How to Ensure the Safety of a Mortgaged Vehicle?

[CameronDella]

Vehicles that are fully paid but seized with the green book (vehicle registration certificate) are considered the safest. These vehicles do not have outstanding bank loans, but the original owner owes money to a creditor. The creditor can apply for property preservation with the IOU, and the court will seize the owner's assets within three working days. Mortgaged vehicles can be categorized into fully paid mortgaged vehicles and non-fully paid mortgaged vehicles. Fully paid mortgaged vehicles usually have the loan fully repaid, but the owner is unwilling or unable to repay the financial company and does not cooperate with the transfer of ownership. Therefore, the financial company will legally transfer the debt, making such mortgaged vehicles safe to purchase. Mortgaged vehicles are similar to used cars—both have been used by others—so it’s essential to conduct a thorough inspection to identify any serious issues. It is recommended that buyers perform this inspection with the assistance of professionals. Required documents include the purchase invoice, vehicle certification, basic vehicle information form, maintenance manual, original owner’s mortgage contract and ID copy, vehicle license, insurance policy, and purchase tax certificate.