Where is the car loan green book mortgaged?
1 Answers
After obtaining a car loan, the vehicle's green book (vehicle registration certificate) is mortgaged to the lending institution (the institution that issued the loan, such as a bank or other financial institution). The green book will record that the vehicle has been mortgaged to a specific institution, and it will only be returned after the loan is fully repaid, with a note indicating that the mortgage has been lifted. Below is relevant information about car loans: 1. Unpaid loan: Before the loan is fully repaid, ownership of the vehicle belongs to the lending institution, and the owner only has the right to use it. Full ownership is only obtained after repaying the loan and completing the mortgage release procedures to retrieve the green book. 2. Repaying the loan: Most banks require borrowers to sign a mortgage agreement when applying for credit card installment car purchases, mortgaging the purchased vehicle to the bank. This measure is taken by banks to control risks in case the borrower defaults on payments. Once the borrower fully repays the loan, they can proceed to cancel the vehicle mortgage registration. 3. Mortgage release: When applying for the release of the car mortgage, it is essential to bring all necessary documents. The process typically takes 1-2 weeks, and the car will officially belong to the owner only after completing all procedures. If there are any uncertainties during the process, the bank's customer service can be consulted for assistance.
