What does a fully paid off disposal vehicle mean?

[OAlex]

Fully paid off disposal vehicle means that the vehicle has been taken out for mortgage, and this car was purchased either with a one-time payment or through installment payments that have been fully repaid, making it a fully paid vehicle. More related information is as follows: 1. Change of auto insurance beneficiary: Before, due to restrictions from the lending institution, the first beneficiary of the auto insurance was sometimes the lending institution. Therefore, after the owner has fully repaid the loan, the first beneficiary of the insurance can be changed to the owner themselves. 2. Clearance certificate: A mortgaged vehicle with a clearance certificate indicates that the vehicle does not owe any money to the bank or auto finance company, thus preventing the bank or auto finance company from reclaiming the vehicle. As long as the debt is genuine and the documentation is complete, such a vehicle is very safe. Even if the owner's creditors sue the owner, the actual control of the vehicle remains in the owner's hands, and no one can take it away.