How to inquire car refund
Car Refund Inquiry (1)
All citizens who purchase a car are obliged to purchase bonds.
First of all, the car refund means that all citizens who purchase a car are obliged to purchase a bond with a maturity of 5 or 7 years, which refers to the principal and interest received after the maturity of the bond.
From March 2nd, the Ministry of Public Administration and Security announced that it would refund 239.1 billion won of unpaid debts that the public did not visit. 자동차 환급금
A lot of people are curious about the news that there is a car refund, so I’ve compiled a simple way to check what the car refund is and whether I have a car refund. 좋은뉴스
Car Refund Inquiry (2)
Car Refund Inquiry (3)
1. Mandatory purchase of bonds
All citizens who purchase automobiles, including used cars, are obliged to purchase regional development or urban railway bonds. It is said that the social costs arising from environmental pollution from vehicles are covered by the amount corresponding to the bonds that car buyers are obliged to purchase from local governments.
2. Bonds to purchase
The bonds you buy when you buy a car vary from region to region.
In the case of a passenger car of less than 2000cc, Seoul is 12% of the vehicle value, and Daejeon is as low as 4%.
The mandatory purchase of bonds can be seen as 4-12% of the vehicle value.
It also depends on the displacement. Let’s say the bigger the displacement, the higher the bonds you have to buy.
In the case of Seoul, where the amount of bonds is relatively high, a vehicle of 2000cc or more must purchase bonds of 20% or more.
Car refund inquiry (4)
Car refund inquiry (5)
3. Maturity of purchased bonds
Bonds purchased compulsorily by automobiles usually have maturities of 5 to 7 years.
After maturity, you can receive both principal and interest. The government’s bonds are highly stable, so interest rates are fairly low.
4. Issues
The bonds that were purchased are due, but they have been forgotten because they have been purchased for too long, or because it is difficult to visit and receive them in person, the bonds that have not been received are KRW 239.1 billion announced by the Ministry of Public Administration and Security.
The problem is that these bonds have a statute of limitations, so the purchaser’s right automatically expires after a certain period of time.
5. Changed system from March 2nd
Car Refund Inquiry (6)
Car refund inquiry (7)
From March 2, 2022, it has been changed so that individuals can easily view these unrefundable bonds directly online with a computer or smartphone, and if there is a refund, it is said that it can be received by applying for a deposit to the bank account of the person concerned.
(In the case of Nonghyup, you can easily view it by going to Menu – Account Management – Regional Development Bond – Unsituation Bond Inquiry / Redemption.)
Also, starting from March 2nd, it is good to note that an improvement has been made to the system that automatically deposits money even if the maturity date is forgotten if the account is entered together when purchasing bonds.
I hope this will be of some help to those in need.