Under What Conditions Are Mortgaged Vehicles the Safest?
1 Answers
Among mortgaged vehicles, the following five conditions are considered the safest: fully paid with the vehicle title, fully paid but not mortgaged without the title, fully paid but not released from mortgage with the title, fully paid but not released from mortgage with the title and a settlement certificate, and fully paid but seized with the title. However, this can vary depending on the situation. Given the prevalence of economic disputes and the complexity of causes, it ultimately depends on the contract and documentation, and whether the purchaser is the primary creditor. Methods to check if a vehicle is mortgaged: You can examine the motor vehicle registration certificate, specifically the section on mortgage registration. If the last mortgage registration has been canceled, it indicates that the vehicle's secured debt has been fulfilled, meaning it is no longer a mortgaged vehicle and can be purchased. If the mortgage registration has not been canceled, the vehicle management office will not process the transfer, and purchasing it could pose risks. You can also inquire at the vehicle management department, but this must be done by the owner. Therefore, it is advisable to go with the owner to the vehicle management department for inquiries. Insurance companies can also provide information, as the beneficiary of car insurance varies depending on the vehicle's status. For instance, if the vehicle is under a mortgage loan, the beneficiary would be the bank.
