What is the source of mortgaged vehicles?
1 Answers
The source of mortgaged vehicles is when the vehicle owner uses the car as collateral to a lending company or related platform and fails to repay the loan within the stipulated period. The lending company then sells the vehicle to others through debt transfer. Below is relevant information about mortgaged vehicles: 1. Regulations: Mortgaged vehicles can undergo normal annual inspections. The law explicitly states that for vehicles in a mortgaged or seized status, the department or individual holding the vehicle must conduct annual inspections on time. Mortgaged vehicles can normally purchase insurance through insurance companies, with the beneficiary being the owner who holds the right to use the vehicle. The purchase and claims process is no different from that of a regular used car. 2. Precautions: When purchasing a mortgaged vehicle, it is essential to inspect the vehicle's condition, including mileage, age, and overall state. Avoid purchasing mortgaged vehicles that have been involved in accidents.