Where is the big green book for used car loans?
1 Answers
The big green book (Vehicle Registration Certificate) is required to be mortgaged at the bank or auto finance company for car owners who purchase vehicles through loans. Since it's a loan purchase, the bank or auto finance company fears that the owner might sell the car before the loan is fully repaid, hence the need to hold onto this big green book. After the transfer of a used car, the following items must be obtained; otherwise, it will be very troublesome to reapply for them later: 1. Vehicle Registration Certificate: It is essential to obtain the Vehicle Registration Certificate, commonly known as the green book. The green book is equivalent to a property deed, recording all vehicle information, including the owner, transfer history, and whether the vehicle is mortgaged, etc. The green book accompanies the vehicle from its first registration until it is scrapped. 2. Invoice: After the vehicle transfer is completed, the transfer office window will provide you with a new invoice, that thin, white, rectangular piece of paper. If lost, not only will future vehicle transfers be impossible, but reissuing it will also be very troublesome. 3. Driving License: Before the vehicle transfer, the vehicle needs to be re-inspected, and the driving license information must be updated, changing the previous owner to the current vehicle owner. The driving license must not be lost and must be kept safe. 4. Compulsory Insurance Policy: The compulsory insurance policy is required during the vehicle transfer and must be transferred along with the vehicle. Be sure to distinguish between commercial insurance and compulsory insurance, as both policies are similar in size to A4 paper and look alike; check the font labels carefully. If commercial insurance is not needed or if you prefer to choose a different insurance company, the previous owner can cancel it, but the compulsory insurance policy must be obtained.
