Can a mortgaged car with a settlement certificate be purchased?
1 Answers
A mortgaged car with a settlement certificate can be purchased because the settlement certificate indicates that the vehicle does not owe any money to anyone, and the debt relationship is relatively simple, thereby reducing some risks. With the car in hand, the owner becomes the first creditor. According to some provisions of the Property Law, the owner will legally possess the vehicle. Settlement certificate: It refers to the written document provided by the lending bank after the owner has repaid the bank loan, proving that the borrower has completed the repayment of the loan. Related information: The "Loan Settlement Certificate" is required to go through the release procedures with relevant authorities (if a mortgage registration has been processed). Having a settlement certificate means that the loan for this car has been fully repaid, and the bank has issued the settlement certificate. There may be other reasons why the mortgage has not been released temporarily. If the original owner does not come forward, the mortgage cannot be lifted, which is the case for a mortgaged car with a settlement certificate.