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 recent guidance from the State Bank, 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 worried about the "sub-license" issue when they had to have a mortgage receipt issued by the bank to be eligible to drive on the road. However, the State Bank's document also clearly stated the time limit for credit institutions to issue new (or re-issue) 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 mortgage receipt (original) 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 vehicle title confirmation documents will not be valid after December 1st.

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 to and be responsible 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 vehicle mortgage, the Deputy Prime Minister agreed to allow drivers to use a certified copy of the registration 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