Can a mortgaged car be purchased without transferring ownership?
2 Answers
It is possible to purchase a mortgaged car without transferring ownership, but only if the mortgage has been cleared. If a car has been mortgaged, it means the ownership rights temporarily do not belong to the original owner. Therefore, the original owner does not have the right to transfer a car that does not currently belong to them to someone else. Purchasing such a car carries significant risks. Considerations when buying a mortgaged car: 1. Verify the source of the mortgaged car: If you intend to purchase a mortgaged car, it is crucial to confirm its source. If the car is stolen or involved in illegal activities, it must not be purchased. Even after purchase, the vehicle may be seized by authorities, leading to substantial financial loss for the buyer. 2. Documentation: Ensure the lending institution provides a clear mortgage agreement and the borrower's identity information.
As someone who frequently deals with automobile transaction disputes, I firmly believe that purchasing a mortgaged vehicle without completing the title transfer is absolutely unacceptable. The reason is simple: a vehicle mortgage means the ownership still lies with the bank or creditor, and without obtaining the title transfer certificate, you are not the legal owner. Even if you buy it, you won't be able to drive it for long, as the original creditor can reclaim it at any time. I've seen cases where buyers paid the money only to get entangled in lawsuits, have the car repossessed, and even end up bearing debt liabilities. This not only wastes money but also damages personal credit records. Don't be tempted by the low price; always check the vehicle's history and status thoroughly, ensuring the mortgage is cleared before proceeding with the title transfer. Safe and formal transactions are the long-term solution—avoid losing big for small gains.
