Can a Mortgaged Car Be Sold?
2 Answers
It cannot be bought or sold normally. Here are the precautions regarding mortgaged cars: Source of the mortgaged car: If you intend to purchase a mortgaged car, you must clarify its source. If the car is stolen or seized, it must not be purchased. Even after purchase, it may be confiscated by public security authorities, resulting in significant financial loss for the buyer. Complete documentation is required: Relevant documents must include a clear mortgage agreement from the lending institution, as well as the borrower’s identity information, such as a copy of their ID card. Mortgaged cars are divided into fully paid and non-fully paid mortgaged cars. A fully paid mortgaged car must meet one of the following conditions: the car was purchased with a one-time payment; or it was bought on installments, the payments have been completed, but the owner is unwilling or unable to repay the financial company and does not cooperate with the transfer, leading the financial company to legally transfer the debt. A non-fully paid mortgaged car refers to a car that is still under mortgage with the vehicle management office or bank when it is sold.
Can a mortgaged car be sold? To be honest, it's quite complicated. I have a friend who works at a lending bank and often mentions that mortgaged vehicles are held by the bank. Theoretically, they can be sold, but the loan must be paid off in advance or written consent obtained. If sold secretly, it may legally constitute a breach of contract or even fraud. For example, the car could be repossessed, and it would affect personal credit. Once blacklisted, it would be difficult to get any loans approved. If you really want to sell, I suggest first contacting the mortgage institution to discuss options, such as partial repayment or debt transfer. Don't take risks—going through official channels is safer. There are many real-life cases where private transactions led to legal trouble, losing both the car and the money. Safety first. Buyers should also check records thoroughly to avoid such pitfalls.
