Where is the SAIC Finance green book mortgaged?
2 Answers
SAIC Finance green book is mortgaged at the lending institution (bank or other financial institution). Generally, the green book will be stamped with "mortgaged" to indicate that the vehicle has been mortgaged to a certain institution. The following is an extended introduction: Retrieving the green book after paying off the car loan: Only after the car loan is fully repaid can the borrower obtain a clearance certificate from the lending institution and successfully retrieve the vehicle's green book. This means that before the loan is fully repaid, the ownership of the vehicle temporarily belongs to the lending institution, and the owner only has the right to use it. Only after repaying the loan and completing the mortgage release procedures to retrieve the green book does the owner gain full ownership of the vehicle.
Previously when I took a car loan from SAIC Finance, the green book was mortgaged. The original green book after mortgage is kept in the archives of SAIC Finance headquarters. After completing the mortgage registration at the DMV, the staff will seal the green book in an envelope with a stamp and send it directly to SAIC Finance's Shanghai headquarters for safekeeping. If you want to check, call their customer service and provide the license plate number; the system can retrieve the file number and custody status. Once you repay the loan, SAIC Finance will send back the release documents and the green book. Then, just spend half an hour at the DMV to complete the release procedures. Remember to keep a copy of the repayment receipt in case it's needed for reissuance if the mail gets lost.
