Ok, I'm in the process of selling my Scion xB. It is financed through Toyota Financial, thus there is a lien on the car.

I was going to use my personal finances (along with some help from my parents) to pay off the remaining balance once they put down a deposit on my car. Typically, how long does it take Toyota Financial to mail the letter back stating the lien has been released???? TFS said 10 days, but that seems a bit long. I will send a cashier's check since that speeds up the process according to TFS. I just wanted some personal experiences as I don't want the buyer to have to wait too long.

I don't believe I can hand over the car until I get that paper work, correct? I'm a Michigan resident.

 

http://www.toyotafinancial.com/consumer/tfs.portal

then click

Payoff Information

then look near the bottom to where it says "If someone else is paying off this vehicle for you or if you want us to mail the title/lien release to someone else, you must complete this form and send it in with your check."

 

Well, I am going to pay off the vehicle since the buyer does want feel comfortable giving me the money and not having the car in his possesion for up to 10 days. I know I would not like that either. I'm just wondering how long on average it takes TFS to send the letter to release the lien