Can Bank-Pledged Vehicles Be Purchased?

[BentleyAnn]

Bank-pledged vehicles can be purchased, but not directly. They must be bought through auction. During the bank's mortgage period, buying and selling are permitted. Although the vehicle's documentation is complete, the ownership cannot be transferred to the buyer, meaning it still legally belongs to someone else who can reclaim it at any time. If the original owner stops repaying the loan during the mortgage period, the bank can forcibly repossess the vehicle. Purchasing a vehicle without transferring ownership may result in fines if caught by the police. Additionally, annual inspections and scrapping of the vehicle in the future will require the original owner's presence. Mortgage characteristics: The mortgagor and mortgagee must enter into a mortgage contract in written form; the mortgage does not involve transferring possession of the mortgaged property; if the debtor fails to fulfill the debt, the creditor has the right to be preferentially compensated by the proceeds from the sale or auction of the property according to the law.