Does it cost money to release the mortgage after paying off the car loan?

Do you need money to pay off the mortgage after paying off the loan? There is no charge to release the mortgage after the loan is paid off. The car owner releases the mortgage and transfers the vehicle to his own name. Let’s introduce it in detail below.

After the last monthly payment of the car loan is deducted, about 10 working days later, you can get your mortgage back from the bank that handles the car installment payment. For bank credit card car installments, it is best to call the bank customer service phone number in advance to find out whether it has been fully settled. The customer service phone number can be found on the back of the repayment card. For car loans handled by financial companies, you can call the customer service number of the financial company you belong to, or consult the car dealer.

The owner of the motor vehicle shall submit the following procedures to the vehicle management office for mortgage cancellation registration, and the motor vehicle does not need to be present:

1. Original motor vehicle mortgage registration/pledge filing application form.

The original document shall be stamped with the mortgagee’s official seal.

2. Identity certificate of the motor vehicle owner and mortgagee.

The owner of a motor vehicle shall provide the individual with the original and copy of the resident identity card or temporary resident identity card. Temporary residents shall also submit the original and copy of the residence certificate issued by the public security agency.

3. Motor vehicle registration certificate.

To obtain a motor vehicle registration certificate, you must obtain it with your ID card. Other possible procedures include: motor vehicle driving license, bank repayment details, etc.

4. Letter of authorization issued by the mortgagee (the letter of authorization shall be stamped with the official seal).

5. The owner of the motor vehicle must be present.

One million car purchase subsidies