Are There Still Risks After a Successful Used Car Transfer?
1 Answers
Normally, there are no further risks once the transfer of a used car is successfully completed. Below are the risks associated with not transferring ownership when buying a used car: For the seller: If the vehicle is transferred without completing the legal ownership transfer process, the original owner retains ownership of the car. In the event of a traffic accident, the seller who did not complete the transfer may bear greater liability, including compensation costs, leading to unexpected consequences. Therefore, after completing the vehicle transaction, it is essential to complete the transfer procedures at the vehicle registration authority. For the buyer: Although the buyer possesses the used car and can drive it daily, if the ownership is not transferred to their name, the seller may reclaim the car if they change their mind later. Additionally, if authorities seize the seller's assets, the car may still be subject to confiscation, resulting in a loss for the buyer.