After the loan is borrowed by Reeford, if it is not paid off in time, it will be collected by phone and SMS at first. If it is not paid back for a long time, the staff at Reeford will tow your car, impound the car on the Internet, and the car will not be returned to the borrower until the arrears are settled. Otherwise, the car will be directly prosecuted by the platform. If the court accepts this judgment, it will generally decide that the platform will dispose of the mortgaged car to repay the principal and interest of the car loan.

1. how long is the car overdue?

some banks process car loans one day late, just like processing credit cards that are overdue for one day. They first called the lender to remind them to repay the loan. If the lender forgets to repay the loan, as long as the repayment is successful on the same day, although it is overdue, it will not be uploaded to his credit record. Some banks monitor the repayment of lenders very strictly, which may be regarded as one day overdue, and may also cause bad credit records. It depends on how the bank where the lender applies for the loan is supervised. However, if it is found overdue, you can immediately call the customer service phone of the loan bank to explain the situation and repay the loan immediately to minimize the loss.

second, what should I do after paying off the car loan?

when a lender handles a car loan, it usually mortgages the voucher to the lending institution or bank. After the loan is paid off, the lender can get in touch with the lending institution or bank and prepare relevant materials. After confirmation, the lender can retrieve the vehicle registration certificate and loan settlement certificate of the motor vehicle from the patient, and also remember to retrieve the mortgage procedures of the vehicle. Then go to the vehicle management office to cancel the mortgage registration. When filling in the application form, you should also prepare the patient's materials. When the materials are ready, you can cancel the mortgage registration of the car. Banks or lending institutions no longer own cars, and cars belong to the owners. For the materials to be prepared, I suggest you call the vehicle management office in advance according to the requirements of your area, which is more convenient and does not need to run back and forth because of uneven materials.

Now, many people choose to buy a car with a loan, so some precautions for buying a car with a loan should be understood in advance, and it is not good to do your homework to avoid some problems and disputes.