Can Mortgaged Vehicles Be Sold or Purchased?

[EdwardLee]

Mortgaged vehicles that are not illegal can be bought and sold. Below is relevant information about mortgaged vehicles: Introduction: Simply put, a mortgaged vehicle is a loaned car, referring to a car that the owner has mortgaged to a bank or lending institution when taking out a loan. Advantages: Quickly obtain cash for turnover without selling the car, avoiding the time and cost of repurchasing a vehicle when funds become available. No local household registration is required; as long as the car is owned by the individual, it can be used for a mortgage loan. No lengthy appointments are needed—any legally registered and compliant vehicle can qualify for a loan without any upfront deposit. Only legal and qualified vehicles are accepted, ruling out cloned or assembled cars. When necessary, forensic vehicle inspection or handling by public security authorities may be required.

[MacConnor]

Mortgaged vehicles can indeed be bought and sold, but the process is more complex as it involves the release of the collateral. I recall that a car, being a secured asset, must have its loan fully repaid before it can be transferred. If a buyer fails to confirm whether the mortgage has been lifted, they might pay for the car only to have it repossessed later, leading to significant losses. From personal experience, a friend once bought a mortgaged car at a bargain price without settling the debt, which later resulted in a legal dispute. It's advisable to first contact the lending bank or institution to obtain written consent, pay off the remaining balance, and then proceed to cancel the mortgage registration at the vehicle management office before completing the transaction. When buying or selling used cars, checking the vehicle history report is crucial—online platforms can clarify the debt status. Don't skip steps to save trouble; only a secure transaction ensures peace of mind on the road.

[LaElias]

Mortgaged cars can be bought and sold—I once sold an older car that was still under loan. The key steps are obtaining prior approval from the bank, paying off the remaining balance to release the mortgage, and then transferring ownership. Otherwise, the buyer faces significant risks. I often share such stories in WeChat car enthusiast groups, where some sellers with unresolved debts tend to back out of deals. During transactions, it's advisable to use a third-party platform to hold funds until the registration is completed. In the market, mortgaged used cars are priced lower, which is attractive but comes with many pitfalls. I must emphasize that buyers should proactively check the vehicle status report to avoid future troubles. Stay calm, don’t act impulsively, and handle the process correctly.

[Khloe]

Buying and selling mortgaged vehicles is possible but carries significant risks. If the loan isn't cleared, the buyer may lose the vehicle to creditors after payment, resulting in financial loss. Having evaluated similar cases, I confirm that transferring ownership without lifting the mortgage is illegal, often leading to escalated disputes. Always request debt clearance proof from sellers or use professional intermediaries to ensure transaction security before proceeding. Never purchase based solely on low price.