GPS is installed on motor vehicles. If you don't pay back the money, the bank will find your car and tow it away.

Second, how can vehicle mortgage be legal and effective?

I. Conditions in automobile mortgage

Automobile mortgage is a loan obtained from a financial institution or an automobile consumption loan company with the borrower's or a third person's car or self-purchased car as collateral. At present, the main purpose of loans secured by automobiles is automobile consumption. Basic conditions that the lender must meet:

1, a citizen of China who has reached the age of 18, has full capacity for civil conduct and has a fixed residence in China.

2 have a stable professional and economic income, and can guarantee to repay the loan principal and interest on a regular basis.

3. Open a savings account in a loan bank.

4. Car mortgage can be provided, and there are guarantee measures recognized by the loan bank.

5. Willing to accept other conditions stipulated by the lending bank.

Second, the effective conditions of the automobile mortgage contract

According to the provisions of the Property Law, when real estate and related rights are mortgaged, the registration system shall be implemented, while when movable property such as production equipment and means of transport is mortgaged, the registration system shall be implemented. According to this regulation, automobile mortgage is registered against the system, and failure to register will not affect the validity of the contract. Although the "Guarantee Law" stipulates that the vehicle mortgage will take effect after registration, that is, the mortgage contract will take effect from the date of registration. However, according to the principle that the new law is superior to the old law, Article 178 of the Property Law stipulates: "If the guarantee law is inconsistent with this law, this law shall apply." Therefore, automobile mortgage has legal effect as long as a contract is signed.

1, most cars are mortgaged with a mortgage card instead of a car. That is to say, as long as you mortgage the relevant documents of your car to a lending institution, you can get a loan, and the car can be used as usual after installing GPS. Therefore, before making a mortgage, we must first understand whether the car mortgage has a mortgage, and try to avoid the institutions that want to mortgage the car;

2. automobile mortgage's funds are often used for short-term turnover. If long-term loans are needed, it is not applicable to borrow money with cars as collateral;

3. Because automobile mortgage often produces higher expenses, if you choose a vehicle mortgage loan with a long cycle, you can try to repay it in advance if there is prepayment.

4. When choosing institutions, borrowers should try to choose formal lending institutions. For example, banks, micro-loan work in industrial and commercial registration. Only on this basis can we truly protect our legitimate rights and interests, and once it comes into being, the law can solve it.

3. What documents do I need to mortgage my car to the bank to buy a house? ...

Motor vehicle registration certificate

4. What information do you need to bring for car mortgage?

Materials required to apply for services in automobile mortgage:

1. has a stable occupation, and the applicant has the ownership of the local mortgaged vehicle;

2, living and working in the city for a long time, to carry out business occupation and economic income;

3, motor vehicle registration certificate, driving license, purchase tax additional proof (this), car purchase invoice;

4. Insurance policy, travel tax and relevant tax payment certificates for imported vehicles;

5. ID card (temporary residence permit or residence permit within the validity period provided by non-local account customers);

6. Other documents required by the Cooperation Organization.

Automobile mortgage handling process:

1. The lending bank or institution receives the information provided by the applicant.

2. Conduct home visits, investigate and evaluate the value of the applicant's vehicle.

3. The loan amount initially reserved by the lending bank or institution.

4. Handling entrustment notarization and loan notarization.

5 loan banks or institutions to accept the applicant's relevant documents.

6. Go through the mortgage registration formalities.

7. Bank or institutional loans.

Matters needing attention

1, most cars are mortgaged with a mortgage card instead of a car. That is to say, as long as you mortgage the relevant documents of your car to a lending institution, you can get a loan, and the car can be used as usual after installing GPS. Therefore, before making a mortgage, we must first understand whether the car mortgage has a mortgage, and try to avoid the institutions that want to mortgage the car.

2. automobile mortgage's funds are often used for short-term turnover. If you need a long-term loan, it is not applicable to borrow money with a car as collateral.

3. Because automobile mortgage often produces higher expenses, if you choose a vehicle mortgage loan with a long cycle, you can try to repay it in advance if there is prepayment.

4. When choosing institutions, borrowers should try to choose formal lending institutions. Such as banks and small loan companies in industrial and commercial registration. Only on this basis can we truly protect our legitimate rights and interests, and once it comes into being, the law can solve it.

The above contents refer to Baidu Encyclopedia-Automobile Mortgage.