The user has got the green copy, but the ownership of the car is still mortgaged to the lending institution, and the user can get back the ownership of the car only after the mortgage is lifted.
Without taking back the ownership, the user's vehicle cannot be transferred or bought or sold.
The procedure for canceling the mortgage is very simple. As long as I bring relevant materials, I can cancel the mortgage in dmv where I applied for a license.
When the user gets back the green copy, the lending institution will hand over the materials of mortgage cancellation to the user. It should be noted that some materials are authorized materials, which have a certain validity period, that is, users need to cancel the mortgage within the validity period.
After the expiration, users need to re-obtain the authorization materials.
Therefore, after obtaining the green copy, the user can cancel the mortgage as soon as possible, so there is no need to worry about the problem of expired materials.
After the car loan is paid off, usually in a week or so, the lending institution will hand over the green paper, the materials for canceling the mortgage and the certificate of settlement of the car loan to the user.
You can get the online loan big data report from "Kingfisher Data", which includes information such as online loan history, overdue details of online loans, liabilities, untrustworthy information and blacklist of online loans.
Extended data:
Can microfinance and many car loans be approved?
If you have many small loans in your name, car loans may not be well approved.
Because the car loan approval will query the borrower's credit information and understand his needs, debt status and so on.
If too much loan information is recorded in the credit report, it will inevitably make banks/lending institutions worry about unstable economic life and insufficient repayment ability, and thus refuse to approve loans.
Therefore, it is best to repay the loan first, and then try to apply for a car loan after reducing the debt.
More importantly, personal credit must be kept good. If there is overdue behavior in the process of repaying small loans, it is basically impossible to successfully apply for auto loans in a short time.
In addition, in order to increase the chances of loan approval when applying for a car loan, it is best to provide as much information as possible about personal income, assets and financial resources to prove to banks/lending institutions that they have sufficient repayment ability on time.
In addition, you can also find a person with good credit to guarantee your car loan.