Do pawnshops require the vehicle green book for collateral?
2 Answers
It needs to be handed over to the pawnshop, and they should be informed to keep it safe. Here are the specific details: 1. Mortgage registration: The green book is required as collateral. After repayment is completed, the owner must bring the settlement certificate, ID card and other documents to the vehicle management office to complete the mortgage cancellation registration. Only then does the vehicle truly belong to the owner. Without completing this registration, ownership doesn't fully transfer to the user, making future sales transactions impossible. 2. Registration regulations: According to motor vehicle registration regulations, when ownership of a registered motor vehicle is transferred, the new owner must apply for transfer registration at the local vehicle management office within 30 days from the date of delivery. Before applying for transfer registration, all traffic violations and accident liabilities related to the vehicle must be settled.
I once pawned my car, and the pawnshop explicitly required me to hand over the vehicle title (green book) as collateral. They explained this was to secure their rights—if I failed to repay, they could directly dispose of the car, such as selling it to settle the debt. The process was quite convenient: I just needed to bring the car and my documents, they assessed its value and gave me the money, but I had to sign a contract specifying the repayment period and interest. Honestly, there’s some risk—if you forget to redeem it, the car is gone. So, I recommend checking the pawnshop’s reputation before pledging and avoid chasing excessively high loans. Also, the car’s condition affects the appraisal value; a cleaner car might fetch more. A friend told me some pawnshops are unregulated and charge extra fees, so ask questions upfront to avoid scams. After all, a car is personal property, and losing it would be a shame. In short, pawning the title is common practice, but stay vigilant.
