How to Apply for ETC for a Mortgaged Vehicle?
2 Answers
Mortgaged vehicles can apply for ETC as normal vehicles without any additional certificates. The following is an introduction to ETC: 1. Introduction to ETC: ETC (Electronic Toll Collection) stands for Electronic Toll Collection System. It utilizes microwave-dedicated short-range communication between the onboard electronic tag installed on the vehicle's windshield and the microwave antenna in the ETC lane at the toll station. Through computer networking technology, it processes background settlements with banks, allowing vehicles to pass through toll stations without stopping to pay toll fees. 2. ETC Application Process: Bring the original valid ID of the vehicle owner and the original valid ID of the agent, the original vehicle registration certificate, and drive the vehicle to be registered to a customer service outlet or a bank cooperative outlet to apply for ETC services.
Getting an ETC for a mortgaged car is actually quite simple, and I've gone through it myself. The first step is to confirm that the car is still under mortgage, meaning the loan hasn't been fully repaid. Then, directly contact your loan bank to clarify their policy. Most banks require you to bring copies of the vehicle registration certificate, the owner's ID card, and a bank card to their ETC service point for application. For a mortgaged car, the bank may need to issue a consent letter stating they have no objection to the ETC application. Once at the service point, the staff will help you link the vehicle to your bank card, and the ETC device installation usually takes just a few minutes. ETC offers many benefits, like not having to stop at highway tolls and saving on toll fees, but be aware that if there are issues with the loan and the car is repossessed, the ETC will become invalid. So, before applying, ensure your loan repayments are stable and avoid falling behind. The whole process is similar to getting an ETC for a regular car, with the key difference being the additional step of bank confirmation.
