Many times when looking for a vehicle used and try to acquire it, we find prices lower than those offered by the market and we usually read the sentence “vehicles in garment ” , which makes us give up on a future purchase. The big question that arises is What does it mean? What i can buy it ? Here we tell you what it means and what it means to acquire a car with this feature.
What is the real meaning of a car being pawned?
Clothing is one of the most common limitations found in the field that a car can have, this means that if a vehicle it’s in garment it has a guarantee for the payment of debts before financial institutions, that is, it has a legal limitation that allows its use but restricts its ownership.
THE clothes in other words, they function as security for the creditor of a debt. Thus, with the pledge of the vehicle, the institution which granted the credit to the person protects itself against a default in payment of the debt by the debtor.
With this, the the debtor cannot sell or liquidate his vehicle until the person pays his monetary obligations. Concretely, this means that this NO can be transferred to a buy and sell as long as it has a pledge or other similar limitation.
When can I buy a pawn car then?
Basically, with this name, the vehicle can never be transferred, but if the debtor has already settled his debt in full, only then it is possible to proceed with the release of the pledge of the car.
It should be noted that the debtor must comply with all payments in order to simply complete the lifting process, so before that, it would lead to a scam.
It is important to understand that the release of the pledge is a process that takes about 45 days from the date the obligations are extinguished or the request is made to the civil registry.
I made the mistake and bought the car as a pawn, what will happen?
If you purchase the vehicle as a pledge, what will happen is that you will not be able to complete the transfer and register the vehicle in your name until the pledge is released, which in some cases may not never happens.
Additionally, you run the risk of the vehicle being confiscated by the lender, therefore, you would be left without the vehicle. In other cases it happened that if there is no document in question, it may happen that the person who sold you the car is not aware of the sale and files a complaint for theft. In other words, serious problems.
To avoid making this mistake, find out how to know if a vehicle is pledged
All pledged vehicles are registered in the civil registry, so it is recommended to check it on a page authorized by them, for example, the Chile Atende portal, which costs 1,090 pesos.
It is always best to buy a vehicle from institutions that guarantee a reliable and quality purchase, and in the event that you buy from a third party, always check that the vehicle papers are up to date.
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Source: Latercera
I’m Rose Brown , a journalist and writer with over 10 years of experience in the news industry. I specialize in covering tennis-related news for Athletistic, a leading sports media website. My writing is highly regarded for its quick turnaround and accuracy, as well as my ability to tell compelling stories about the sport.
