Lower your car payment in Maine

What’s different about refinancing a car loan in Maine

Vehicle titles in Maine are issued by the Maine Bureau of Motor Vehicles, Division of Title Services (Maine Department of the Secretary of State).

• When a Maine vehicle loan is satisfied, the lienholder must execute a release of the security interest in the space provided on the certificate within 14 days of receiving the funds intended to satisfy it, deliver that certificate to the owner, and notify the Secretary of State that the lien has been satisfied.

  Source: Maine Revised Statutes Title 29-A, Section 705: Release of security interest

• The Maine Bureau of Motor Vehicles runs an Electronic Lien Titling program in which lender participation is optional; a participating lender receives an electronic title record instead of a paper certificate of title, and after that lender releases the lien electronically the Bureau prints a paper title and mails it to the vehicle owner.

  Source: Maine Bureau of Motor Vehicles, Electronic Lien Titling

• The Maine Consumer Credit Code permits a consumer to prepay the unpaid balance of a consumer credit transaction, in full or in part, at any time without penalty, apart from minimum charges permitted by law; the narrow exception allowing a prepayment charge applies to loans secured by an interest in land, not to vehicle loans.

  Source: Maine Revised Statutes Title 9-A, Section 2-509: Right to prepay

• After a Maine consumer has been in default for ten days for failing to make a required payment, the creditor may mail a written notice of the consumer's right to cure that identifies the credit transaction and states the payment and the date by which it must be made to cure the default.

  Source: Maine Revised Statutes Title 9-A, Section 5-110: Notice of consumer's right to cure

• Following a right-to-cure notice, a Maine creditor may not accelerate the unpaid balance or repossess the collateral until 14 days have passed, and a consumer who tenders all unpaid sums due without acceleration is restored to their contract rights as though the default had not occurred; however, no cure right attaches to a default occurring within 12 months after an earlier noticed default.

  Source: Maine Revised Statutes Title 9-A, Section 5-111: Cure of default

• Maine permits a creditor to take possession of collateral after default without judicial process only if the consumer has not voluntarily surrendered it and possession can be taken without entry into a dwelling, unless that entry was authorized after the default, and without the use of force or any other breach of the peace.

  Source: Maine Revised Statutes Title 9-A, Section 5-112: Creditor's right to take possession after default

• A Maine debtor, any secondary obligor, or another secured party may redeem repossessed collateral by fulfilling all obligations it secures plus the secured party's reasonable expenses and attorney's fees, but only before the secured party collects the collateral, disposes of it or contracts for its disposition, or accepts it in satisfaction of the obligation.

  Source: Maine Revised Statutes Title 11, Section 9-1623: Right to redeem collateral

These are general procedural facts about Maine, not advice about your loan. Rules change, and your lender’s own process may add steps — a licensed specialist can tell you what applies to your situation.