# Q: Paying Off A Loan **URL:** \ **Category:** Factual Questions\ **Created:** [April 20, 2005, 12:03pm UTC](https://boards.straightdope.com/t/q-paying-off-a-loan/300211 "2005-04-20T12:03:24Z")\ **Posts on this page:** 8\ **Page:** 1
**Author:** ![Jinx](https://avatars.discourse-cdn.com/v4/letter/j/c6cbf5/32.png) [@Jinx](https://boards.straightdope.com/u/Jinx)\ **Post date:** [April 20, 2005, 12:03pm UTC](https://boards.straightdope.com/t/q-paying-off-a-loan/300211/1 "2005-04-20T12:03:24Z")
When a loan is paid off, isn’t the “loaner” obligated to surrender the original, signed contract to the “loanee”? - Jinx ---
**Author:** ![VunderBob](https://avatars.discourse-cdn.com/v4/letter/v/839c29/32.png) [@VunderBob](https://boards.straightdope.com/u/VunderBob)\ **Post date:** [April 20, 2005, 12:54pm UTC](https://boards.straightdope.com/t/q-paying-off-a-loan/300211/2 "2005-04-20T12:54:39Z")
> [@Jinx](#): > > When a loan is paid off, isn’t the “loaner” obligated to surrender the original, signed contract to the “loanee”? - Jinx I’ve always gotten the original on payoff… ---
**Author:** ![Who\_me\_1](https://avatars.discourse-cdn.com/v4/letter/w/958977/32.png) [@Who\_me\_1](https://boards.straightdope.com/u/Who_me_1)\ **Post date:** [April 20, 2005, 12:59pm UTC](https://boards.straightdope.com/t/q-paying-off-a-loan/300211/3 "2005-04-20T12:59:53Z")
I just finished paying off a car, and got the signed contract in the mail on Monday. ---
**Author:** ![FatBaldGuy](https://avatars.discourse-cdn.com/v4/letter/f/ecd19e/32.png) [@FatBaldGuy](https://boards.straightdope.com/u/FatBaldGuy)\ **Post date:** [April 20, 2005, 2:04pm UTC](https://boards.straightdope.com/t/q-paying-off-a-loan/300211/4 "2005-04-20T14:04:31Z")
If the loan is secured by property, such as a mortgage or a car loan, the lender must turn over the deed or title showing that the lender has relinquished claim on the property. For other loans I don’t think this is a requirement. YMMV. ---
**Author:** ![butler1850](https://avatars.discourse-cdn.com/v4/letter/b/779978/32.png) [@butler1850](https://boards.straightdope.com/u/butler1850)\ **Post date:** [April 20, 2005, 2:24pm UTC](https://boards.straightdope.com/t/q-paying-off-a-loan/300211/5 "2005-04-20T14:24:27Z")
I don’t think I’ve ever gotten the original contract back, but rather (for cars, as that is the only loan I’ve paid off completely, 25 or so more years on the mortgage), I’ve recieved the car’s title. The release of title from the lien holder was proof of payment. But, what do I know, I was unaware that they still sent payment books for car loans (wife does the bills) -Butler ---
**Author:** ![Balthisar](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/balthisar/32/2825_2.png) [@Balthisar](https://boards.straightdope.com/u/Balthisar)\ **Post date:** [April 20, 2005, 2:41pm UTC](https://boards.straightdope.com/t/q-paying-off-a-loan/300211/6 "2005-04-20T14:41:19Z")
That’s curious – I’ve never gotten a signed contract back on any loan back. Always just a letter releasing the lien. As for cars, in all of the states I’ve ever bought them via credit, I’ve always received the title with a lienholder listed. I’m suspicious of those states where you don’t get a title until you pay off the contract. So, back to the contract. Huh? ---
**Author:** ![nivlac](https://avatars.discourse-cdn.com/v4/letter/n/3bc359/32.png) [@nivlac](https://boards.straightdope.com/u/nivlac)\ **Post date:** [April 20, 2005, 4:57pm UTC](https://boards.straightdope.com/t/q-paying-off-a-loan/300211/7 "2005-04-20T16:57:52Z")
**"When a loan is paid off, isn’t the “loaner” obligated to surrender the original, signed contract to the “loanee”?"** The word is “lender”. And yes, the original loan docs (or a copy) are generally returned to the borrower stamped or otherwise notated as paid off. That’s happened to me everytime – car loans, house mortgages, etc. ---
**Author:** ![jsmith](https://avatars.discourse-cdn.com/v4/letter/j/df705f/32.png) [@jsmith](https://boards.straightdope.com/u/jsmith)\ **Post date:** [April 20, 2005, 5:56pm UTC](https://boards.straightdope.com/t/q-paying-off-a-loan/300211/8 "2005-04-20T17:56:51Z")
> [@Balthisar](#): > > That’s curious – I’ve never gotten a signed contract back on any loan back. Always just a letter releasing the lien. As for cars, in all of the states I’ve ever bought them via credit, I’ve always received the title with a lienholder listed. I’m suspicious of those states where you don’t get a title until you pay off the contract. So, back to the contract. Huh? I am with you. Maybe it is a California thing for me. In the last five years I have lived in California I have refinanced my house with a different lender, paid off a house, and paid of three car loans and have yet to see my original contract.