What are the new regulations for mortgaged vehicles in 2020?

[DeEmersyn]

2020 new regulations for mortgaged vehicles: Buying and selling mortgaged vehicles is not illegal, but if the mortgage is not lifted and the related debts are not repaid on time, the creditor can apply for the auction of the vehicle to repay the debt. Both or all three parties involved in a legitimate mortgaged vehicle transaction should go to the local vehicle management office, the registration authority for motor vehicles, to complete the mortgage registration. The registration record can be displayed in the motor vehicle registration certificate, which includes a dedicated page for mortgage registration records, showing the mortgage's time, validity period, as well as records of changes and cancellations. The major issue with mortgaged vehicles is that they may be seized by the bank at any time, leading to the vehicle being confiscated and resulting in the loss of both the money and the vehicle.