Callers question us every few months about lien releases from companies that are out of business. I finally got sick of not having answers and gave a call to the Department of Revenue Motor Vehicle Division.
Here's what the DOR representative told me. If the lien holder for your vehicle went out of business, you can contact the Secretary of State where the company was located and ask for a Certificate of Fact. Present the certificate to the Department of Revenue and they will release the lien.
In my vast experience with businesses that disappear, I know the Secretary of State often has no idea when companies cease to exist. What then? At that point, you must take information suggesting the closure of a business to a circuit court. If the information is sufficient, the Judge will rule that you are the owner. You can present the court order to the DOR and they will treat it as a lien release. Viola!