How long after paying off the car loan should I go to release the mortgage?
2 Answers
Generally, the mortgage release procedures are completed within one to two weeks after the car loan is fully paid off. Here is the relevant information: Car mortgage release: There is no time limit for car mortgage release. The car owner only needs to bring the relevant supporting documents to the local vehicle management office to apply for the car's mortgage release procedures. After the car loan is paid off, go to the bank or auto finance company where the car loan was obtained to complete the loan settlement procedures, and then go to the local municipal vehicle management office to complete the car's mortgage release procedures. Car mortgage: A car mortgage loan is a loan obtained from financial institutions or auto consumer finance companies by using the borrower's or a third party's car or self-purchased car as collateral. The main purpose of using a car as collateral for a loan is for auto consumption.
After paying off your car loan, it's best to visit the DMV to complete the lien release procedure within two weeks – don't delay this. Banks typically mail out the title (green slip) and release documents within 7-10 working days after final payment. Once you receive the package, act immediately. Last month I helped a neighbor with this process – just bring your ID card, vehicle registration certificate (the big green book), and loan clearance proof. The DMV handled it in twenty minutes. If you delay lien release beyond three months, it might complicate future vehicle sales during ownership transfer. Nowadays many DMVs require advance appointment via official WeChat accounts – I recommend booking the earliest available slot on the same day you receive the documents.
