We have systematically organized the method of inquiry for automobile refund. If the purchase period is more than 5 years, the bond purchased together with the car is refunded, and this is called car refund. If 5 years have passed, you can claim your refund by referring to the information below.
This article will give you the following useful information: 자동차 환급금
index
What is a car refund?
Auto Bond Refund Criteria
How to apply for a car refund
If you do not have a car refund
conclusion
What is a car refund?
1. Car refunds are refunds from bond purchases. 좋은뉴스
In order to purchase a car, there are various costs incurred from purchase to operation as shown in the picture below. Car refunds represent refunds for bond purchases purchased during the registration phase of these expenses.
Car-from purchase-operating cost-examples-photos
Car-from purchase-operating cost-examples-photos
The bonds purchased by car buyers in this way amount to KRW 3.8 trillion per year (as of 2020). And these bonds are called ‘automobile bonds’. These automobile bonds are called ‘public bonds’, meaning bonds issued by the government, and can be divided into urban railway bonds and regional development bonds.
2. There are several terms that refer to auto bonds.
To help you understand, here are terms that frequently appear in this information:
Glossary of Auto Bond Terms
– Bonds: IOUs issued by the government or public institutions, etc., are a kind of debt securities issued to raise long-term funds in large quantities at once.
– Public bonds: These are bonds issued by public institutions to raise financial funds for the state or local governments.
– Urban Railway Bonds: Bonds issued to finance the construction and operation of urban railways for smooth traffic circulation in urban transportation areas. They must be purchased when a vehicle is registered.
– Regional development bonds: These are bonds issued by local governments (special cities, metropolitan cities, etc.) for housing site development, road construction, maintenance of roads, and management of public facilities.
In this information, for ease of understanding, the various terms above will be unified and described as ‘automobile bonds’.
3. The purchase of auto bonds is mandatory.
① This is a quasi-tax that must be purchased according to the ordinance.
Automobile bonds are compulsory to purchase when registering a car in the area according to local government ordinances. Local governments use the collected money to build and maintain roads and rail networks.
If you register your car in Seoul, Busan, or Daegu, you must purchase urban rail bonds. If you register elsewhere, you must purchase community development bonds.
To sum up, automobile bonds are a kind of quasi-tax that car buyers are obliged to purchase in order to provide financial resources for local governments to install, maintain, and repair social overhead capital such as road networks.
② The charge rate differs depending on the region, engine displacement, and vehicle type.
The purchase amount of public bonds differs depending on the region of the local government where the vehicle is registered, engine displacement, and vehicle type. For non-commercial vehicles, urban rail bonds must be purchased at a percentage of purchase price based on the following criteria:
– Seoul: 9% over 1,000cc, 12% over 1,600cc, 20% over 2,000cc
– Daegu, Busan: 4% ~ 5% depending on engine displacement
At the link below, you can inquire about the purchase ratio of each bond by region, vehicle type, and commercial status.
Go to Automobile Bonds (Public Bonds) Purchase Information
③ Car bond expenses are used for maintenance of transportation facilities.
Automobile bond costs are used by local governments to install, maintain, and repair social overhead capital for transportation such as road and rail networks. In other words, when we purchase a vehicle, we purchase a bond to pay for infrastructure costs such as roads that are necessary when we operate a vehicle.
4. A summary of auto bonds is as follows:
Auto bonds can be summarized as:
Auto Bond Purchase Criteria and Purpose
– Depending on the local government, the public bond purchase ratio is different, but it is usually 4% to 9% of the acquisition price.
– Currently, purchases are exempted for disabled people, hybrid vehicles, electric vehicles, and hydrogen vehicles.
– There are places where the obligation to purchase public bonds is exempted for compact cars or compact cars in each region.
– Purchased public bonds are used for the purpose of maintaining the railroads and roads we use.
In the next section, we’ll look at how you can get your car refund.
How to find my hidden money!
Find my hidden money, find my account hidden money (I’ll organize them all in this article!)
If you’re looking for a way to find your hidden money, this article will be a great guide. We often forget our money, such as cards, cash, and stocks, for various systemic reasons in our lives. how to find such money
informationforyourlife.com
Auto Bond Refund Criteria
1. Auto bonds are debts we owe to the government.
Auto bonds are the government forcing us to pay for transportation maintenance when we buy a car? It is a kind of proof that you borrowed money. And after a certain period of time, the government pays back the principal with interest.
The repayment of this bond is called a ‘car refund’. A car buyer can inquire and receive a car refund if the car has been operated for more than 5 years according to the following criteria.
① Refunds are given after 7 years in Seoul and 5 years in other areas.
The repayment method and interest rate according to region and bond type are as follows.
