Can a Car with a Mortgaged Green Book Be Sold?

[JustinFitz]

A car with a mortgaged green book can be sold, but there are risks involved. Before selling, it is necessary to communicate with the creditor; otherwise, the car may be reclaimed by the bank or sealed by the court, making it undrivable. Types of loans for mortgaged cars: Mortgaged cars are essentially loaned cars, which come in two forms: one is a vehicle purchased through bank installment loans, and the other is a vehicle obtained through personal credit institutions or company loans. Regardless of the type of mortgaged car, if the mortgage has been lifted, the sale is legal and carries no risk, allowing for a smooth transfer of ownership. However, if the mortgage has not been lifted, risks may arise because, in legal terms, the new owner cannot complete the transfer of ownership. Precautions for buying and selling mortgaged cars: If the original owner fails to make timely repayments, a bank-financed vehicle may be reclaimed by the bank. For vehicles mortgaged through personal credit or company loans, legal action can be taken to seal and auction the car. In such cases, the new owner can only demand repayment from the original owner for the purchase price.