Is it possible to buy a mortgaged vehicle with the original vehicle license?
3 Answers
Bank-mortgaged vehicles with complete documentation that have reached their mortgage term can be purchased. Here is relevant information about purchasing mortgaged vehicles: 1. Source of the mortgaged vehicle: The most important aspect when buying a mortgaged vehicle is to know the source of the car. Purchasing an illegally mortgaged vehicle, which is an unlawful car, can impose significant legal liabilities on the buyer. 2. Engine inspection: When purchasing a mortgaged vehicle or a used car, it is essential to check whether the engine has been tampered with. Listen to the engine sound and take a test drive. It is best to have a professional auto repair technician accompany you to inspect the car; otherwise, resolving issues with the purchased vehicle later can be very troublesome.
Last time I accompanied a friend to check out this kind of mortgaged car with a green title. It looked legit on the surface, but the risks were too high. The seller would swear up and down that the title transfer was guaranteed, but it's all meaningless if the bank's lien isn't released. A friend who works in the court told me that even if you have the title in hand, as long as the original owner hasn't paid off the loan, the bank can apply for repossession anytime. I know someone who bought an Audi A6 at a bargain price, only to have it towed away by the court six months later in the middle of the night—no one even compensated for the parking fees. In the used car market, those nearly-new cars priced 30,000 to 50,000 below market value? Eight out of ten are this kind of trap. Seriously, don't touch them.
In our repair shop, we've seen numerous cases where people suffer in silence after buying mortgaged vehicles. It's true that the green book is genuine, but without lifting the mortgage registration, the car will never truly belong to you. What's more troublesome is that the original owner might have installed over a dozen GPS devices on the car, making it impossible to remove them all. Last year, a client bought a Range Rover, only to have it towed away by the financing company at 2 AM. You also need to watch out for refurbished accident cars—we've seen cases where the VIN of a flood-damaged car was altered and placed on a mortgaged vehicle. Rather than chasing such bargains, it's better to save up for a couple more years. The residual value of a repaired mortgaged car is often slashed by half.
