Is there a time limit for vehicle mortgage?

[McAnnie]

There is no specific time limit for vehicle mortgage. Meaning of mortgaged vehicles: Mortgaged vehicles are generally pledged to lending institutions through proper procedures with complete documentation and various signed agreements. The price of mortgaged vehicles is much lower than market value. Purchasing a mortgaged vehicle allows normal driving, vehicle inspection, and insurance purchase, with the only drawback being the inability to transfer ownership. Relevant regulations on mortgaged vehicles: Article 406 of the Civil Code states that during the mortgage period, the mortgagor may transfer the mortgaged property. If the parties have agreed otherwise, such agreement shall prevail. The transfer of mortgaged property shall not affect the mortgage rights. The mortgagor shall promptly notify the mortgagee when transferring mortgaged property. If the mortgagee can prove that the transfer of mortgaged property impairs the mortgage rights, they may request the mortgagor to use the proceeds from the transfer to repay the debt in advance or place it in escrow. Any surplus from the transfer proceeds beyond the debt amount belongs to the mortgagor, while any deficiency shall be paid by the debtor.