Nowadays, a large number of people buy cars by mortgage, and then mortgage their cars in banks or third parties. At this time, the owner does not have full ownership, so in the case of being detained, the best solution is to settle the overdue debt in time so that you can get your car back.
If there is no breach of contract, you can ask the impounding party to return the vehicle at this time. If the other party does not return the vehicle, it can bring a lawsuit to the court and use legal weapons to safeguard its due rights and interests.
1. Can the mortgaged vehicle be transferred?
You can't transfer the car during the mortgage period. When handling the car loan, the property right of the car has been transferred to the lending institution. In the future, there will only be the right to use the car, not the right to dispose of it. Only after paying off all the loans, including the principal and interest, will the property right of the car be returned to us again. Therefore, the car cannot be transferred when mortgaged, let alone bought or sold.
Second, how to calculate a mortgage when buying a car?
The biggest loan cost for banks in automobile mortgage is loan interest. Different banks and loans with different maturities have different interest rates. The benchmark interest rate for three-year loans is 6. 15%, and the actual loan interest rate is usually higher than the benchmark interest rate, and the benchmark rises by 30% to 40%.
Third, the steps of the vehicle release procedure
About 10 working days after we pay off the last car loan, we should contact the loan bank in time, handle the loan settlement certificate, and get back the motor vehicle registration certificate and car purchase invoice mortgaged at the bank.
Then take all the necessary related materials and go to the local vehicle management department to understand the procedures. The final ownership of the vehicle will come back to us only after we have gone through the formalities of releasing the car.