Lien Release Form Vehicle Template for Nigeria

The Vehicle Lien Release Form is a crucial document used in Nigeria when a vehicle loan has been fully satisfied and the lienholder needs to formally release their security interest in the vehicle. This document is required by Nigerian law to update vehicle registration records and confirm that the vehicle is free from any encumbrances. The Lien Release Form Vehicle includes specific information required by Nigerian authorities, such as vehicle identification details, lienholder information, and formal release language. It is commonly used by financial institutions, automotive dealerships, and vehicle owners to ensure proper documentation of the release of security interests in vehicles. The document must comply with various Nigerian regulations, including the Road Traffic Act and financial security laws, and may need to be presented to vehicle registration authorities to update official records.

1. Lienholder Information: Full legal name and contact information of the financial institution or party releasing the lien

2. Vehicle Owner Information: Complete details of the vehicle owner/borrower including full name, address, and contact information

3. Vehicle Information: Detailed vehicle identification including make, model, year, VIN/chassis number, registration number

4. Lien Release Declaration: Formal statement releasing all rights, title, and interest in the vehicle

5. Loan Information: Reference to the original loan agreement and confirmation of full payment

6. Date of Release: Official date when the lien is released

7. Authorization: Signature section for authorized representative of lienholder with title/position