How long does it take to complete the mortgage release after paying off the car loan?
2 Answers
If the user applied for a credit card installment car purchase, the bank will usually notify the user to complete the mortgage release procedures within a week after the car loan is paid off. For those who applied for auto finance loans, they need to contact the 4S store promptly after the loan is settled, and then the 4S store will inform the user when to proceed with the mortgage release, which typically takes one month or longer. The specific details about car loans are as follows: Definition: A car loan refers to the loan issued by the lender to the borrower applying to purchase a car. Auto consumer loans are a new type of RMB guaranteed loan provided by banks to car buyers who purchase vehicles from their authorized dealers. The auto consumer loan interest rate refers to the ratio of the loan amount issued by the bank to the consumer (i.e., the borrower) for purchasing a self-use car to the principal. The higher the interest rate, the larger the repayment amount for the consumer. Loan Term: The term for auto consumer loans is generally 1-3 years, with a maximum of 5 years. Among them, the loan term for used car loans (including extensions) must not exceed 3 years, and the loan term for dealer auto loans must not exceed 1 year.
I just paid off my car loan and was eager to complete the mortgage release process, which took about two weeks in total. Generally, after repayment is completed, you need to wait for the lender to mail out the loan clearance certificate, which can take anywhere from a few days to a week. Then, I had to bring my ID card and repayment proof to the DMV to submit the application. Once they verified everything was correct, they stamped the vehicle registration certificate to release the mortgage. If the institution is efficient, it can be done in a week; if slow, it might take up to a month. The important thing is not to delay, to avoid trouble when selling or transferring the car later. I’ve also heard reasons for delays, such as missing documents or holiday backlogs, so it’s advisable to prepare the documents in advance and follow up with the institution regularly. When driving, remember to check your vehicle’s status periodically to prevent similar issues from arising.
