Yendo’s Title Validation and Title/Lien Release Process: A Complete Guide
At Yendo, we make the process of using your vehicle as collateral for a secured credit line simple and efficient. Below, we’ll walk you through how our title verification process works, what happens to your title while you're a cardholder, and how you can retrieve it once your account is paid off.
The last step of the application is agreeing to Yendo’s terms and conditions and signing a Power of Attorney. Next, verify your email and download the Yendo mobile app so we can validate your title and you can access your credit line.
Yendo provides two options for title validation. Some users will need to submit and mail their physical title, while others may have the option to proceed without title submission. The Yendo app will guide you through the specific steps you need to take. Read below for more details on both processes.
Title Submission Process (if required)
Step 1: Download the Yendo App
Once the app is downloaded, you can locate the nearest FedEx location to submit your title.
Step 2: Mail Your Title using the pre-paid FedEx QR Code
At FedEx, display the QR code in the Yendo app. This QR code serves as a prepaid shipping label, so no payment is required. FedEx will scan the code, verify your title, and ship it to Yendo.
- FedEx (Fastest Option): : Use the Yendo app or website to locate a nearby FedEx location.some text
- Once FedEx registers your shipment, your card will be activated. This typically takes 15-30 minutes.
- FedEx Partner Locations (e.g. Walgreens, Dollar General): Use the Yendo app to view all partner locations.some text
- FedEx will verify. the shipment. This may take up to a day, depending on FedEx’s schedule
Using non-FedEx, non-partner shipping methods will delay access to your funds, as we need to wait for your title to arrive and be verified. For faster service, we recommend using the prepaid QR code at a FedEx or FedEx Partner location.
Step 3: Access your funds
Once your title is mailed, you'll gain partial access to your credit line through your virtual card and your physical card will be mailed to you.
Full access to your credit will be granted once your title is received and validated by the Yendo team.
Card Activation without Title Submission (if eligible)
If we are able to verify your title through other methods, you will receive your initial credit limit immediately upon accepting your offer and our terms & conditions. You have the option to mail your title for expedited full credit access, though this is not required.
Step 1: Download the Yendo App
Once the app is downloaded, you will receive your initial credit on your virtual card right away. This means you can start spending within minutes of accepting your offer, with no title submission required. Your physical card will be mailed to you at this point.
Step 2: Choose Your Method for Full Credit Access
Yendo will begin the process of obtaining a duplicate title and lien from your state DMV (or other governmental agency responsible for titling). As soon as the process is complete, you will be able to access your full credit line. The timeline varies by state, but in most cases, it is typically completed within a few weeks.
Alternatively, if you would like to access your full credit limit more quickly, you may mail us your physical title for validation. As soon as the title is received and approved by our team, you will receive your full credit. This typically takes about 7 business days.
What Happens to My Title?
When you use your vehicle as collateral for a Yendo credit card, Yendo becomes the lienholder. This means Yendo holds the title until your account is fully paid off and closed. Afterward, Yendo will release the lien and transfer the title back to you. As a lienholder, we can exercise our right to recover an outstanding balance, but we won’t do this unless we’ve exhausted all other options.
How is My Title Stored Securely?
At Yendo, protecting your privacy and personal information is a top priority. We employ security measures that meet or exceed federal standards for financial institutions, using physical, procedural, and technical safeguards to ensure your data is protected.
How to Obtain Your Vehicle Title After Closing Your Yendo Account
Congratulations on paying off your balance! Once your account is closed, we’ll begin the process of releasing the lien on your vehicle. Here’s what you need to know about the lien and title release process.
Lien Release Process
Once your account is closed, Yendo will remove its claim on your vehicle. The time required for lien release depends on the payment method you used:
- Certified Funds (Cashier's Check/Cash): The lien release typically takes a few business days after processing.
- Non-Certified Funds (Online Payment/Personal Check): Processing may take up to 10 days.
Title Release Process
The process of obtaining your title varies by state, depending on whether your state is a title-holding or non-holding state.
- Non-Holding States: In these states, you may already have your title. Yendo will send you a release of lien letter, which you’ll take to your state’s DMV to update the title and remove Yendo as the lienholder.
- Title-Holding States: Yendo holds the title until the balance is paid. Once the lien is released, the process differs based on whether your title is electronic or paper:some text
- Electronic Title: Yendo will notify your state’s DMV electronically, and the DMV will issue a new title. If your state doesn’t automatically send a paper copy, you may need to request one.
- Paper Title: Yendo will either notify the DMV or mail the title and release of lien letter to you. You may need to visit the DMV with these documents to obtain a new title.
Timeframes and Next Steps
The time it takes to receive your title varies by state and DMV processes. While Yendo facilitates the lien release, your state’s DMV or Titling Division manages the final title release. We will keep you updated on the process and inform you of any additional steps you need to take.
For state-specific details, check with your local DMV for more information.
By following these steps, you can ensure a smooth process for both title submission and title retrieval. At Yendo, we’re committed to providing secure and reliable service to help you access the credit you need.