What to Do After Paying Off an Auto Loan?

[DiJaxson]

After paying off an auto loan, you need to complete the following steps: 1. Retrieve the Vehicle Registration Certificate: Once the auto loan is fully paid, you must take your ID and relevant documents proving the loan is cleared to retrieve the vehicle registration certificate. If the loan was processed at a 4S dealership, go there to collect it; if it was processed at a bank, visit the bank. 2. Reclaim Pledged Items: After confirming the auto loan is paid off, return to the institution where the installment was processed to retrieve the mortgage documents and reclaim any pledged items. 3. Complete the Mortgage Release Process: When the auto loan was initially processed, the vehicle registration certificate was mortgaged to the bank. After paying off the loan, you need to complete the mortgage release process to fully own the vehicle. 4. Change the Insurance Beneficiary: When purchasing auto insurance, the beneficiary is typically the lending institution. Therefore, after clearing the auto loan, you should update the insurance beneficiary to yourself, the vehicle owner.