Does a Financed Car Only Come with One Key?
3 Answers
Financed cars do not necessarily come with only one key. The specific details are as follows: 1. It is possible that some dealerships may have such arrangements: Nowadays, many 4S stores take out loans from banks for their inventory vehicles. In such cases, the vehicle's certificate of conformity and a spare key are often used as collateral with the bank. Once the vehicle is sold, the dealership then uses the final payment to redeem the certificate and key from the bank. 2. Different lending institutions have varying requirements: There is no uniform regulation on whether a key needs to be held as collateral when financing a car. Some banks may require you to mortgage one key along with the vehicle registration certificate (also known as the 'big green book'), while others may only require the vehicle registration certificate. Therefore, it is advisable to understand the bank's collateral policy before taking out a loan to avoid any misunderstandings when picking up the car later.
When I bought a car on finance, I was also quite concerned about the number of keys, thinking I'd only get one. But the dealer actually gave me two complete sets, saying it's standard practice. Under financing, the auto lender might require keeping a spare key on record in case the borrower defaults and the car needs to be repossessed, but physically, most of the time, all keys are handed directly to the owner. A friend who works at a bank mentioned that lenders rarely actually hold onto a key unless specified in the contract. My advice is to check the loan agreement details before purchasing and confirm with the salesperson about the number of keys to avoid future hassles, like having to pay out of pocket for expensive replacements if keys are lost. Bottom line—don’t worry, it’s usually not just one key.
From my understanding, the core issue of mortgaged car keys lies in financial risk control. Lending institutions such as banks may require backup keys, but in practice, car owners can usually obtain one or two complete sets of keys. The common practice is to provide both keys to the owner, with key copies archived at the 4S dealership or in the lender's database. Based on many customer cases I've encountered, most receive two keys, with temporary restrictions only applied when creditworthiness is poor. This primarily protects the interests of both parties - owners have spares to prevent loss risks. When purchasing a vehicle, always verify the key inventory and be aware of replacement costs, especially for smart keys which can cost around a thousand yuan. Directly consulting your loan specialist can save considerable hassle.
