leungsta
Well-known member
I have a lot of experience buying and selling cars, but this would be the very first time I attempt to purchase a used vehicle with a lien.
Cost of vehicle: $21,000
Lien: $15,000 (based on what the owner is telling me)
The owner owes money to VW Credit Canada Inc, so it won't be as easy as walking into a bank and ensuring my bank draft gets applied directly to the remainder of the loan. I've done some research and the best possible procedure I can come up with would be to prepare two separate bank drafts (1. Covering remaining payout of $15k on the lien payable to VW Credit Canada and 2. Remaining $6k payable to the owner). For bank draft #1, I'd go to the VW Credit Canada office with the owner and hand them the bank draft to cover the lien, get confirmation that it has been fully paid, then head to SAAQ for ownership transfer?
Has anyone ever done it before? What is the best/safest possible procedure to follow so that the buyer (me) doesn't get stuck with the lien?
Cost of vehicle: $21,000
Lien: $15,000 (based on what the owner is telling me)
The owner owes money to VW Credit Canada Inc, so it won't be as easy as walking into a bank and ensuring my bank draft gets applied directly to the remainder of the loan. I've done some research and the best possible procedure I can come up with would be to prepare two separate bank drafts (1. Covering remaining payout of $15k on the lien payable to VW Credit Canada and 2. Remaining $6k payable to the owner). For bank draft #1, I'd go to the VW Credit Canada office with the owner and hand them the bank draft to cover the lien, get confirmation that it has been fully paid, then head to SAAQ for ownership transfer?
Has anyone ever done it before? What is the best/safest possible procedure to follow so that the buyer (me) doesn't get stuck with the lien?