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.
Title Information. You can only sell a vehicle in Virginia if you have complete ownership of the vehicle. In other words, any âlienâ (loan) on the vehicle must be paid off before you can sell the vehicle. If you have paid off the lien, one of two things will occur. If the lienholder is part of the Electronic Lien Program (ELP), they will submit the lien release electronically and you will get a title mailed to you.