After settling a car loan in full, what subsequent actions are required?

Once you have completed the final installment of your car financing agreement with the finance company, the next step is to transfer the ownership of the car from the finance company to the buyer. There are two ways to do this:

- The buyer can deposit the documents with the finance company and personally transfer them at the Department of Land Transport. Alternatively,
- The buyer can authorize the finance company to handle the transfer process until completion. In either case, the buyer needs to prepare the following documents:

1. Transfer Application Form (signed by the transferee)
2. Power of Attorney (if authorizing the finance company to handle)
3. Copy of ID card
4. Copy of house registration

Normally, the finance company will prepare the Transfer Application Form and Power of Attorney for the buyer since they require the transferor's information, which is the finance company itself. Therefore, the buyer only needs to prepare copies of their ID card and house registration with signatures matching those on the lease agreement.

The buyer will be responsible for the transfer fee. The transfer fees may vary depending on each company if the finance company handles the process. These processes typically take about 7-15 working days, depending on the procedures of each finance company.