What does 'fully paid but not released from mortgage' mean?

[KaiLee]

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 in full payment, you can proceed to the bank to complete the release of mortgage after paying the money—this is actually handled by the dealer, though sometimes the owner may be asked to accompany. 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: 1. Age: The buyer must be at least 18 years old and a Chinese citizen with full civil capacity. 2. Assets: The buyer must have a relatively stable job and a steady income or possess assets that are easily liquidated to ensure timely repayment of the loan principal and interest. Easily liquidated assets generally refer to securities and gold/silver products. 3. Guarantee: Provide a guarantee recognized by the bank. If the buyer's household registration is not local, they must also provide joint liability guarantee. The bank does not accept the mortgaged vehicle purchased with the loan as collateral.