What are the different statuses of mortgaged vehicles?
1 Answers
The following are the different statuses of mortgaged vehicles: 1. Mortgaged status: This is the status when the vehicle owner mortgages the vehicle to a bank or company due to unpaid debts, and it is registered as such at the vehicle management office. This is a normal mortgaged status. 2. Seized status: The seized status is divided into two types: full payment seizure and mortgage seizure. 3. Locked status: There are many reasons for a vehicle to be locked, such as excessive unpaid traffic violations, hit-and-run accidents, vehicles under serious suspicion, vehicles reported stolen by the owner, or vehicles involved in legal cases where the court enforces a lock. This is a restrictive measure for motor vehicles and also a measure to protect the legal rights of collectives and individuals. 4. Normal status: Vehicles in this status are generally those where the owner cannot be contacted for an extended period of time.