What does 'Full Payment Not Released' mean?
1 Answers
Full Payment Not Released means the vehicle is still in a mortgaged status. Here are the relevant details: 1. Release of Mortgage: Dealers mortgage inventory vehicles to banks for financing. If the vehicle is purchased with full payment, the buyer can go to the bank to complete the release of mortgage after payment. 2. Payment Methods: Customers can choose between full payment and installment plans. Full payment means paying the entire vehicle price upfront to take delivery; installment means paying a portion as down payment and financing the remaining amount with monthly repayments. Full payment does not involve vehicle mortgage issues. For installment plans, the vehicle registration certificate is mortgaged at the DMV, with partial ownership recorded under the name of the lending bank or financial institution.