Does a mortgaged car have a green book?

[GemmaFitz]

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.

[MilaLynn]

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.

[AlexaLynn]

I've been in the used car business for twelve years, and every day someone asks me if they can buy a mortgaged car. Let me be clear: any car without a released mortgage will have its green title 100% held by the mortgagee! Banks, financial companies, even pawn shops—whoever issued the loan keeps the title. Some sellers might say, 'You can get the title once the loan is settled,' which sounds simple, but do you know how much the original owner still owes? I've seen tragedies where buyers paid over a hundred thousand to help settle the loan, only to find out the car had a second mortgage! If you really want to buy, focus on three things: check the vehicle management records to confirm the mortgage holder, sign an agreement for the original owner to settle the loan in person, and make sure you see the green title with the mortgage released.

[Danielle]

Mortgaged car with the green book? This question is contradictory in itself. The vehicle registration certificate is a proof of property rights and is legally held by the mortgagee during the mortgage period. Last year, there was a case where a buyer took a 'green book' provided by the seller to the vehicle management office, only to be identified by the police on the spot as a fake document. There are three statuses for a vehicle: fully paid with no mortgage, mortgaged but not fully paid, and seized or impounded. The latter two cannot be transferred at all. If you really want to check the details, bring your ID to the vehicle management office and spend five yuan to print the registration information form. The key is to check whether the 'mortgagee' column is blank. Only when it's blank can you buy it!

[StJames]

My auto repair shop is right next to a business dealing with mortgaged cars, and I see them taking in vehicles every day. The green books (vehicle registration certificates) of these cars are all held by financial institutions, and what's displayed in the showroom are just empty document folders. Before taking delivery, buyers sign a 'Debt Transfer Agreement,' essentially purchasing the original owner's debt rather than the vehicle's ownership rights. The most deceptive is the 'rent-to-own' type: nominally, the green book is with the financing company, but the actual ownership hasn't even been transferred! I advise ordinary people to steer clear of such cars—when it comes to repairs, you can't even get original parts because the chassis number isn't recognized in the manufacturer's system!

[StLucas]

Last month, I helped my cousin with a lawsuit involving a mortgaged car and thoroughly researched this murky area. As long as a vehicle is mortgaged, the registration certificate is always taken by the creditor, based on Article 406 of the Civil Code. The creditor has the right to use the green book (vehicle registration certificate) for other rights registration. I’ve even seen more cunning tactics: a seller simultaneously registered mortgages with two companies, handed the green book to Company A, but lied to Company B, claiming the book was back in their hometown! So don’t just rely on the green book shown in the seller’s video—you must log into the traffic management app 12123 in person to check the electronic records. If the electronic records show words like 'seized' or 'mortgaged,' don’t take the car even if it’s free!