The car loan is repaid, and the green book is obtained. Only after these two things are completed, the car truly belongs to you.
With the increasing popularity of automobile products, many people are eager to own a car of their own, but most people often choose to buy a car with a mortgage due to insufficient budget in the early stage of buying a car. Although the car owner does not need to spend a lot of money to pick up the car using a mortgage, the problem is how to make the car belong to his name after paying off the car loan and completely turning it into a vehicle at his disposal. Then, if you buy a car through a mortgage, when the car loan is paid off and the green book is obtained, does the car belong to you? The insider said: Don’t be too naive, only after these few things are done, the car will truly belong to you.
When it comes to buying a car with a mortgage, because the car owner uses a loan to buy a car, whether it is through a bank or a financial institution, some important vehicle certificates are still mortgaged in a third-party institution. Take the registration certificate of the vehicle, commonly known as the big green book. Often in the early stages of buying a car with a loan, the green book will be used as a mortgage by the lender. Return the green book of the vehicle. Since the green copy of the vehicle is so important, does it mean that if you get back the green copy of the vehicle, the vehicle must belong to you? It is not so simple, the owner needs to do two other things.
Let’s talk about the first thing first. When the car loan is repaid, even if the vehicle’s registration certificate is returned, the owner still needs to go to the vehicle management department corresponding to the vehicle to apply for the release of the vehicle’s mortgage. An insider said that for a vehicle purchased through a mortgage, it is not only necessary to hand over the green book of the vehicle to the lending department for safekeeping, but also to have mortgage procedures in the vehicle registration department. For example, if your vehicle is on a mortgage, even if the car loan is paid off, the green book will be obtained. As for the vehicle delegating procedures, there is no need to bear any expenses throughout the whole process, and you only need to take the green book of the vehicle.
When the car loan is paid off, the green book is obtained, and the vehicle release procedures are completed, there is another thing that the car owner needs to pay special attention to. Let’s take a look! Generally speaking, as a mortgage lender, when a car owner mentions a new car, they will install a GPS device on the vehicle, to monitor the usage of the vehicle and prevent the vehicle from being lost and not being guaranteed by the car loan. Therefore, after paying off the car loan and getting the green copy of the vehicle, the car owner needs to contact the lender to remove the GPS device on the vehicle, to ensure that the vehicle truly belongs to the owner.
Finally, car owners need to pay attention that after dismantling the vehicle’s GPS device, try to go to a professional auto repair agency to check whether there is any unremoved GPS device on the vehicle, to protect the personal interests of the car owner. Especially for these car owners who take the mortgage to pick up the car, don’t foolishly think that if the car loan is paid off and the green book is taken back, the car belongs to them; on the contrary, if you don’t go to the vehicle management department for release Formalities, and removal of GPS devices from vehicles, vehicle ownership remains a big issue.