Local bond type Repayment method Interest rate
Seoul Urban Railway Bonds 7-Year Maturity (Delayed) Temporary Status Annual 1.5%
First 5-year compound interest, 2-year simple interest
Busan, Daegu 5-year maturity (delay) Lump-sum repayment 1.5% compound interest per annum
All regions (Seoul, Busan, Daegu, etc.) Regional development bonds with a maturity of 5 years (deferred) lump sum repayment 1.5% per annum compound interest
The interest rate is not high at 1.5% per year. If you registered your car in the Seoul area, you will be reimbursed after 7 years. Automobile bonds registered in other regions are repaid after 5 years.
‘5 years’ in the 5-year car refund, a related search term for car refund, is the period from here.
② There is a statute of limitations during the refund period.
The period during which we can receive a car refund is set as follows:
– Extinctive prescription of bonds: 10 years for principal and 5 years for interest based on the date of commencement of repayment
For example 2016.6.15. If you purchased a bond, the principal and interest will be refunded as follows:
Example of application of statute of limitations for automobile bonds
– Repayment of principal and interest (principal + interest) from 2021.06.30 ☞ 2026.06.30. Refundable up to (5 years after bond purchase)
– Repayment of principal only from 2026.07.01 ☞ 2031.06.30. Refundable up to (5 years from the date of repayment, interest expires)
– 2031.07.07. From this date, principal and interest (principal + interest) cannot be refunded.
③ The problem is that we don’t know.
The problem is here. As shown in the picture below, people do not know despite the notice of refund for automobile bonds that have a refund period.
Urban Railway Bonds-Maturity-Notice-Photos
Urban Railway Bonds-Maturity-Notice-Photos
Despite the expiration, it is said that the car refund that has not been charged for refund is 2,391 billion won in 2021.
Regional Development Bond-Repayment-Notice-Photo
Regional Development Bond-Repayment-Notice-Photo
This can be refunded at least 5 years after purchasing the bond, so it is identified as the cause of forgetting to own the bond or the hassle of having to visit the bank in person. In particular, automobile refunds for which the right to receive is lost due to the lapse of effect when it expires amount to KRW 2 billion per year.
Driver’s license to your smartphone!
Issuance of a mobile driver’s license, mobile ID, even at a bar?
If you’re looking for information about getting a mobile driver’s license, you’ve clicked right. In this information, we have compiled information on the issuance and use of a mobile driver’s license that can function as a mobile identification card.
informationforyourlife.com
How to apply for a car refund
When the car refund was due, the refund could only be received by visiting the bank in person. The Ministry of Public Administration and Security has made the following improvements to make it easier to receive car refunds by reflecting these inconveniences.
1. You can search by mobile or PC.
Auto bonds are managed by regional banks as follows. Therefore, it has been changed so that you can conveniently inquire at the bank corresponding to the area where you registered your car.
Vehicle Registration Regional Bank PC
Mobile
refund
Seoul, Incheon Shinhan Bank O O
Ulsan, Gyeonggi, Gangwon, Chungbuk, Chungnam, Jeonnam, Gyeongbuk, Gyeongnam, Jeju, Changwon Nonghyup Bank O O
Busan Busan Bank O O
Daegu Daegu Bank O O
Gwangju Gwangju Bank O O
Daejeon, Sejong Hana Bank O O
Jeonbuk Jeonbuk Bank O O
The location of the related refund inquiry menu in internet banking for each bank is as follows.
Car refund inquiry menu
– Hana Bank: utility bills → regional development bonds
– Busan Bank: Personal banking → Payment of utility bills → Public bonds → Bond repayment after maturity
– Gwangju Bank: All menus → Personal banking → Utility bills → Gwangju City Regional Development Bonds → Unredeemed bonds inquiry/repayment
– Jeonbuk Bank: Individuals → Tax/Utilities → Regional Development Bonds → Unredeemed Bonds Inquiry/Repayment
Notes can be viewed only on weekdays, that is, from 09:00 to 18:00 on business days. Below, we will look at how to refund using the Shinhan and Nonghyup Bank mobile apps.
2. Shinhan Bank car refund inquiry method
Those who have registered their car in Seoul and Incheon must inquire at Shinhan Bank.
① After installing the Shinhan Bank app, select a bond job.
– Access the link below to install the Shinhan Bank app.
Android Shinhan Bank App Installation Shortcut
Go to Shinhan Bank app installation on iPhone
– After logging in, select the entire menu at the bottom right of the app.
– Choose a utility bill bond job.
Shinhan Bank-App-Car-Refund-Search-Photo
Shinhan Bank-App-Car-Refund-Search-Photo
② After entering your social security number, check the bond type.
– There is no photo, but you must enter your social security number.
– Check overdue bonds.
– After selecting Maturity Selling Request, check the total payment amount, and then apply for Maturity Selling.
