Trade-in/Lien question.

R

Red96EK

Legacy Member
Buddy has a truck is under his wifes name, so is the loan.
When you trade-in the vehicle, for the tax credit to be applied, the new vehicle needs to be under the traded-in vehicles name.
But does it matter under who's name the lien is?

Buddy wants the next truck under his name for tax purposes and claiming expenses under his company, not sure why he wants the wife out of the equation but he has to apparently.

So he would transfer his truck now in his name with the SAAQ form about family/spouse transfer(no tax paid), then trade it in with the liens to be paid of that's under his wifes name, get new truck under his name with loan/lien under his name now.

Does that make sense?
 
Red96EK said:
Buddy has a truck is under his wifes name, so is the loan.
When you trade-in the vehicle, for the tax credit to be applied, the new vehicle needs to be under the traded-in vehicles name.
But does it matter under who's name the lien is?

Buddy wants the next truck under his name for tax purposes and claiming expenses under his company, not sure why he wants the wife out of the equation but he has to apparently.

So he would transfer his truck now in his name with the SAAQ form about family/spouse transfer(no tax paid), then trade it in with the liens to be paid of that's under his wifes name, get new truck under his name with loan/lien under his name now.

Does that make sense?
Click to expand...

I wouldn't see how the lien matters. You could not have any lien if the véhicule is paid... Who signed for the lien/loan should be irrelevant to the car's registration which is what's required for the trade-in.
 
BoxsterBoy said:
I wouldn't see how the lien matters. You could not have any lien if the véhicule is paid... Who signed for the lien/loan should be irrelevant to the car's registration which is what's required for the trade-in.
Click to expand...

That was my thinking but... Quebec is different on alot of stuff so making sure i'd get a 2nd opinion before telling him. He tried calling a dealer and speaking to a Finance person and they just told him to come on in to discuss his numbers... LOL
 
Red96EK said:
That was my thinking but... Quebec is different on alot of stuff so making sure i'd get a 2nd opinion before telling him. He tried calling a dealer and speaking to a Finance person and they just told him to come on in to discuss his numbers... LOL
Click to expand...

Don't liens follow the contractor of said lien ? In this case your friend's wife ?

Did your friend try calling the SAAQ directly ?
 
goshko said:
Don't liens follow the contractor of said lien ? In this case your friend's wife ?

Did your friend try calling the SAAQ directly ?
Click to expand...

The lien/loan in under his wifes since she bought the truck, he had a car under his name with a loan already so she took this one at thew time.

In Quebec, no fucks given at the SAAQ about liens unlike Ontario where it's listed on the UVIP paperwork you get with a used car. This is why you need to check the RDPRM when you buy anything used that could have a loan on it form the previous owner, cars, trucks, ATVs/dirtbikes and more.
 
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