When you’ve finished paying off your car, it’s definitely time to celebrate – but there’s also some paperwork you need to sort out.
You’ll need to get your Original NaTIS Document, which is the car’s registration document that you’ll need when you want to sell your car. Some credit providers will send it to you automatically while others require you to request it because of the risk.
When you get your NaTIS Document you’ll see that your vehicle was registered with you as the owner and the bank as the titleholder. Once the car is paid off, you’ll need to apply to become the titleholder as well.
So when you’ve received your NaTIS Document, you’ll need to get the titleholder changed to your name within 21 days. This needs to be done at the vehicle registering authority in the area of your residential address. Take the Original NaTIS Document and ID with you, together with the registration and licence fees (the amounts vary between provinces).
Another important document is your Paid-up Letter. This is proof that your account has been paid in full and you might need it if, for example, your credit report shows that you haven’t finished paying for your car.
Make sure that you keep both these documents safe because they prove that your car is yours and it’s fully paid for!