Is there a green book for installment car purchase?
1 Answers
There is no green book for installment car purchase; you can only obtain the green book after fully repaying the loan. Generally, during installment car purchases, the vehicle title is mortgaged with the financial company. Only after the entire loan is repaid, and the necessary materials are prepared and submitted, can you obtain the vehicle title. Below is more related information: 1. Reason: Since it is a loan purchase, the bank or auto finance company fears that the car owner might sell the vehicle before fully repaying the loan, hence the retention of the green book. The green book is essential for vehicle transfer; without it, the vehicle cannot be resold. Normally, traffic police do not check the green book. After repaying the car loan, the bank or finance company will issue a certificate, and you can go to the vehicle management office to complete the mortgage cancellation procedure to retrieve the green book. 2. Precautions: The higher the auto loan interest rate, the larger the repayment amount for the consumer. If the vehicle registration certificate is lost, it can be reissued. The vehicle owner needs to bring their ID card, driving license, and the vehicle to the vehicle management office for reissuance. After successful reissuance, the replacement registration certificate will be recorded in the registry.
