A car mortgage is a common way to borrow money, and many people choose this option when they need money. When the loan is repaid, many people will have questions: what else do I need to do, and what information do I need to get back from the installment company?
First of all, we need to be clear: a vehicle mortgage is a type of mortgage, which means that the installment company will ask the borrower to mortgage the vehicle to the installment company before the loan is released. Therefore, after the loan is paid off, the borrower needs to get back the mortgaged vehicle registration certificate from the installment company.
The vehicle registration certificate is a certificate of ownership of the vehicle and must be properly kept by the owner. During the repayment of the car mortgage, the installment company will keep the vehicle certificate in-house to prevent the borrower from transferring the vehicle to another person. After the car loan is repaid, the borrower needs to go to the installment company to go through the procedures for the return of the vehicle certificate, and then keep the vehicle certificate properly, and also need to get back the settlement certificate and release information, and then need to go through the procedures for the release of the vehicle registration certificate.
In addition, the borrower also needs to properly keep the loan contract, repayment voucher and other documents provided by the installment company during the repayment period of the auto mortgage loan, so as to provide evidence in case of disputes during the repayment period. After the car loan is paid off, the borrower can file these documents and no longer need to return them to the installment company.
In general, the borrower needs to keep all the information and documents related to the vehicle mortgage loan properly during the repayment period of the car mortgage mortgage certificate and not the car mortgage, and after the car mortgage loan is paid off, the borrower needs to get back the vehicle certificate and the release certificate from the installment company, and go to the vehicle management office to go through the mortgage cancellation procedures.
Follow me to learn more about auto mortgage loans. Car Mortgage Vehicle Mortgage Car Mortgage Car Mortgage Mortgage Mortgage Loan without Mortgage Car Loan