Purchasing used car.
 

Im purchasing my first private car next week and I had a few questions about how the transfer works. First what's the best form of payment? Do I pay during the transfer at icbc? Also for tax can I pay with a visa or does it have to be debit/cash. Im trading my mountain bike + cash for it so will I have to state that too and what would they say about the cash value being lower than market value?

Also after purchasing the car do I have to pay anything besides the tax? I don't plan on driving it until till november because that's when my current cars insurance expire.

Do yourself a favor, and type up a written agreement listing details about the trade + cash. I have seen too many fuck ups on these kinds of dealings and I don't wish for you to go thru it. make sure your information and his/hers are clearly printed (NAME/ADDRESS/DL# etc.), the $ value of the bicycle and cash at hand, and the value of his/hers car. both sign the paper and have copies for you and the other party.

these are examples on how to write up an agreement,
http://www.wikihow.com/Write-a-Contr...-Selling-a-Car

Is this for my sake with the seller or icbc.

Both. Follow evlee's advice. I have also seen my fair share of headaches.

Okay, Ill get on that. Will I be exempt from the sale tax of my bike?

i paid transfer tax at the place where we did the paperwork for the sale (the insurance company's office). I paid via mastercard.

Heres a question related to this - how accurate is Carproof when it comes to Lien searches? And what would be the next best option? I'm planning on buying a car today.

If your bike is licensed then No.

Well it takes time for the data to be processed. I will say fairly accurate +/- 1-2 business days.

If it's a BC car, accurate lie. Checks can be done through ICBC

It's a bicycle so were taking $3k off the price, will I be taxed for those 3k?

When you request carproof does it show right away or does it take time. Is there any local alternatives like going to icbc?

It generates a report right away. Go to icbc.com Under vehicle registration, under buying a used car, vehicle history report. Order ICBC report (free to check status), then you have the option to purchase a claims history report. OR you can just order carproof.

There is no best way to what method you want to pay for taxes. It's just what you would prefer. For the bycicle trade + cash, just state it on the Transfer/Tax forms that you are doing so.

So you will be taxed on the purchase price of the vehicle minus the trade. As long as you are not putting $1 or anything that is rediculous low amount, the you wont be questioned by ICBC or the CRA.

After purchasing the car, you dont have to pay anything else. What I can remember is you just pay $28 for transfer fee and the taxes due.

Also do what elvee had suggested. Make up some sort of bill of sale. It is just basically to protect you from the buyer if he is being dishonest about something about transfer. Make him sign on the what condition of the vehicle is in and price he is selling for and that he is taking in a trade aswell etc. Just for peace of mind.

How do I read the lien on carproof? Im slightly confused as if it should just say no liens or liens.

If there is a lien, it will say it. Not only that but it will be in BOLD font so you can see it.

http://reports.carproof.com/main?id=...d#code-lien-BC

EDIT: Better example posted

So the owner has a lien on it, how would I proceed? If we can come to an agreement would I be able to take over his financing and pay him the balance? I'de rather finance than pay it off completely if I had the chance.

If he didn't disclose anything to you then I would walk away and get some yam fries. Is it out of province?

guy doesn't disclose car has a lien on it and you still want to continue with the transaction? :ohgodwhy: i'd do what sdubfid says, walk away...and get some yam fries...

Lien on the car that he didn't disclose? Run. Don't walk, run.

how about a slow dramatic walk with fire in the background?
http://cdn-premiere.ladmedia.fr/var/...re_141x141.gif

We never went that far into the conversation but when I asked he told me he was still making payments.

when I bought my car it had a lien on it because it was being finance through scotia. it was disclosed to me first though. i told the seller to pay off the lien and i will confirm with the bank myself to make sure it's paid off. this was after we agreed on a price and confirmed i would purchase the car.

seller ended up getting a loan paid off the car, i got clearance letter from Scotia. we went to Scotia and i deposited funds into his loan account.

this happened for me as well with a vehicle i bought privately. seller took me to the dealership he originally got the vehicle from and paid off the loan with me witnessing and the dealership made up the paperwork saying all debts paid. confirmed it later with the bank and then the deal was done afterwards.

The seller works at the toyota dealership where he bought the car, so we can do it there? This is the only trim I could find with all my desires. Best bet would to create a agreement where the seller is selling me a car with no liens on it?