Does a Financed Car Only Come with One Key?
2 Answers
Yes, it only comes with one key, as is the case with financed cars. Generally, the vehicle certificate and one of the keys are mortgaged with the bank for financed cars. The other key can be obtained when the certificate is retrieved. Only the vehicle registration certificate is mortgaged with the bank for financed cars. Here is some relevant information: Car Payment Methods: One is full payment, and the other is financing the purchase. Meaning of Car Financing: A financed car is also a car purchased through a loan. It refers to a RMB guaranteed loan issued by the bank to customers who purchase cars from designated authorized dealers. The borrower applying to purchase the car pays a portion as a down payment first, and the remaining amount is disbursed by the lender (bank) to the borrower in installments.
My first car was purchased with a loan, and I remember the dealer gave me two keys at that time. However, the bank's contract clearly stated that they had the right to retain the second key as collateral in case I failed to make timely repayments. Later, I had no issues with my monthly payments, and after the car loan was fully paid off, the bank mailed the second key to me. Actually, this practice is quite common. Some 4S dealerships automatically provide two keys, allowing the car owner to use one and keep the other as a spare. In case a key is lost or damaged, having a backup ensures that travel isn't affected, and getting a new key made could cost a few hundred dollars. So, normally, a financed car wouldn't come with just one key, but the specifics depend on the loan agreement details. It's best to clarify the key distribution policy when purchasing the car.
