How to get a Mortgage Release on your car from HSBC
I recently sold my car and although I cleared the loan on my car a number of years ago had to prove that I had done so to the dealer before I was able to sell the car.
I was unable to get much help online as most of the information was out of date or talked about trips to the Bank main branch in Deira which to be honest I wasn’t looking forward. Thankfully after spending some time on the phone I discovered this is not the case and the whole process can be done with a quick phone call.
Here’s what you have to do :
- Call the company who hold the mortgage (loan) on the car, in my case this was HSBC Premier (Tel : 04 366 9074) ~ open from 8.30 am til 5pm
- Give them the car registration plate information and request the release
- Pay 100/AED fees – this is debited from your HSBC account by the company
- Email HSBC (2 people) with the reference number HSBC Premier give you asking for release of the mortgage. Premier give you the email address of these people too – shame it’s not automated but it’s not too onerous.
- Wait for a text to confirm release – in my case this was done in less than 4 hours from initiating the process, (it can take between 2 – 4 days)
- HSBC Premier also rang to confirm the release
- Show the release text to the company you are selling to
Finally, make a mental note to get the release done at the end of my next loan at the end of the loan term.
Information current as at July 2016