What to do after the car loan is paid off? Comprehensive guide to help you cope easily
With the popularity of car consumption, car loans have become the choice of many people. When the car loan is finally paid off, car owners often face a series of questions: How to get rid of the mortgage? How to get back the green book? What should I pay attention to next? This article will provide you with a structured data guide to help you easily deal with various issues after paying off your car loan.
1. The core process after paying off a car loan
Here are the key steps you need to complete after your car loan is paid off:
| steps | Operation content | Materials required | Handling agency |
|---|---|---|---|
| 1. Confirm loan settlement | Get loan settlement certificate | ID card, repayment voucher | Lending bank/financial institution |
| 2. Mortgage release registration | Go through the deposit procedures | Settlement certificate, green book, ID card | DMV |
| 3. Retrieve vehicle registration certificate | Receive motor vehicle registration certificate | Release certificate | Lending institution/vehicle management office |
| 4. Change insurance beneficiary | Change the beneficiary to the car owner himself | Insurance policy, ID card | insurance company |
| 5. Remove GPS positioning | Remove the GPS installed by the lender | vehicle | 4S shop or professional organization |
2. Detailed description of each link
1. Obtain loan settlement certificate
This is the most critical step. Usually you need to go to the lending institution in person to apply, but some banks support online applications. Be sure to get the following documents:
- Loan settlement certificate (original)
- Motor vehicle registration certificate (green copy)
- Letter of authorization for release (if required)
2. DMV release process
The requirements of various vehicle management offices may vary slightly, but the basic process is as follows:
| area | Processing time limit | cost | Special reminder |
|---|---|---|---|
| Beijing | 1 working day | free | Reservation required |
| Shanghai | Complete on the spot | free | Some outlets are available on weekends |
| Guangzhou | 1 hour | free | Original documents required |
| Shenzhen | 30 minutes | free | Support electronic certificates |
3. Frequently Asked Questions
Q: What are the consequences of not handling the deposit?
A: The vehicle is still legally mortgaged, which will affect subsequent sales, sales, transfers and other operations.
Q: Can I entrust someone else to handle the deposit?
A: Yes, but a notarized power of attorney and original ID cards of both parties are required.
Q: What else needs to be done after release?
A: Suggestion:
1. Check whether the vehicle has a GPS device installed by the lender
2. Change the first beneficiary of the insurance to yourself
3. Keep all release documents for at least 3 years
4. Special reminder
"Agent release" scams have appeared in many places recently. Please note:
- There is no charge for formal release.
- No need to go through a third-party agency
- Be wary of asking for verification codes, payment passwords, etc.
Paying off a car loan is a milestone worth celebrating. I hope this guide will help you successfully complete the subsequent procedures and truly own the complete property rights of your car. It is recommended to collect this article and check it during processing to avoid missing any link.
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