Car refund inquiry is a way to check the bonds that can be returned if it has been more than 5 years since the car was purchased. So what is a car bond? Do you have money you can’t get until 5 years after you bought the car? From now on, I will explain what a car bond is and learn more about how to get a car refund from how to get it.
What is a car refund?
source. Seoul Metropolitan City website
When registering a car with a local government, Korea is required to purchase ‘obligatory bonds’ such as regional development bonds and urban railway bonds. This bond can be repaid with interest after 5 years of purchasing the car. The amount of obligatory bonds issued through automobile refund inquiries varies depending on the vehicle’s displacement and the region where it is registered. 자동차 환급금
A photo to illustrate the car refund, with a toy car on top of the bill. 좋은뉴스
What is a car refund?
The amount of this bond is quite large, and if you register a car worth 20 million won, you can get a refund of up to 2.4 million won. However, it is said that there are surprisingly many borrowers who do not receive refunds until the statute of limitations for their bonds has passed. As of October 2021, unrefunded bonds amount to about 239.1 billion won, and the amount of bonds that expire annually amounts to 2 billion won.
Learn more about Seoul Metropolitan Government’s bond purchase standards!
Improving the automobile refund system
Changes to the Auto Bond Refund Scheme
This is a change implemented by the government as the amount of the refund increased. Previously, it was necessary to visit the bank in person to receive refunds on bonds, but now both in-person and online receipts are possible. In addition, the system has been changed so that if you purchase a car and register a new car, you can automatically deposit money into the account you used to purchase bonds even if you forget that you own bonds. Now it seems rare for people to forget and not get their car refund.
How to look up your car refund
source. Ministry of Public Administration and Security
As mentioned earlier, in March of this year, the Ministry of Public Administration and Security improved the system to make it easier for borrowers to get their receivables refunded through the local bank’s website or bank application. Please refer to the picture above as banks that can receive refunds vary by region.
Shinhan Bank Application Tab
For example, if you purchased a car and registered it in Seoul or Incheon, you can get your bond refunded through the Shinhan Bank application. After logging in to the Shinhan Bank app, if you go to the menu tab, you can find the bond work menu in the utility bill tab as shown in the picture above. You can easily find information about your bonds by clicking on the bond business menu. In the case of Shinhan Bank, note that bonds cannot be refunded through the website.
So far, we have looked at what a car refund is, how to view the refund, and how to receive it. If you have forgotten about the car refund yet, let’s find out through the bank app right now!