Which Status of Mortgaged Vehicles is the Safest?
1 Answers
Fully paid with the vehicle title, fully paid without mortgage and without the title, fully paid without mortgage release but with the title, fully paid without mortgage release but with the title and settlement proof, fully paid but seized without mortgage release and with the title. These five statuses of mortgaged vehicles are the safest. Here’s how to check if a vehicle is mortgaged: Check the registration certificate: You can inspect the motor vehicle registration certificate for details about the mortgage registration. If the last mortgage registration has been canceled, it means the vehicle's secured debt has been fulfilled, and it is no longer a mortgaged vehicle, making it safe to purchase. If the mortgage registration hasn’t been canceled, the vehicle management office won’t process the transfer procedures, and buying such a vehicle could pose risks. Vehicle management department inquiry: You can inquire at the vehicle management department, but you must be the owner. Therefore, it is recommended to go to the vehicle management department with the vehicle owner for inquiries. Insurance company inquiry: Insurance companies can also conduct inquiries because the status of the vehicle affects the beneficiary of the car insurance. For instance, if the vehicle is under a mortgage loan, the beneficiary would be the bank.
