Pay off the car loan.
Although the car loan has been paid off, this car doesn't belong to you yet! There are still a few things to do:
1. Contact the loan bank or financial institution and get the return certificate (vehicle registration certificate) and the loan settlement certificate;
2. Go to the vehicle management office to cancel the loan mortgage (it must be cancelled at the vehicle registration place, not in another place);
What do I need to bring to release the mortgage?
1. Owner's ID card;
2. Motor vehicle registration certificate;
3 loan settlement certificate issued by the loan company (or bank);
4. Original business license of the loan company (or bank);
5. If the loan company (or bank) does not send staff to help lift the mortgage, it also needs a power of attorney issued by the loan company (or bank) to the owner.
After paying off the loan, you must do the above, otherwise the car will not belong to you even if you buy it, so as to avoid endless troubles.
After everyone pays off the car loan, the procedures that need to be handled are relatively simple, mainly for mortgage cancellation. The main process is:
1. Go to the loan bank to get the vehicle registration certificate, get the organization code certificate (with official seal) provided by the loan bank and the power of attorney to entrust the owner to handle the mortgage cancellation business.
2. Take the above materials, as well as my ID card, loan settlement instructions, driving license, driving license purchase invoice, and go to the local vehicle management office to go through the car release procedures.
Matters needing attention
1. If the beneficiary of your auto insurance is a bank or a car loan company, you need to change the beneficiary after completing the mortgage cancellation procedures.
2. If the car you bought was installed with GPS by the lending institution before, you must remember to remove the GPS.
At present, the mortgage cancellation procedures need to be handled by the owners themselves, which everyone should know.
Everyone must prepare the information in advance before going through the formalities.