How to mortgage parents' car?

[VonBrooke]

Borrowers need to bring their parents to the relevant institution to complete a notarized power of attorney together. Chinese citizens aged 18 to 60 with full civil capacity.

[JeffreyRose]

Mortgaging your parents' car involves several key steps. First, your parents must be physically present to sign a consent form since the vehicle ownership is under their name. As their child, it's best to accompany them during the process, as core documents like the vehicle title (big green book), registration certificate, and original ID cards are required. At the bank or lending institution, staff will thoroughly inspect the vehicle's status, checking for any outstanding loans. Next, an appraiser will evaluate the car's value based on factors like age, mileage, and brand to determine the loan amount. After signing all documents, a separate trip to the DMV is needed to complete the mortgage registration, which will be noted on the vehicle title. The entire process typically takes around three to five working days. It's advisable to research interest rates and fees across different institutions beforehand to avoid unexpected costs.