Can a Car with a Mortgage Be Transferred?
1 Answers
A mortgaged car cannot be transferred. If a car has been mortgaged, it means the ownership rights of the car temporarily do not belong to the owner. Therefore, the owner does not have the right to transfer the car, which is not temporarily theirs, to someone else. The mortgage must be fully repaid, and the mortgage must be lifted to confirm ownership before the transfer can be processed. Below is relevant information about choosing a mortgaged car: 1. Source of the Mortgaged Car: First, ensure the mortgaged car comes from a legal and legitimate source, as this is fundamental to protecting your interests. If the car is stolen or otherwise illegal, it could cause significant financial loss. 2. Documentation of the Mortgaged Car: This includes the car's age, vehicle registration certificate, etc. Additionally, the seller should provide copies of the owner's ID and other relevant documents. The buyer should verify these documents to ensure their authenticity, which can greatly reduce risks. 3. Type of Mortgage: It is important to distinguish whether the car is mortgaged through a bank installment loan or to a lending institution, as the two methods differ. If the owner sells the car before repaying the bank loan, do not purchase it, because if they fail to make timely repayments, the bank has the right to apply for the car to be auctioned, causing significant financial loss to the buyer.
