What procedures are required after completing car loan payments?
1 Answers
After fully repaying the car loan, you need to complete the release of mortgage procedures to retrieve the green book (vehicle title) at the vehicle management office. Here is relevant information about financed vehicles: 1. Reason for sales restriction: When the car loan is outstanding, the vehicle is mortgaged to the bank, and vehicles with mortgage registration cannot be freely sold. 2. Sales timing: When selling a financed vehicle, you can choose to conduct the transaction after the loan is fully repaid, or request the buyer to settle the outstanding amount in advance. Below is extended information about financed vehicles: 1. Loan space: Financed vehicles applying for secondary mortgage loans must have available loan space. 2. Definition of secondary mortgage: It refers to using an already mortgaged collateral for another mortgage, allowing the borrower to obtain additional loan funds.