True or False: A dealer must provide a customer with a copy of the release letter from the financial institution if they pay out a lien.

A dealer must provide a customer with a copy of the release letter from the financial institution when they pay out a lien. This requirement is important because the release letter serves as official documentation that a lien, which is a legal claim against the vehicle due to an outstanding debt or obligation, has been satisfied. By providing this document, the dealer ensures that the customer has proof that the lien has been cleared, allowing the customer to gain full ownership of the vehicle without any encumbrances. This process is a critical part of ensuring transparency and protecting the customer's interests in the transaction.

In instances where a lien is paid off, not providing this documentation may lead to confusion or future problems regarding ownership and liability. Therefore, fulfilling this obligation is essential for maintaining trust and accountability in the dealership's operations.