What to do after the car loan expires

What to do after the car loan expires? When many people buy a car, they choose to borrow money to buy a car, which has become a convenient option. After paying off the loan, many people feel relaxed and everything is fine. But what happens when the car loan is paid off? This is the origin.

What should I do after my car loan expires?

First of all, after the loan is repaid, the borrower needs to bring his personal identity certificate and relevant loan contract to the lending institution to apply for the "Loan Settlement Certificate".

Secondly, after the borrower has completed the loan settlement certificate, he will take the certificate and other relevant certificates to the local vehicle management office to handle the car mortgage cancellation registration procedures. Specifically, it includes the "Motor Vehicle Mortgage Registration/Pledge Application", the original and photocopy of the identity certificate of the motor vehicle owner and mortgagee, the motor vehicle registration certificate, and relevant documents related to the people's mediation, ruling, and judgment for canceling the motor vehicle mortgage. You can go to the vehicle management office with the above materials and the loan contract signed with the lending institution to handle the vehicle mortgage cancellation registration procedures.

How to go through the procedures after paying off the car loan?

Generally, after the car loan is paid off, you need to go through the mortgage cancellation procedures. You can only own the car if the car is actually transferred into your own name.

After paying off the car loan, the borrower must go to the vehicle management office to go through the mortgage cancellation registration procedures and get back the car ownership certificate, so that the car truly belongs to him.

When handling mortgage cancellation registration procedures, the following materials must be prepared:

1. Valid identity documents of the borrower, applicant and vehicle owner;

2 .Loan contract signed with the bank;

3. Loan repayment card;

4. Original motor vehicle registration certificate.

What to do after the car loan expires

After the car loan is repaid when it is due, go to the lending bank to handle the loan settlement procedures, and bring your ID card and settlement procedures to the vehicle management office. Release procedures. After processing, the registration certificate will indicate in the registration column that the mortgage has been released, and the vehicle is no longer owned by the bank, but officially belongs to the owner.

After the loan to buy a car expires, you need to do the following three things: First, issue a settlement certificate. After the loan to buy a car expires, the borrower needs to take the loan contract to the lending institution to handle the loan settlement procedures. The staff will take back the loan contract and invalidate it on the spot. The borrower requires the staff to issue a loan settlement certificate.

Second, cancel the mortgage registration. The borrower brings the loan settlement certificate, driving license and other information to the local vehicle management office to go through the mortgage cancellation registration procedures. After completing the relevant procedures, the vehicle management office will return the vehicle registration certificate to the car owner.

Third, after the car purchase loan is fully settled, if the first beneficiary of the purchased car insurance is still the lending institution, do not forget to change the first beneficiary of the insurance to the car owner himself.

(Pictures/texts/photographs: Wu Binbin) @2019

What procedures need to be completed after the car loan expires

What procedures need to be completed after the car loan expires:

1. Communicate with the lending institution in advance:

After paying off the last month of the car loan, the lender shall communicate with the lending institution, financial company and other institutions in a timely manner to agree on a time for releasing the car mortgage;

2. Apply for a settlement certificate:

The lender goes to the business outlet of the loan institution with the loan contract and ID card, applies to the staff for a loan settlement certificate, and receives the "Motor Vehicle Registration Certificate" original;

3. Prepare the release materials:

The lender needs to bring the loan settlement certificate, the original "Motor Vehicle Mortgage Registration" stamped with the mortgagee's official seal, the motor vehicle Registration certificate, original and copy of the car owner’s ID card, original and copy of the driving license, etc.;

4. Handle the car release procedures:

The lender will bring the above information with the mortgage The agent entrusted by the right holder goes to the vehicle management office together, submits the car release information to the staff, and the relevant personnel take photos, and then waits for review by the vehicle management office staff;

5. Review of application materials:

The staff of the vehicle management office will review the application materials submitted by the lender, and usually the review can be passed within one day;

6. Receive the motor vehicle registration certificate:

After the vehicle management office staff review the information, they will handle the car release procedures for qualified applicants. Stamp the corresponding official seal on the motor vehicle registration certificate and return the original to the owner, which means the release procedures are completed.

Legal basis: Article 33 of the "Motor Vehicle Registration Regulations"

If you apply to cancel the mortgage registration, the owner of the motor vehicle and the mortgagee must apply together and confirm Apply for information and submit the following certificates and vouchers:

(1) Identity certificate of the motor vehicle owner and mortgagee;

(2) Motor vehicle registration certificate.

If the people mediate, rule or make a judgment to cancel the mortgage, the motor vehicle owner or mortgagee shall confirm the application information, submit the motor vehicle registration certificate, and the effective mediation letter, ruling or judgment issued by the people, and the corresponding notice of assistance in execution.

The vehicle management office shall review the submitted certificates and vouchers within one day from the date of acceptance, and endorse the content and date of mortgage release registration on the motor vehicle registration certificate.

What procedures need to be completed after the car loan is repaid?

After the car loan is repaid, you still need to do the following 4 steps before the car is completely yours.

1. After the car loan is paid off, call the bank to confirm that the loan has been paid off. Make an appointment to go to the bank to retrieve relevant information and apply for a car loan settlement certificate.

2. Go to the vehicle management office to handle the mortgage release registration. This step is very important. Mortgage registration is a way for the bank to prevent you from buying and selling vehicles during the loan process, so it will be marked in the vehicle management office’s system. Your car is a mortgaged car. Only after we complete the mortgage release registration can you buy or sell the car with the condition included. Then we can get the big green book back.

3. Change the name of the insurance and change the beneficiary of the insurance to yourself. After we change the beneficiary to ourselves, if an accident happens unfortunately in the future, the compensation amount can be credited to our account.

4. Remove the GPS locator. Before the car is delivered for loan, the bank will install the GPS on your car. Only after removal can you ensure our privacy.

This ends the introduction on how to apply for deferred repayment when a car loan expires. I wonder if you found the information you need?