Did you know that you can get a refund if you’ve driven your car for 5 years or more? Many people have heard about employment registration tax, automobile tax, and automobile insurance, but are unfamiliar with vehicle refunds. Let’s learn more about the car refund system that can be returned after a certain period of time after purchasing a car.
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What is car refund inquiry?
There is a new policy implemented by the Ministry of Public Administration and Security by preparing a system that allows you to search for car refunds online early this year. A refund is issued after 5 years of purchasing the car.
When I purchase a car and register my car with the municipality, I am obliged to purchase community development bonds. Regional development bonds are issued by local governments to promote the welfare of local residents and finance regional development projects.
In other words, when you buy a car, you usually pay 4-12% of the vehicle value as the bond purchase price. We will reimburse you for some of this amount.
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How to look up your car refund
1. Online application method
Refunds vary depending on the amount of the vehicle purchased and the area where you live. You can inquire and apply for a refund through your bank. Please refer to the link below for information on the menu locations of regional banks (Shinhan, Busan, Shinhan, Nonghyup).
local bank home page
Go to Shinhan Bank in Seoul or Incheon
Go to Busan Bank of Busan
Go to Daegu Daegu Bank
Go to Gwangju Gwangju Bank
Go to Daejeon or Sejong Hana Bank
Go to Jeonbuk Jeonbuk Bank
Go to Nonghyup Bank in Gyeonggi and other regions
✅ Access the applicable financial institution.
✅Login (financial institution joint certificate log-in or member authentication log-in)
✅Inquiry on non-refundable bonds (enter your resident registration number and search for refunds)
✅ Select the refund you would like to apply for
– Purchased regional development bonds in 2010: KRW 500,000
– Purchased regional development bonds in 2014: KRW 200,000
✅ Apply after checking refund information
When vehicle refund inquiry results do not come out
When some people go to the menu and inquire about car refunds, there are times when they come out about refunds, but others say they don’t have them at all.
The reason is that most of them forgot when buying bonds while registering a vehicle in the past, or because of the hassle of having to visit the bank and apply for it. In that case, there is no bond.
Moreover, it is said that the amount of bonds that disappear after 10 years for the principal and 5 years for the interest from the date of redemption 5 years after purchasing the bonds passes the statute of limitations and disappears annually. If you have driven a car for more than 5 years so that this precious money does not disappear, please make sure to check your refund.
Also, the good news is that from March 2022, when you buy a new bond, even if you forget it, it automatically deposits it into your refund application account when it expires. Since there are so many refunds we can receive than we thought, it would be better to get them all refunded through information search, whether small or large, to help our lives.