Are There Still Risks After a Successful Used Car Transfer?
1 Answers
Normally, there are no further risks after successfully transferring ownership of a used car. Below are the risks associated with not transferring ownership when purchasing a used car: 1. For the seller: If the vehicle is transferred without completing the legal transfer of registration, the original owner retains ownership of the vehicle. In the event of a traffic accident, the owner who has not completed the transfer will bear greater responsibility, potentially facing undeserved compensation claims and unexpected costs. Therefore, it is essential to complete the transfer procedures at the motor vehicle registration authority after the transaction. 2. For the buyer: Although you may possess and drive the used car daily, the ownership has not been transferred to your name. If the seller later changes their mind, they can reclaim the car. Additionally, if authorities seize the seller's assets, the car may still be subject to seizure, resulting in a loss for the buyer.