Can a Mortgaged Vehicle Be Transferred or Relocated?

[LaJuliet]

Mortgaged vehicles cannot be transferred or relocated. Definition of a Mortgaged Vehicle: Mortgaged vehicles differ from other vehicles because their title (green slip) is held by the bank as collateral. Transferring ownership of such a vehicle requires this title. Buyers of mortgaged vehicles essentially enter into a contract with the bank or platform, allowing them to legally drive the vehicle. However, it is crucial to thoroughly inspect and remove any GPS trackers and, ideally, replace locks and other security devices. Reason Why Mortgaged Vehicles Cannot Be Transferred: During the mortgage period, ownership of the vehicle remains with the original owner. According to relevant laws, purchasing a mortgaged vehicle does not grant ownership rights. The original owner must first cancel the mortgage agreement before the vehicle can be transferred.