Confused car buying mortgages!

Both the customer and the Bank loans to buy cars as collateral property is the car itself is confused when the sanctioning control means no original papers

Exchange with the reporters Labour Newspaper, Mr. Nguyen Minh Hoang, Deputy Director of the State Bank (SBV) HO CHI MINH CITY branch, said the gathered the opinions of the NH trade involves holding the original papers of the car when the car loan installment buying mortgage assets is the automotive vehicle.

“We are acknowledging difficulties and problems of the NH trade related regulations to propose SME aims to soon have direction handles. At present, a number of NH has suspended loans to buy cars for fear of risks “-he says.

It’s hard for both

Recently, Police (C67)-Ministry of public security has sent dispatches police the province, HO CHI MINH CITY guidance on handling administrative violations with regard to the means of the mortgage in NH, towards mortgage party was keeping a vehicle registration administration. Meanwhile, the NH commercial for that if the original car papers delivered to customers loans will transfer from mortgage loans to the trust with a lot of risks …

According to the C67, for these facilities at the NH commercial mortgage in traffic, on the mortgage (the borrower) are holding a certificate of registration of the vehicle in the mortgage contract take effect under the provisions of Decree No. 163/2006/ND-CP on 29-12-2006 about secured transactions (amended and supplemented in Decree No. 11/2012/ND-CP dated 22-2-2012). This means that NH is not keeping the original car papers as before and TRAFFIC POLICE are right to sanction for violation error no paper original vehicle registration when the circulation.

Many people borrow money to buy cars, mortgage the property by car to worry with this information because previously, when loan disbursement procedures, only certified car papers delivered to clients on the road. Copy y value as the originals. Many transport enterprises also disturbed with this regulation and fears will be fine by most of the cars are all used the loan to buy mortgage assets and NH is the vehicle should keep original car papers NH.

Mr. Kieu Thanh Co., Chairman of the Container Corporation, said long, the business loans to buy cars are assigned to the main paper reserved car NH and this provision is justified by this form of mortgage lending. “If we keep the original car papers, NH has changed the form of loans to the trust with a higher interest rate? Meanwhile, accidentally pushing the cost of business loans rise “-he put bar on the issue.

Many leaders also surprise with the NH police car driver sanctions bring copies by before, borrow money to buy cars as collateral property is the vehicle must leave the original papers for NH. If not will be hard to avoid bad car owners offering mortgage loans in many different or NH for others, mortgage loan pawnshop … If NH is not keeping the original papers of the car will be very risky, and the risk of incurring debt, bad debt provision.

Petition to stop penalizing

Mr. Hoang Van Tan, General Manager of the Saigon COMMERCIAL JOINT STOCK NH (SCB), said if NH does not keep the original car papers, a car buyers loan installment will move from the mortgage has secured property to the trust. At that time, not only the process more complex approval procedures, to prove income and interest rates are also higher, difficult for both customers and NH. Therefore, there should be tolerance as solutions for the NH primary car registration paper reserved and confirmed in the paper stating the specific period of validity loan contract to the police track.

“This policy makes difficult together too!”-Vice President of a large stake in the NH HCM uttered before a car driver information sanctioned because no original car papers. According to this position, the past days have gotten reflections of some customers ask about keeping the original car papers to go on the road. However, to prevent risks, NH just pay the original papers when the customers pay off debt loans.

“We will propose SBV to defuse difficult because as soon as pawnbroker lending also kept the original car papers, not one keep a copy. More importantly, want to stimulate consumption and credit, not just SME that the ministries concerned should also create favorable conditions in the process, the procedure not only interest “-it said.

Mr. Qiao The Stick also pending recommendations of the ministries, the SBV to sit together to find a solution to this problem, the police need to temporarily stop penalizing people who drive cars bring a copy.

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