When the lender fails to repay the loan, the bank does not immediately apply for vehicle auction, but collects the loan and interest from the lender. If you don't get it, you will sue to the court, apply for property preservation, seal up the vehicle files, and apply for vehicle auction after the mortgage expires. Of course, the auction can only be carried out after the court accepts it.

Priority of banks

If the vehicle is auctioned, the fee will be repaid to the bank first, and then the remaining funds will be returned to the borrower. At this time, the mortgage will be automatically released, the debt relationship will be terminated, and the mortgage status will be naturally released.