What does it mean to release the mortgage on the vehicle green title?
1 Answers
After obtaining an auto loan, the vehicle green title is mortgaged to the lending institution (the entity providing the loan, such as a bank or other financial institution), and the green title will record that the vehicle has been mortgaged to a specific institution. Only after the loan is fully repaid will the lending institution return the green title and note that the mortgage has been released. Below is relevant information about auto loans: 1. Unpaid loan: Before the loan is fully repaid, the ownership of the vehicle belongs to the lending institution, and the owner only has the right to use it. Ownership is only transferred to the owner after the loan is repaid, the mortgage release procedure is completed, and the green title is retrieved. 2. Repaid loan: Most banks require borrowers to sign a mortgage contract when applying for credit card installment car purchases, mortgaging the purchased vehicle to the bank. This measure is taken by banks to control risks in case the borrower defaults on payments. Once the borrower fully repays the loan, they can proceed to cancel the vehicle mortgage registration. 3. Mortgage release procedure: When applying for the release of the vehicle mortgage, it is essential to bring all necessary documents. The process of releasing the auto loan mortgage takes 1-2 weeks. Only after completing the entire procedure does the vehicle truly belong to the owner. If there are any uncertainties during the process, the bank's customer service can be consulted for assistance.
