Where Are Legally Bank-Mortgaged Vehicles Auctioned?
2 Answers
For guaranteed mortgaged vehicles, the best option is to purchase them from judicial authorities. Judicial authorities periodically sell mortgaged vehicles on auction websites, and after the transaction is completed, assistance will be provided to handle the vehicle release procedures. Below are the relevant details: 1. Precautions: It should be noted that not all mortgaged vehicles auctioned by judicial authorities can be transferred. Judicial authorities can only assist with the release. According to relevant regulations, transfer requires ensuring that the vehicle has no traffic violations or unresolved accidents. Some mortgaged vehicles may have accumulated many violations exceeding 12 points, which require the original owner to handle personally. 2. Mortgaged Vehicles: Mortgaged vehicles are divided into fully-paid mortgaged vehicles and non-fully-paid mortgaged vehicles. Fully-paid mortgaged vehicles are legal and can be traded, while non-fully-paid mortgaged vehicles are illegal and cannot be traded.
Nowadays, many legitimate banks sell repossessed vehicles through online auction platforms, such as popular websites like Taobao Judicial Auctions and JD Auctions. I often browse these apps myself to look for bargains. You can download a bank's official app or follow their WeChat public account to see the latest auction listings, which usually include detailed vehicle condition descriptions and starting bids. If you're not keen on browsing online, you can also visit professional auction centers in major cities, like auto malls in Beijing or Shanghai, which hold auctions periodically. However, be cautious before buying—check the vehicle's history thoroughly and ensure the transfer procedures are legitimate to avoid disputes. After all, these are second-hand cars repossessed by banks, which may have hidden issues despite their low prices. It's best to bring a car-savvy friend to inspect the vehicle—don't let the low price lead to regrets later.
