Regional development bonds or urban road bonds are bonds that must be purchased when registering (purchasing) a vehicle.
The amount of this bond is quite large, up to 2.4 million won if you register a car worth 20 million won. 자동차 환급금
However, despite the maturity of the high amount of bonds, the people do not seek refunds, so there are 239.1 billion won of unclaimed bonds. 좋은뉴스
So let’s quickly learn how to get a car refund.
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What is a car refund?
How to get a car refund
Applying for a car refund
What if I don’t have a car refund?
car-refund-inquiry-application-car
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What is a car refund?
For passenger cars less than 2000cc, Seoul needs to purchase bonds, such as 12% of the vehicle’s price and Gangwon-do 8%.
After 5 to 7 years, car refunds were often not collected due to the hassle of having to visit the municipal treasury bank in person even if they forgot or knew that they owned bonds.
In order to minimize this inconvenience, the Ministry of Public Administration and Security has adjusted from March 02, 2022 so that expired bonds can be viewed online and refunded directly to the account.
Car refund improvements
1. Receivables due to maturity
Before improvement: Direct visit to the bank window for refund
After improvement: In-person visit or online redemption possible
2. New Purchases
Before Improvement: Even when the refund period has come, there are cases where people forget to hold bonds, and there is a possibility that refund money will disappear due to difficulties in visiting the bank.
After improvement: Individual information is provided at maturity, and automatic deposit is made to the refund request account when bonds mature.
How to get a car refund
To apply for a car refund, you can use the bank used as a safe bank for each local government.
Online Reimbursement Bank by Region
By region – online – redemption – bank
By region – online – redemption – bank
※ 10 Nonghyup Banks (Ulsan, Gyeonggi, Gangwon, etc.), 2 Shinhan Banks (Seoul, Incheon), 2 Hana Banks (Daejeon, Sejong), 1 each of Busan, Daegu, Gwangju, and Jeonbuk Banks
If you registered in Seoul, you can apply for a car refund through the Shinhan Bank mobile app. Assuming that you registered in Daejeon, you can apply at Hana Bank.
Applying for a car refund
How to apply for online inquiry
Log in to the internet or website according to your local online repayment bank
Refund inquiry after entering resident registration number
Choose the refund you would like to apply for
Apply after checking refund information
Nonghyup-automobile refund-confirmation
Nonghyup-Main screen
When applying for a car refund through the bank’s website, you can easily view and apply for a car refund by clicking on utility bills -> regional development bonds.
If you do not see the section for regional development bonds, you can simply click on ‘public bonds’ and inquire and apply for car refunds.
What if I don’t have a car refund?
This is the case if you searched for the car refund through the above process and printed out that there are no bonds held.
That is ‘immediate sale’. This is because many people immediately sell their bonds while registering their car because the price of the bond is onerous.
In other words, since you sold immediately at the same time as the purchase, you cannot receive a refund because the accumulated car refund does not exist.