Does a vehicle count as a mortgaged car if the green book does not indicate a mortgage?
2 Answers
When the "Vehicle Registration Certificate" does not indicate a mortgage, the vehicle is not considered a mortgaged car. Generally, if a car is purchased with a loan, the green book will have a mortgage statement. If there is no such statement, it means the vehicle has not been mortgaged. The "Vehicle Registration Certificate," commonly known as the big green book, is equivalent to the vehicle's household registration. When a vehicle is mortgaged, the registration certificate must be pledged to the lending institution. In this case, the owner does not hold the registration certificate, meaning they do not have full ownership rights and cannot sell or transfer the vehicle. After obtaining the registration certificate, it is necessary to determine whether the vehicle has been mortgaged. Specifically, check the second page of the registration certificate for annotations. If the vehicle has been mortgaged, there will be a line stating "Mortgage Registration," indicating where the vehicle was mortgaged and the date of the mortgage. When the mortgage is released, there will also be an annotation stating the date of the release. Both the mortgage and release annotations must be present to confirm that the vehicle is not a mortgaged car. When purchasing a used car, it is best to complete all procedures before paying the full amount to the owner.
Hey, seeing you ask about this green book thing, I think it's really practical. The green book is the vehicle registration certificate. If there's no mortgage noted on it, generally speaking, the car isn't considered a mortgaged vehicle. Legally, a mortgage must be registered at the DMV, and after registration, it will be stamped and noted on the green book. No annotation means no official record. But don't be careless—I once had a friend who bought a used car with a clean-looking green book, only to find out later there was a private loan agreement, and he got scammed. I recommend spending some extra time before purchasing to pull the complete records at the DMV, checking for things like seizures or debt disputes. The used car market can be tricky; spending half an hour to verify can save you from future legal headaches. Safety first is always the right approach. Also, don’t forget to check the vehicle’s insurance and traffic violation records, as these can affect the car’s value.
