Can the vehicle green book be mortgaged to an individual?
2 Answers
Automobile green books can be mortgaged to individuals. Here are the relevant details: 1. Regulations: If the vehicle was purchased in full payment, it can be mortgaged to an individual. According to Article 22 of the "Motor Vehicle Registration Regulations": "When the owner of a motor vehicle uses the vehicle as collateral for a mortgage, they must apply for mortgage registration at the local vehicle management office. Present the motor vehicle registration certificate, identification documents of the mortgagee and mortgagor, fill out the 'Motor Vehicle Mortgage/Cancellation of Mortgage Registration Application Form', and for organizational entities, affix the official seal at the relevant counter to complete the process. 2. Note: When borrowers and financiers handle motor vehicle mortgage loans, they must go to the vehicle management department to complete the vehicle mortgage procedures. One of the steps involves adding the financier's name to the motor vehicle registration certificate, which protects the rights and interests of both parties and prevents the vehicle from being sold arbitrarily.
As an enthusiast who frequently deals with vehicle matters, let me talk about vehicle title loans. The vehicle registration certificate can be mortgaged to an individual, but it's crucial to comply with regulations, otherwise, the consequences can be severe. You must first sign a written mortgage contract, specifying the amount, term, and interest rate, then go to the local vehicle management office to complete the mortgage registration procedures. Otherwise, private transactions are invalid, and the vehicle may be driven away or resold by the owner at will. The risks are high—for example, if the borrower defaults, reclaiming the vehicle can be troublesome, and there are many cases of fraudulent loans. I once witnessed a friend suffer losses due to not registering the mortgage, losing both money and the car. It's advisable to verify the owner's credit before mortgaging and, ideally, seek help from a formal institution. This matter requires caution—don't skip steps. Safety first, protect your own interests.
