What to Do After Paying Off a Car Loan?
1 Answers
After paying off the car loan, you should contact the lending bank within 10 working days after the final payment is made to obtain the loan clearance certificate and retrieve the mortgaged documents. Below are the required materials for handling the vehicle release procedure: 1. Vehicle-related documents: Original "Vehicle Registration Certificate" and "Motor Vehicle Mortgage Registration/Pledge Filing Application Form," stamped with the official seal of the mortgagee. 2. Borrower-related documents: Identity proofs and copies of both the vehicle owner and the mortgagee, along with a power of attorney from the mortgagee stamped with the official seal.