What procedures need to be completed after repaying a car loan?

[McLayla]

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.

[JudahLynn]

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.

[VonKarter]

As a practitioner frequently handling such matters, I recommend completing three core procedures after settling the vehicle loan: First, obtain the loan settlement certificate and the original vehicle registration certificate issued by the lending institution. Second, bring your ID card, registration certificate, settlement certificate, and vehicle license to the local DMV where the vehicle is registered to complete the lien release process. Finally, contact the insurance company to update the policy beneficiary, changing it from the financial institution to the vehicle owner. Note that any GPS devices installed during the loan period should be removed. It's advisable to visit the DMV on weekday mornings to avoid peak hours for greater efficiency. After completing the lien release, be sure to keep the DMV-issued service receipt for future reference.

[LeEli]

The most important thing after paying off the car loan is to complete the release of lien procedure. I just helped my son with this last week. First, you need to contact the loan company to obtain the loan clearance certificate and retrieve the vehicle registration certificate (the big green book). Bring these documents along with your ID card and vehicle license to the DMV to apply for the lien cancellation. The counter staff will collect the authorization documents from the lending institution. After completion, remember to ask the DMV to update the vehicle registration status, and immediately contact your insurance company to change the beneficiary. I particularly remind you to check if there's any GPS tracker installed during the loan period - if found, contact them to remove it. The whole process took us half a day, and we specifically went to the inspection station to update the electronic records afterwards.

[KinsleyRose]

The most urgent task after paying off your car loan is the release of the lien. The first step is to urge the lender to mail back the vehicle registration certificate and the loan clearance certificate. Upon receiving them, immediately take these documents along with your original ID card to the DMV to complete the lien release registration. When I went through this process, I encountered a lack of required documents, so I recommend preparing copies of your ID card and the loan contract in advance as backups. After completing the DMV registration, promptly handle the insurance beneficiary update by calling your insurance company to change the beneficiary information. If a GPS device was installed as a loan requirement, remember to proactively contact the lender to have it removed. It's advisable to complete the entire process within two weeks to avoid affecting future vehicle transactions. After the lien release, it's best to verify the updated vehicle status through the Traffic Management 12123 App.