How to decompress a car mortgage: Detailed explanation of the whole process and precautions
With the popularity of automobile consumption, more and more car owners choose to purchase cars with mortgage. But after the loan is paid off, how to release the vehicle mortgage (referred to as "decompression") has become a confusion for many car owners. This article will combine the hot topics and hot content on the Internet in the past 10 days to provide you with a detailed analysis of the entire process of mortgage car decompression, and provide structured data reference.
1. What is vehicle decompression?
Vehicle decompression refers to the process of releasing the vehicle mortgage registration after paying off the car loan. Only after decompression is completed, the vehicle ownership will be completely vested in the owner, and the vehicle can be freely bought, sold or transferred in the future.
| Key terms | illustrate |
|---|---|
| mortgage registration | Records of mortgaging the vehicle to a financial institution at the vehicle management office when taking out a loan |
| Unzip registration | The legal process of releasing the mortgage relationship after paying off the loan |
2. List of necessary materials for decompression
| Material name | Remark |
|---|---|
| Motor vehicle registration certificate (green copy) | The mortgagee’s seal is required |
| Loan settlement certificate | Issued by financial institution |
| Original and copy of ID card | The car owner must handle it himself |
| Power of attorney (handled by someone other than myself) | Notarization required |
3. Full decompression process steps
1.Confirm loan settlement: Make sure the last repayment is completed, it usually takes 1-3 working days to update the system.
2.Receive materials: Contact the financial institution to obtain the "Loan Settlement Certificate" and mortgage procedure materials (some banks require an appointment).
3.Vehicle management office: Bring the materials to the vehicle management office where the vehicle is registered and fill out the "Motor Vehicle Mortgage Registration/Pledge Filing Application Form".
4.Complete the release: After the vehicle management office passes the review, the release record will be printed on the green book.
| Processing channels | aging | cost |
|---|---|---|
| Offline vehicle management office | 1 working day | 0 yuan (new regulations in 2023) |
| Traffic management 12123APP | 3-5 working days | 0 yuan |
4. Frequently Asked Questions
Q: Can I be released from custody in another place?
A: No, you must go back to the vehicle management office where the vehicle was registered to apply. Some cities have launched provincial general services.
Q: What should I do if the financial institution delays providing materials?
A: You can complain to the China Banking and Insurance Regulatory Commission (hotline 12378). Similar complaints have appeared in many places recently.
Q: What else needs to be done after release?
A: It is recommended to check the green book information immediately and contact the insurance company to change the beneficiary from the financial institution to yourself.
5. New changes in the release of bonds in 2023
1. Electronic release is implemented nationwide, and some cities can handle it online.
2. Cancel the release service fee (original fee ranging from 50-200 yuan)
3. Some banks have launched an "automatic release" service without the need for car owners to actively apply.
Kind tips:Recently, "agency release" scams have appeared in many places, claiming to be handled quickly and charging high fees. In fact, the release procedure is completely free, but car owners need to be vigilant.
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