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What are the risks of buying a mortgaged car?

1 Answers

KevinFitz

07/29/25 1:05pm

The biggest risk of buying a mortgaged car is the inability to transfer ownership. A mortgaged car cannot be transferred before the mortgage is lifted. If purchased without the mortgage being lifted, it essentially constitutes a form of sub-mortgage. For a mortgaged car to be transferable, the owner must sign a mortgage release agreement. Pay attention to the source of the mortgaged car: The source of most mortgaged cars is unclear, with some even being stolen vehicles. If such a car is purchased unknowingly, although it is not illegal, the purchased vehicle may be confiscated or returned to the original owner, meaning you cannot keep the car even after purchase. Check the condition of the mortgaged car: A mortgaged car is similar to a used car, so when purchasing one, it is essential to conduct a thorough inspection to determine if the vehicle has any serious issues. It is recommended that buyers perform this inspection with the assistance of professionals.

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