Can Regular 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 source of most mortgaged cars is unclear, and some may even be stolen vehicles. If you unknowingly purchase such a car, although it is not illegal, the vehicle may be confiscated or returned to the original 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 the loan fully repaid, but the owner is unwilling or unable to repay the financial company and does not cooperate with the transfer of ownership. Therefore, the financial company will legally transfer the debt, making such mortgaged cars safer to purchase. 3. Vehicle condition: Mortgaged cars are similar to used cars—they have been used by others. So, when purchasing a mortgaged car, it is essential to conduct a thorough inspection to determine if there are any serious issues. It is recommended that buyers perform this inspection with the assistance of professionals. 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.
