Does a mortgaged car have a green book?
2 Answers
Yes, it has a green book. Below is relevant information about the vehicle green book: Introduction: The vehicle green book is the 'Vehicle Registration Certificate'. It serves as the legal proof of vehicle ownership and is a necessary property certificate for the vehicle. If it is lost, missing, or damaged, the vehicle owner must apply for a replacement or reissuance at the local vehicle management office where the vehicle is registered. Importance: The 'Motor Vehicle Registration Certificate' is a necessary property certificate for the vehicle, kept by the vehicle owner and not carried with the vehicle. It is required for any subsequent vehicle registration procedures such as transfer or change of ownership, and records the relevant details of the vehicle, equivalent to the vehicle's household registration book.
Of course, a mortgaged car doesn't come with the original green book! This thing is officially called the vehicle registration certificate, usually locked in the bank or financial company's safe. My friend bought a mortgaged car last year to save money, and the seller only gave him a photocopy of the green book. As a result, this year the original owner defaulted on the loan, and the car was repossessed by the finance company in the middle of the night—even the court didn't support his claim. Remember this when buying such cars: the green book cannot be transferred before the loan is fully paid off, and the mortgage status can't be removed from the DMV system. Don't believe any nonsense about 'pledging the green book'—a photocopy is just a worthless piece of paper. The day the real creditor comes to repossess the car, you won't even have a place to cry.
