How to transfer ownership of a mortgaged car
In recent years, with the popularity of car consumption, car purchase with mortgage has become the choice of many people. However, when the loan has not been paid off, vehicle transfer has become a problem for many car owners. This article will introduce in detail the process, required materials and precautions for transferring ownership of a mortgaged car, to help car owners successfully complete the transfer procedures.
1. Basic conditions for mortgage car transfer
Before the loan is paid off, the vehicle title usually belongs to the bank or financial institution. Therefore, the transfer must meet the following conditions:
| Conditions | Description |
|---|---|
| loan settlement | The remaining loan needs to be paid off in advance and the mortgage registration is released. |
| Release mortgage | The bank or financial institution issues a settlement certificate and goes through the mortgage release procedures. |
| There is no dispute about the vehicle | The vehicle has no traffic violations, seizures or financial disputes. |
2. Mortgage car transfer process
The process of transferring ownership of a mortgaged car is divided into the following steps:
| steps | Operation content |
|---|---|
| 1. Pay off the loan | Contact the lending bank or financial institution to pay off the remaining loan. |
| 2. Handle deposit | Obtain the settlement certificate and go to the vehicle management office to cancel the mortgage registration. |
| 3. Prepare transfer materials | Including ID card, driving license, vehicle registration certificate, etc. |
| 4. Submit application | Buyers and sellers submit transfer applications to the vehicle management office. |
| 5. Pay fees | Pay transfer fees, license fees, etc. |
| 6. Receive new certificates | Receive a new driving license and registration certificate. |
3. Materials required for mortgage car transfer
When handling the transfer, you need to prepare the following materials:
| Material name | Remarks |
|---|---|
| Car owner's ID card | Original and copy. |
| vehicle license | Original. |
| vehicle registration certificate | The mortgage needs to be released. |
| Car purchase invoice | Original car purchase invoice. |
| Compulsory traffic insurance policy | Within the validity period. |
| Transfer application form | Provided by DMV. |
4. Precautions
When handling a mortgage car transfer, you should pay attention to the following points:
1.Pay off loan early: The loan must be paid off before transfer, otherwise the mortgage cannot be released.
2.Check vehicle status: Ensure that the vehicle has no violations, accidents or financial disputes.
3.Choose formal channels: Avoid going through illegal intermediaries to avoid being cheated.
4.Keep relevant credentials: Documents such as settlement certificate and release certificate must be properly kept.
5. Frequently Asked Questions
Q: Can a mortgaged car be bought and sold directly without transferring ownership?
A: No. Vehicles that have not been mortgaged cannot be transferred, and sales and purchases are not protected by law.
Q: How long does the release procedure take?
A: It usually takes 3-7 working days. The specific time varies depending on the efficiency of the bank or vehicle management office.
Q: How much are the transfer fees?
A: The fees vary by region, generally including transfer fees, license fees, etc., about 500-1,000 yuan.
Through the above steps and precautions, car owners can successfully complete the transfer procedures for mortgaged cars. If you have any questions, it is recommended to consult the local vehicle management office or a professional lawyer in advance to ensure that the process is legal and compliant.
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