Can a Mortgaged Car Be Driven for a Lifetime? Is It Legally Protected?

[StKaleb]

Mortgaged cars cannot be driven for a lifetime, but they are legally protected. Mortgaged cars are legally protected: This is a restricted form of legal protection. In a loan agreement, if the borrower provides a vehicle as collateral and fails to repay the loan by the due date, the lender can take possession of the mortgaged vehicle and has the right to use it. Once the borrower repays the outstanding amount, the lender must return the vehicle to the borrower. Methods of vehicle mortgage: Mortgaged cars are divided into fully paid mortgaged cars and non-fully paid mortgaged cars. Fully paid mortgaged cars generally have their loans fully repaid, but the owner is unwilling or unable to repay the financial company and does not cooperate with the transfer of ownership. Therefore, the financial company can legally transfer the debt, making the purchase of such mortgaged cars safe. Non-fully paid mortgaged cars, however, are still under mortgage status with the vehicle management office and the bank. If the owner sells such a car privately, it is illegal and should not be purchased.