Vehicles "Out of Pawn"

[Don East Stand]

Hi,

I'm hoping that someone can help me.

Glancing over cars for sale, I quite often see, "The car is out of pawn"

What does this actually mean? Is it a good or bad thing?

Are there any hidden consequences behind it?

Thanks in advance for the responses.

[VincentD]

The way I read it, the vehicle in question does not have an existing loan outstanding on it at the time of sale.
Many people will, if facing hardship, sell off a vehicle that they have not fully paid off with part of the existing loan still outstanding.
Buyer beware.

[hhinner]

It could actually be a vehicle that was repossessed by a finance company because the payments feel behind.

Or could literally have been pawned and not reclaimed.