![]() What Is a Car Lien in MI?Ī car lien provides legal protection for auto loan lenders-known as lienholders-financially safeguarding them against the possibility of not receiving full repayment for the loan (in which case, they’d simply repossess the vehicle).Īfter you pay off your car loan, your lienholder will send you the proper documents to apply for a clear title-one without the lienholder’s name or vehicle ownership. We’ll go over all this and more on this page. With a lien no longer on the title, you can apply for a clear title with the Michigan Secretary of State (SOS), indicating you legally own the vehicle. Your lender-or lienholder-is the car’s legal owner until you pay off the loan and have the lien released. See dealer for details.Typically, when you finance a vehicle and are still paying off the auto loan, there will be a lien on your car title. Offers cannot be combined with certain other offers and may be modified or terminated by General Motors at any time. Dealers may be free to set individual prices. Payment and cost of borrowing will vary depending on amount borrowed and down payment/trade. Down payment and/or security deposit may be required. Licence, insurance, duty on new tires (QC only) and applicable sales taxes are extra. Includes freight $100 A/C charge up to $699 dealer fee and up to $159.53 lien registration fees (government fee and agent fee) and other fees, levies and duties (which may vary by term, region and/or dealer). Cost of borrowing: $5,633 for a total obligation of $59,183. Example based on a specifically equipped 2023 GMC Acadia AT4 with cash purchase price of $53,551 financed at 4.99% APR equals $569 bi-weekly for 208 weeks with $0 down payment/trade. † Offer to qualified retail customers on select new 2023 GMC Acadia models financed by October 31 st, 2023. ![]() Cost of borrowing: $5,469 for a total obligation of $52,582. Example based on a specifically equipped 2024 GMC Terrain Denali with cash purchase price of $47,113 financed at 5.49% APR equals $506 bi-weekly for 208 weeks with $0 down payment/trade. ** Offer to qualified retail customers on select new 2024 GMC Terrain models financed by October 31 st, 2023. ®: Registered trademark of Price Costco International, Inc. ![]() Costco and its affiliates do not sell automobiles nor negotiate individual transactions. Offer is subject to change without notice. Offer is valid at participating authorized GM Canada dealers. For full program details and for any applicable exclusions see a participating dealer or costcoauto.ca. ![]() Conditions and limitations apply to this limited time offer. The purchase or lease of a vehicle does not qualify for the calculation of the Costco Executive Membership 2% Reward. Bonus is deducted after taxes are applied to the vehicle purchase price. † To qualify for the $750 Costco Member-Only Bonus, you must be a Canadian resident holding a valid driver’s license, have been a Costco member as of August 31 st, 2023, or earlier and must: (1) Register with Costco to receive your non-transferable Authorization Number (2) Present the Authorization Number to a participating dealer (3) Retail purchase, finance or lease an eligible new or demonstrator 2023 (in-stock) or 2024 model year: Chevrolet Silverado 1500, or GMC Sierra 1500 delivered from September 1 st, 2023 – November 30 th, 2023. ![]() Cost of borrowing: $1,818 for a total obligation of $73,499. Example based on a specifically equipped 2023 GMC Sierra Elevation with cash purchase price of $71,681 financed at 0.99% APR equals $566 bi-weekly for 260 weeks with $0 down payment/trade. * Offer to qualified retail customers on select new 2023 GMC Sierra Elevation models financed by October 31 st, 2023. ![]()
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