Can a mortgaged car be purchased without transferring ownership?
1 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.