The property right of the mortgage car is not in the hands of the borrower, but in the hands of the bank, the borrower has no right to deal with it, that is, the mortgage car cannot be transferred. When the borrower pays off the loan and goes through the mortgage cancellation formalities at the vehicle management office, the borrower can completely own the property right of the car and can transfer the transaction.
Go to the local vehicle management office to handle the vehicle mortgage cancellation procedures. The required materials include: motor vehicle registration certificate, loan settlement certificate issued by the lending institution, lender organization code certificate, motor vehicle mortgage registration/pledge filing application form, power of attorney, and motor vehicle owner's ID card.