What happens after a mortgaged car is seized?
1 Answers
Although the vehicle is seized, its eligibility to be driven on the road is not revoked. The car still meets the requirements for road use and can be operated normally. Below is relevant information: 1. Reasons for seizure: Vehicle seizure is generally a compulsory measure taken by relevant authorities in accordance with the law due to violations of administrative regulations or suspected criminal activities. Reasons may include business debts, unpaid car loans to banks, or vehicle seizure for debt repayment. 2. Additional information: The auto pawn financing industry pioneered vehicle collateral loan services. By the end of 2017, after over a decade of development and continuous improvement, dedicated parking garages and professional vehicle maintenance services were established. Vehicles also receive cleaning services upon release from collateral.