What procedures are required for vehicle mortgage?
2 Answers
For vehicle mortgage, you need to bring the ID cards of both the vehicle owner and the mortgagee, the vehicle registration certificate, and the mortgage contract signed by both parties. Definition of a mortgaged vehicle: Simply put, a mortgaged vehicle is a loaned vehicle, which refers to a car that the owner mortgages to a bank or lending institution when taking out a loan. Advantages of mortgaged vehicles: Quick access to cash flow without selling the car, avoiding the time and cost of repurchasing a vehicle when funds become available. No local household registration is required; as long as the car is owned by the individual, it can be used for mortgage loans. No long waiting periods for appointments; any legally registered and legitimate vehicle can qualify for a loan without any upfront deposits. The vehicle must be legal and qualified, with no tolerance for cloned or assembled vehicles. If necessary, forensic inspection or handling by public security authorities may be required.
I just completed my vehicle mortgage this year and it took me three trips to the DMV to fully understand the process. Preparing the necessary documents is crucial: the original ID card of the vehicle owner, the vehicle registration certificate (also known as the big green book), the driving license, and the mortgage contract provided by the lending institution. Remember to book the mortgage registration service in advance via the traffic management app, and the vehicle must be driven there for the VIN inspection. The staff will take away the mortgage registration page inside the green book and mark it with a mortgage stamp. If you're authorizing someone else to handle this, you'll also need a notarized power of attorney along with the agent's ID card. Finally, keep the acceptance receipt given by the DMV, as it's essential for releasing the mortgage in the future. It's best to make three copies of all materials in advance, as on-site copying is expensive and involves long queues.
