Can I Buy a Mortgaged Car?

[Vanessa]

If the mortgage has been lifted, the mortgaged car can be bought; if the mortgage has not been lifted, it means the ownership of the car does not temporarily belong to the owner, and it cannot be purchased. When buying a mortgaged car, pay attention to who has the ownership of the vehicle, whether the vehicle can go through the transfer procedures at the vehicle management office, and whether there are still outstanding loans on the vehicle. Mortgaged cars are divided into fully paid mortgaged cars and non-fully paid mortgaged cars. A fully paid mortgaged car needs to meet one of the following conditions: 1. The car was bought with a one-time payment; 2. The car was bought on installments, and the payment has been completed, but the owner is unwilling or unable to repay the financial company and does not cooperate with the transfer, so the financial company legally transfers the debt. A non-fully paid mortgaged car refers to a car that is still in a mortgaged state with the vehicle management office and the bank when it is sold.

[Isabella]

I think buying a mortgaged car requires extra caution. A friend of mine bought one last year at an unbelievably low price, only to have the original owner's creditors show up and tow the car away after just a month. He lost tens of thousands and went through a lengthy legal battle. The lesson is clear: always check the vehicle's mortgage status before buying—use the DMV or apps to verify if there are any court seizures or outstanding loans. If the ownership is unclear, transferring the title can be a nightmare; banks won't release the lien, and you can't complete the transfer. Also, don't overlook the car's history—check for accidents, repairs, and other details. It's best to go through reputable channels, use reliable intermediaries, and sign contracts that clearly outline risk responsibilities. While the risks are high, it's still feasible if you do your homework thoroughly.

[Clara]

As a young person looking to save money, I think buying a mortgaged car is quite cost-effective. Last year, I bought one where the original owner still had outstanding loans, and I got a 40% discount. It's been running fine so far. Of course, there are potential risks, such as the car being repossessed or future disputes. The key steps are to find a professional intermediary or used car market to help ensure the mortgage contract is clearly resolved before transferring ownership. Don’t be careless when checking vehicle documents—the vehicle license and property registration are crucial. Nowadays, online platforms make it easy to check vehicle reports, so avoid buying cars through private deals just to save a few bucks. While the price might be tempting, act rationally and don’t make impulsive decisions.

[LeAdrian]

Handling such matters often involves significant risks. I've dealt with multiple disputes where buyers thought they got a bargain, only for the original owner to default and the car to be repossessed. Legally, the bank must approve the release of the lien; otherwise, the transfer of ownership is invalid. I recommend consulting professional agencies to check the vehicle's details, including accident and mortgage records. Nowadays, the system makes it very convenient to perform these checks. Don't act impulsively just because of a low price—high risk may bring high rewards, but it's always better to be safe than sorry.