Is It Advisable to Purchase a Bank-Mortgaged Vehicle?
1 Answers
Bank-mortgaged vehicles cannot be transferred, so it is not recommended to purchase them. Below are some considerations regarding mortgaged vehicles: 1. Source: If you intend to purchase a mortgaged vehicle, it is crucial to verify its source. If the vehicle is stolen or illegally obtained, it must not be purchased. Even after purchase, such vehicles may be seized by public security authorities, resulting in significant financial losses for the buyer. 2. Complete Documentation: The necessary documents must be complete, including a clear mortgage agreement provided by the lending institution, as well as the borrower's identity information, such as a copy of their ID card.