Where Is the Other Key for a Financed Car?
2 Answers
For a financed car, the vehicle certificate and one of the keys are usually mortgaged with the bank. You can retrieve the other key once you obtain the vehicle certificate. Only the vehicle registration certificate is mortgaged with the bank for a financed car. Financing a Car Purchase: A financed car refers to purchasing a car through a loan. It is a type of RMB guaranteed loan provided by banks to customers who buy cars from designated authorized dealers. The borrower applies for the car purchase by paying a portion as a down payment, and the remaining amount is disbursed in installments by the lender (bank) to the borrower. Financing a Car Purchase Application Requirements: The main application requirements for financing a car purchase include having a valid ID and full legal capacity, a stable job and the ability to repay the loan on schedule, as well as good personal social credit, among others.
When financing a car purchase, the spare key is usually held by the lending company as collateral. If you default on payments, they can use the key to repossess the vehicle. Many customers forget this until they urgently need the key. The key point is to clarify where the key is stored—whether with the bank or financing company—when signing the contract. Once the loan is fully repaid, they will either return the key proactively, or you’ll need to contact customer service to retrieve it. Avoid searching for it on your own, as losing it could create bigger issues. Additionally, it’s advisable to safeguard your current key to prevent unauthorized duplication—modern car keys are programmed and require professional duplication at specialized shops. In short, prioritize security. While the key may seem minor, it’s tied to asset protection. For certainty, call the financing company directly to confirm.
