Can a car that is not under my name be mortgaged?
2 Answers
Yes, as long as the vehicle owner agrees, this type of loan is called an auto title loan. Below is relevant information about auto title loans: Fully-paid vehicle: A fully-paid vehicle refers to a car that is taken out for mortgage, and this car was either purchased with a one-time payment or was bought on installment with payments already completed—this is a fully-paid vehicle. Advantages of auto title loans: Quickly obtain cash for financial needs without selling the car, avoiding the time and cost of repurchasing a vehicle when funds become available. Eliminates the awkwardness of borrowing money from relatives or friends and prevents others from knowing about your financial shortage.
I believe mortgaging a car that is not under your own name is legally unfeasible unless you have formal authorization from the owner, such as a notarized power of attorney. Mortgaging involves ownership rights, and forcibly mortgaging a vehicle without the owner's consent constitutes an infringement of property rights, which could be deemed as fraud in severe cases, carrying significant legal consequences. From related cases I've seen, many banks and lending institutions strictly scrutinize documents, accepting only the owner's identification and vehicle registration certificate—anything less is unacceptable. To avoid complications, I recommend thoroughly communicating with the owner before considering a mortgage. If they agree and provide authorization, proceed through the proper channels; otherwise, steer clear entirely to prevent damaging relationships and credibility. Safety first.
