What Happens After a Mortgaged Vehicle Is Seized?

[VanHenry]

A mortgaged vehicle in a seized state should be returned, as in principle, a mortgaged item cannot be transferred without the consent of the mortgagee. Below are relevant details about choosing a mortgaged vehicle: Source of the Mortgaged Vehicle: First, ensure the mortgaged vehicle comes from a legal and legitimate source, which is fundamental to protecting your interests. If the vehicle is stolen or otherwise illegal, it could cause significant losses to your interests. Documentation of the Mortgaged Vehicle: This includes the vehicle's age, registration certificate, etc., along with copies of the owner's ID. The buyer should verify these documents to ensure their authenticity, which can greatly reduce risks. Type of Mortgage: It's important to distinguish whether the vehicle is mortgaged through a bank installment loan or to a lending institution, as the two differ. If the owner sells the vehicle before repaying the bank loan, do not purchase it, because if they fail to make timely payments, the bank has the right to apply for the vehicle's auction, causing substantial financial loss to the buyer.