Buying Used Car... need a question answered - Tilted Forum Project Discussion Community

Canadian Beer · 07-20-2005, 10:06 PM

first of all i live in ontario canada... 2nd im about to buy a 2003 infinity G35
so today i went to the seller (personal sale, not dealer, so we pay jsut one tax

) and had a look at the uded car info he got printed up at the licencing office, it says that there is still money oweing towards the car to Royal bank, so at the time of purchase the seller said he would give me a notice from the bank, i wonder if this is a common thing and what the notice issued by the bank would say?
it seems like that he cannot pay off the debt untill he gets the cash from selling the car first but what im worry about is if he gets the money but still dosent pay back the debt... that would end up with the bank trying to repo my car... is there any other way to clear this up or should that bank notice garentee me that my car will not get repo even if he owes money to the bank?

any help would be appretiated....

thank you!

THGL · 07-21-2005, 04:48 AM

This happens a lot with newer cars. When I sold my Jeep I had to do that. What we worked out is the buyer paid off my loan and the bank sent him the lean release (which he then took with the title to the clerk to get licensed).

Just make all the phone calls and get everything straightened out ahead of time and you should be fine. Remember to get names and direct phone numbers (if possible) to everyone you talk to at the bank, licensing office, etc.

JumpinJesus · 07-21-2005, 07:48 AM

I'm assuming that title laws in Canada are similar to those in the U.S.

When we sold our car last year, we still owed $10,000. The woman who bought the car from us bought it for $12,000 and paid with a cashier's check. We sent the payoff amount in and request they overnight the title to us. We then met the woman at the title office and signed it over to her.

Type up a sales contract - or you can even download some generic sales contracts, get it notarized to prove that you paid for the car.

I found this site, hopefully this helps.

http://www.mto.gov.on.ca/english/dandv/vehicle/used.htm

07-20-2005, 10:06 PM	#1 (permalink)
Canadian Beer Upright Location: Toronto Ontario	Buying Used Car... need a question answered first of all i live in ontario canada... 2nd im about to buy a 2003 infinity G35 so today i went to the seller (personal sale, not dealer, so we pay jsut one tax ) and had a look at the uded car info he got printed up at the licencing office, it says that there is still money oweing towards the car to Royal bank, so at the time of purchase the seller said he would give me a notice from the bank, i wonder if this is a common thing and what the notice issued by the bank would say? it seems like that he cannot pay off the debt untill he gets the cash from selling the car first but what im worry about is if he gets the money but still dosent pay back the debt... that would end up with the bank trying to repo my car... is there any other way to clear this up or should that bank notice garentee me that my car will not get repo even if he owes money to the bank? any help would be appretiated.... thank you! __________________ All we need in life: 1) Money 2) Girls 3) Cars 4) Guns 5) Beer Funny how #1 can get you anything below it.

07-21-2005, 04:48 AM	#2 (permalink)
THGL Psycho Location: Louisville, KY	This happens a lot with newer cars. When I sold my Jeep I had to do that. What we worked out is the buyer paid off my loan and the bank sent him the lean release (which he then took with the title to the clerk to get licensed). Just make all the phone calls and get everything straightened out ahead of time and you should be fine. Remember to get names and direct phone numbers (if possible) to everyone you talk to at the bank, licensing office, etc. __________________ "The truth is merely an excuse for lack of imagination." - Garak

07-21-2005, 07:48 AM	#3 (permalink)
JumpinJesus Junkie Location: Chicago	I'm assuming that title laws in Canada are similar to those in the U.S. When we sold our car last year, we still owed $10,000. The woman who bought the car from us bought it for $12,000 and paid with a cashier's check. We sent the payoff amount in and request they overnight the title to us. We then met the woman at the title office and signed it over to her. Type up a sales contract - or you can even download some generic sales contracts, get it notarized to prove that you paid for the car. I found this site, hopefully this helps. http://www.mto.gov.on.ca/english/dandv/vehicle/used.htm __________________ "I can normally tell how intelligent a man is by how stupid he thinks I am" - Cormac McCarthy, All The Pretty Horses