Does a mortgaged vehicle have a green book?
2 Answers
A mortgaged vehicle with a green book should not be purchased. A mortgaged vehicle cannot be transferred because the original owner, when purchasing the vehicle, has already mortgaged the "registration certificate" (green book) to a bank or financial institution, and the status shows "mortgaged." Subsequently, the owner pawned the vehicle to a pawnshop, and if the owner cannot repay the debt and chooses to flee, this creates a debt dispute. The company that holds the "registration certificate" as collateral will then file a lawsuit to seize the vehicle, and the status will show "seized." Under the new traffic laws, the meaning of a seized vehicle is that it is prohibited from being traded or transferred, hence it cannot be legally transferred. Additional information: Lifting the mortgage on a vehicle requires the green book (vehicle registration certificate). To apply for the cancellation of the mortgage registration, both the vehicle owner and the mortgagee must jointly apply and submit the following documents and proofs. The relevant documents and proofs include: "Application Form for Vehicle Mortgage Registration/Pledge Filing"; identity proofs and copies of both the vehicle owner and the mortgagee; the vehicle registration certificate; if the mortgage is lifted by court mediation, ruling, or judgment, the vehicle owner or mortgagee must also submit the effective "Mediation Agreement," "Ruling," or "Judgment" issued by the court, along with the corresponding "Notice of Assistance in Execution"; if the application is handled by an entrusted agent (or an employee of the unit), a "Power of Attorney for Vehicle Business" and the identity proof and copy of the agent (or entrusted person) must also be submitted.
To be honest, I've been driving for twenty years, and it's true that a mortgaged vehicle is registered with the green book, which is the motor vehicle registration certificate, that little green booklet. But this document is usually not in the hands of the owner during the mortgage period; instead, it's held by the bank or loan company. I've seen many friends who bought mortgaged cars only to have the vehicle suddenly repossessed because the loan wasn't fully paid off. So when buying a used car, you really need to be extra careful and check whether the green book status shows the mortgage as canceled. If you proceed with the deal without verifying this, it's like throwing money down the drain. I recommend going to the DMV or a 4S shop to conduct a vehicle record check—safety first. Don't think you're getting a bargain just because it's cheap. Actually, the green book is the car's ID card; without it, you can't even transfer ownership, and the risk is too high. I always advise people to take a few extra days to check all the paperwork before buying a car and not to rush into paying, so they don't end up regretting it later.
