What to Do If the Original Owner Takes Back a Purchased Mortgaged Vehicle?
2 Answers
You can report to the police or file a lawsuit to protect your legal rights. Below is relevant information: Mortgaged Vehicle: When a motor vehicle is used as collateral, it is referred to as a mortgaged vehicle. For example, Party A's vehicle is mortgaged to Party B as a form of security. Precautions: Generally, avoid purchasing mortgaged vehicles during the mortgage period or before the debt is fully settled, as this carries risks. When buying a mortgaged vehicle, always check the mortgage registration details in the "Motor Vehicle Registration Certificate." If the latest mortgage registration has been canceled, it indicates that the secured debt has been fulfilled, and the vehicle is no longer mortgaged, making it safe to purchase.
I bought a financed car, and the original owner suddenly drove it away. What a headache. This situation often occurs because the car still has outstanding loans, and the finance company or bank has the right to repossess it. The original owner might even have taken it back secretly. My advice is not to act impulsively. Report it to the police immediately and bring documents like the purchase contract and payment receipts to prove the car is now my property. Also, contact the seller or dealership to see how they can handle it. If legal action is needed after reporting to the police, hiring a lawyer to recover losses might be necessary. Considering the high risks of buying financed cars, I suggest checking the vehicle's history, like the VIN, before purchasing next time to ensure there are no unpaid debts. Some platforms offer free VIN check services, which are very useful. Remember, don’t delay in such situations, or it will be harder to recover the car.
