First, the deposit will be refunded.
Since it is a deposit, it will definitely be refunded, but there are certain conditions for refunding the deposit. Generally, when applying for a car loan, the guarantee company will inform the borrower that as long as the loans overdue is not more than three times, the deposit will not be refunded after the loan is settled, which means that as long as you repay the car loan normally, the deposit will be refunded after the car loan is paid off.
However, it should be noted that in some cases, the deposit you paid may not be refunded. The guarantee company will find various reasons not to refund your deposit. There are two common reasons for not refunding the deposit:
1. overdue car loan.
If you are overdue for more than 3 times during the repayment period of the car loan, the guarantee company will not refund the deposit to you.
2. Didn't go to the designated insurance company to buy auto insurance.
We know that if you buy a car, you must buy auto insurance. Some guarantee companies will require borrowers to buy insurance from designated insurance companies. If the borrower doesn't buy insurance or someone who doesn't buy insurance through the guarantee company, it is basically difficult to return the deposit.
2. What if the car loan deposit is not refunded?
When the toll collector refuses to refund the deposit for various reasons after paying off the car loan, consumers should keep the necessary evidence and take up legal weapons to defend their rights. Although the deposit amount is not large, it is money after all. If this happens, don't let go and dare to defend your rights.
Remind everyone to be cautious when applying for car loans, especially to auto financing companies. When signing the contract, read it carefully and understand the relevant terms. Don't apply for a loan blindly, or you may end up losing money.
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