How long does it take to complete the release of lien procedure after paying off the car loan?
1 Answers
After the car loan is fully paid off, the lending institution will notify the borrower to complete the release of lien procedure within one week. The documents required for the release of lien procedure include the ID card and its copy, loan clearance letter, etc. Typically, the release of lien procedure can be completed within 1-2 weeks. The release of lien process is as follows: 1. Prepare all the necessary documents for the release of lien: These include the "Motor Vehicle Mortgage/Pledge Registration Application Form", original and photocopy of the identity certificates of the vehicle owner and the mortgagee, the motor vehicle registration certificate, and relevant documents for the release of lien issued by the People's Court through mediation, ruling, or judgment. 2. Registration: Bring the above-mentioned documents to the Vehicle Management Office to complete the release of mortgage registration procedure. 3. Completion of the release procedure: The staff at the Vehicle Management Office will handle the relevant release procedures. 4. Completion of the procedure: The entire car mortgage release procedure is completed. Only after the borrower follows the process and makes the necessary preparations, and the mortgage registration is canceled, will the car truly be under the borrower's name.
