Can I Get the Green Book When Buying a Car on Installment?
3 Answers
When buying a car on installment, you cannot obtain the green book until the loan is fully repaid. Generally, the vehicle title (green book) is mortgaged to the financial company during the installment period. Only after the loan is completely paid off, and the necessary documents are prepared and submitted, can you retrieve the title. Below is more relevant information: 1. Reason: Since the car is purchased with a loan, the bank or auto finance company holds the green book as collateral to prevent the owner from selling the vehicle before the loan is fully repaid. The green book is essential for transferring ownership; without it, the vehicle cannot be resold. Typically, traffic police do not check the green book. Once the loan is settled, the bank or finance company will issue a certificate, allowing you to visit the DMV to complete the mortgage release procedure and reclaim the green book. 2. Notes: Higher auto loan interest rates result in larger repayment amounts for consumers. If the vehicle registration certificate (green book) is lost, it can be reissued. The vehicle owner must bring their ID, vehicle license, and the car to the DMV for reissuance. Once reissued, the new registration certificate will be recorded in the system.
I bought a car on installments before, and indeed, the green book wasn't with me at the time—it was held by the bank as collateral for the loan. They said they would return it to me only after I had paid off the entire amount. This is quite common because lending institutions need to ensure repayment security. When buying the car, I opted for a low-interest loan to make the monthly payments more manageable. Remember to carefully review the terms before signing the contract, especially the conditions for the transfer of the green book. If payments are late, the car might be repossessed, so be careful. In short, when buying a car on installments, the green book isn't in your hands temporarily, but you'll safely get it once it's fully paid. Keep in touch with the bank about the progress, and don't slack off.
When purchasing a car through installment payments, the vehicle title (green book) is typically held by the lender, such as a bank or financial company, as a risk control measure for the loan. Only after the full loan repayment will they process the transfer procedure and hand over the title to you. Before buying a car, I recommend thoroughly understanding the interest rates and repayment plan—don't just focus on the car price. If payments are overdue, the vehicle may be repossessed, so it's crucial to pay on time. Once the loan is fully repaid, visit the DMV to update the records and ensure you have the title in hand. Opt for loans from reputable institutions to avoid scams.