Shinhan Bank-App-Car-Refund-Maturity Sell-Photo
Shinhan Bank-App-Automobile-
Refund-Sell-Maturity-Photo
③ After checking the sold bond information, check the amount to be deposited.
– When a sale request is made, the amount is automatically settled.
– Check the amount to be deposited.
Shinhan Bank-App-Car-Refund-Sell-Maturity-Amount-Check-Photo
Shinhan Bank-App-Car-Refund-Sell-Maturity-Amount-Check-Photo
3. Nonghyup Bank car refund inquiry method
In Ulsan, Gyeonggi, Gangwon, Chungbuk, Chungnam, Jeonnam, Gyeongbuk, Gyeongnam, Jeju, and Changwon regions, Nonghyup Bank is in charge of auto bond business.
① After installing the Nonghyup Bank app, select Regional Development Bonds.
– Access the link below to install the Nonghyup Bank app.
Android Nonghyup Bank App Installation Shortcut
Go to iPhone Nonghyup Bank app installation
– After logging in, select the All menu at the top right of the app.
– Select Account Management → Regional Development Bonds → Unredeemed Bonds Inquiry/Repayment.
Nonghyup Bank-App-Car-Refund-Search-Photo
Nonghyup Bank-App-Car-Refund-Search-Photo
② Enter your resident registration number to check the bonds and sell them to receive refunds.
– There is no photo, but you must enter your social security number.
– Check overdue bonds.
– After selecting Maturity Selling Request, check the total payment amount, and then apply for Maturity Selling.
– Receive car refunds.
4. From March 2022, automatic deposits will be made.
If you purchased a car before March 2022, you must receive your car refund by referring to the online redemption method above. However, after March 2022, through the improved ‘automatic deposit upon maturity of newly purchased bonds’ policy, automatic deposit will be made to the designated account when it is due.
Please refer to this fact and make sure to set up automatic deposit when purchasing a vehicle.
Resident registration card to your smartphone!
Mobile resident registration card issuance app information (using +government24 app)
It contains accurate information about issuing mobile resident registration cards. The resident registration card mobile verification service is provided through a smartphone without a real object at airports, convenience stores, etc., where resident registration card verification is required using the government 24 app.
informationforyourlife.com
If you do not have a car refund
Perhaps, even if you follow the information above, there are people who do not have any bonds in their holdings. Here’s why.
1. Because it is immediately sold at a bond discount.
Most of the car prices are affordable. Also, there are a lot of taxes to pay, and the act of buying something called a car bond and having to get a refund after 5 years can be burdensome.
As a result, the majority of car buyers in most of the below immediately sell their bonds.
– Gyeonggi-do: about 70%
– Incheon: about 86%
– Gyeongnam, Changwon: about 84%
An immediate sale is when you resell the purchased auto bond to the bank immediately after purchase.
If you resell it like this, you can get the money you can receive five years in advance and reduce the burden of buying a car. Most buyers are not aware that there is such a car bond itself if they proceed without a detailed explanation when purchasing a car.
However, if you sell immediately, you must sell at a discount of a certain percentage from the purchase amount, that is, ‘bond discount’. This discount rate is announced in the KRX information data system, and the discount price is determined by the following calculation formula according to this discount rate.
Bond Discount Amount = Bond Purchase Amount X Discount Rate
For example, if a vehicle with an engine displacement of 1,900cc is purchased for KRW 30 million in Seoul, and the discount rate at that time is 4.52%, the bond discount is calculated according to the formula below. 30,000,000 (car price) X 12% (public bond purchase amount ratio) X 4.52% (discount rate) = KRW 162,720
This amount becomes the bond discount, and you sell the car bond for this amount at a loss. And the government buys back the car bonds sold to the bank after 5 years, so the bank takes the discount and interest on the bonds. This difference becomes the bank’s main source of income.
2. Because the statute of limitations has passed.
As described above, automobile bonds have a statute of limitations of 10,000 years for principal and 5,000 years for interest, based on the date of commencement of redemption. If the statute of limitations has passed, there may be no car refund to be inquired.
Affordable transportation card! 30% discount on transportation costs!
Get a thrifty transportation card and save 30% on transportation costs!
We have compiled detailed information on how to issue and use the thrifty transportation card. By using this system, you can enjoy a 10% discount on transportation fees from credit card companies and a total discount of 30% on transportation expenses by combining mileage. Next
informationforyourlife.com
conclusion
We share a video about car refunds.
Car-Refund-Inquiry-Video
Buying a car is a very important decision in life. We learned that the decision would cost a lot of money, including the purchase of bonds for maintenance of our transportation facilities. Also, this bond is your car refund. I hope it will be a way to make money for many people with information.