Can a Vehicle Be Transferred After Being Mortgaged?
1 Answers
No. Although a mortgaged vehicle can be purchased and used normally, the buyer does not have ownership rights over the vehicle, meaning it cannot be transferred. Below is a detailed explanation regarding auto mortgage loans: 1. Overview: An auto mortgage loan is a loan obtained from financial institutions or auto consumer finance companies using the borrower's or a third party's car or self-purchased vehicle as collateral. The primary purpose of using a vehicle as collateral is for quick capital turnover. 2. Basic Requirements: Conditions and materials needed to apply for an auto mortgage loan service include having a stable occupation, the applicant must own the mortgaged vehicle locally; long-term residence and work in the city where the service is provided; proof of occupation and economic income, vehicle registration certificate, driving license, additional purchase tax certificate, car purchase invoice; ID card, etc.