What procedures need to be completed after repaying a car loan?
2 Answers
After confirming the full repayment of the car loan, bring your ID card and other required materials to the bank to complete the settlement procedures, obtain a settlement certificate, and retrieve the vehicle registration certificate, vehicle compliance certificate, vehicle qualification certificate, purchase invoice, tax payment invoice, mortgage documents, etc. Below is detailed information: Notes: Some banks may not notify the vehicle owner after the car loan is fully repaid. Vehicles purchased with loans are generally equipped with GPS tracking devices. Details: The vehicle owner can proactively contact the relevant bank to inquire. After repaying the final installment of the car loan, you can first call the customer service hotline of the bank that issued the car loan to confirm whether the loan has been fully settled.
I just completed the vehicle loan settlement process last month, and the whole procedure was actually quite straightforward. The first step is to contact the lending institution to confirm the repayment is complete—they will mail you the loan settlement certificate and the green-covered vehicle registration certificate. Upon receiving these, bring your ID card, vehicle license, and these documents to the DMV to apply for the release of the mortgage registration. The staff will annotate the release information on the registration certificate. Don’t forget to update the primary beneficiary on your insurance policy, or it could complicate claims in case of an accident. If your car had a GPS installed by the lender, it’s advisable to contact the loan company for removal. I made two trips to the DMV—bringing copies of all required documents can save a lot of time. After completing the DMV procedures, it’s best to double-check whether the vehicle status has been successfully updated for complete peace of mind.
