Mortgaged cars will be reissued 'passports' by the bank

Drivers must request the bank to reissue the original mortgage receipt as previous confirmation documents will expire from December 1.

According to the State Bank’s recent guidance, commercial banks are responsible for issuing mortgage receipts (originals) to customers who have mortgaged their vehicles to borrow money. Thus, the bank will still keep the original vehicle registration, but the vehicle owner will use a copy of the vehicle registration (certified) and the mortgage receipt (issued by the bank) to participate in traffic.

Drivers must request the bank to reissue the original mortgage receipt as previous confirmation documents will expire from December 1.

Previously, many drivers were concerned about the "sub-license" issue when they had to have a mortgage receipt issued by the bank to be eligible to operate their vehicles on the road. However, the State Bank's document also clearly stated the deadline for credit institutions to issue new (or reissue) receipts to customers to avoid inconvenience to the people.

Specifically, for cases that have mortgaged for loans before September 1, the State Bank requires that before October, banks must notify customers that they will reissue the receipt. However, customers will have to proactively request the bank to reissue it. Within 7 working days from the vehicle owner's request, banks must complete the issuance of this mortgage receipt (original) along with a certified copy of the vehicle registration to the customer. By December 1, all previously issued bank confirmation documents on vehicle mortgage will no longer be valid.

Similarly, in cases of mortgaging a vehicle to borrow money to buy after September 1, banks must also issue this receipt within 7 working days from the date of receiving the customer's original vehicle documents.

These bank-secured vehicle title deeds will not be valid after December 1.

This mortgage receipt will be reissued if there is a change in the mortgage term between the parties or if the receipt is lost. If this receipt is lost, the customer must notify the bank in writing and commit and take responsibility for the truthfulness and accuracy of the notice.

The State Bank's guidance document was issued under the direction of Permanent Deputy Prime Minister Truong Hoa Binh. Accordingly, to ensure civil obligations in mortgaging vehicles, the Deputy Prime Minister agreed to allow drivers to use certified copies of registration papers when driving. He assigned the Ministry of Public Security to preside over and coordinate with the Ministry of Justice, the State Bank, and the Ministry of Transport to provide guidance for implementation.

According to VNE