What Kind of Mortgaged Vehicles Are Legal to Purchase?
1 Answers
Mortgaged vehicles are generally not legal to purchase, but they can be bought with associated risks. Points to consider when purchasing a mortgaged vehicle: 1. Source of the Mortgaged Vehicle: The origin of most mortgaged vehicles is unclear, and some may even be stolen. If purchased unknowingly, while it may not be illegal, the vehicle could be reclaimed or returned to the rightful owner, meaning you may not retain ownership even after purchase. 2. Type of Vehicle Mortgage: Mortgaged vehicles are categorized into fully paid and non-fully paid. Fully paid mortgaged vehicles usually have their loans settled, but the owner may be unwilling or unable to repay the financial company and does not cooperate with the transfer of ownership. In such cases, the financial company can legally transfer the debt, making such purchases safer. 3. Vehicle Condition: Mortgaged vehicles are similar to used cars—they have been previously owned. Therefore, it's crucial to conduct a thorough inspection to identify any serious issues. It's recommended to have this inspection done with the assistance of a professional. 4. GPS Tracking: After purchasing a mortgaged vehicle, it's important to conduct a detailed inspection for any installed GPS trackers. If found, they should be removed immediately—never take chances.
