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How can I transfer a car title after paying off the loan?
I finally paid off the loan on my 2012 Toyota Tacoma, and I want to give it to my daughter as a graduation present. We live in Upstate New York, and it seems like all of her friends have their own cars. How can I transfer a car title after paying off the loan?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on paying off your car; I bet that feels amazing! How you transfer car titles after paying off loans varies from state to state. In New York, you’ll need to start by getting a lien release—which you can get in one of two ways:
Contact your lienholder and request Form MV-901, a Notice of Recorded Lien. This paper will affirm there is no longer a lienholder on your loan.
Have your bank send an official lien release letter to the New York State DMV. The letter must state they received the last payment and be signed by a bank official on company letterhead.
Next, gather your lien release document, the original title certificate, and a check made payable to the Commissioner of Motor Vehicles for the processing fee. Mail all three items to Lien Release at the Title Services office of the DMV, and you’ll get an updated title in about 90 days.
Now that you have the title, the hard part is done! To transfer it to your daughter, all you need to do is:
- Complete the transfer ownership section on the title.
- Complete the DTF-802 Form, Statement of Transaction.
- Fill out and sign a bill of sale. (Since you are gifting the car to a family member, check it off as a gift and put the sale price at $0.)
- Pay the title transfer fees of $50 and any applicable taxes.
Now that your daughter has a car, she’ll also need car insurance. For help finding the best rate, try
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