What does 'Fully Paid but Not Released from Mortgage' mean?
1 Answers
Fully paid but not released from mortgage means the vehicle is still in a mortgaged status. Dealers mortgage their inventory vehicles to banks for financing purposes. If you purchase the vehicle with full payment, you can proceed to the bank to release the mortgage after payment—this is actually handled by the dealer, sometimes requiring the car owner's presence. If you buy the car with a loan, the mortgage will only be released after the final payment is made. Below are the requirements for those who want to buy a car with a loan: Age: The buyer must be at least 18 years old and a Chinese citizen with full civil capacity. Assets: The buyer must have a stable job and a relatively stable income or possess easily liquidated assets to ensure timely repayment of the loan principal and interest. Easily liquidated assets generally refer to securities, gold, silver products, etc. Guarantee: Provide a guarantee approved by the bank. If the buyer's household registration is not local, they must also provide joint liability guarantees. The bank does not accept the mortgaged vehicle purchased with the loan as collateral.