Can Legally Mortgaged Cars Be Purchased?
1 Answers
They can be purchased, but there are risks involved. When buying a mortgaged car, pay attention to the following: 1. Source of the mortgaged car: The origin of most mortgaged cars is unclear, and some may even be stolen vehicles. If such a car is purchased unknowingly, although it is not illegal, the vehicle may be confiscated or returned to the rightful owner, meaning you cannot keep the car even after purchase. 2. Type of vehicle mortgage: Mortgaged cars are divided into fully-paid mortgaged cars and non-fully-paid mortgaged cars. Fully-paid mortgaged cars usually have their loans fully repaid, but the owner may be unwilling or unable to repay the financial company and does not cooperate with the transfer of ownership. In such cases, the financial company can legally transfer the debt, making the purchase of such a mortgaged car safe. 3. Vehicle condition: Mortgaged cars are similar to used cars in that they have been previously owned. Therefore, when purchasing a mortgaged car, it is essential to conduct a thorough inspection to determine if the vehicle has any serious issues. It is recommended to perform this inspection with the assistance of a professional. 4. GPS tracking: After purchasing a mortgaged car, promptly conduct a detailed inspection and dismantle any GPS tracking devices if found. Do not take any chances with this matter.
