county clerk’s office. Contact the clerk where the lien was originally filed to confirm the lien notation has been removed from the title docket.
Helpful Hints
- Retain copies of the payoff statement, payment receipts, and any correspondence with the lender.
- Verify the UCC termination statement online at least once a week until you see the filing.
- If the lender fails to file the termination statement, send a written reminder referencing Wyo. Stat. § 31-9-513.
- Use WYDOT’s electronic services for faster title updates.
- Keep a folder for all title documents and record checks to show due diligence.