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Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n

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Old 10-27-2018, 09:54 PM   #1
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Buying a used car with a lien?

Super quick question!
About to purchase a used car with a lien on it. We agreed on a price, seller says he will pay off the car tomorrow and we can both physically walk over to RBC, check that the lien has been released and then i can pay him. Is this a pretty safe method to proceed and do so? Should i be getting any written agreement/confirmation papers upon this transaction? Seller did not seem shady at all, some old dude, met at his house, trying to sell a car for his daughter that moved away.
Just want to have my ass covered that is all
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Old 10-27-2018, 10:29 PM   #2
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One way this works is you make a draft straight to RBC for the amount owing and a second draft to the seller for the balance. Sunday tomorrow... unlikely RBC is open to verify this. If the seller is willing to pay it off first, that's great, but you will want RBC to provide a written letter upon receipt of the payout that confirms they have no further interest in the vehicle as it takes weeks for the lien to be removed on the system.

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Old 10-28-2018, 10:52 AM   #3
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you should also check if there are multiple liens on it, from different places
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Old 10-28-2018, 11:04 AM   #4
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Quote:
Originally Posted by nsx042003 View Post
you should also check if there are multiple liens on it, from different places
carproof can bring up all the liens right ?
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Old 10-28-2018, 11:09 AM   #5
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I went through it a few years ago.

I made the draft to the women in her name, we met at her bank where she deposited the money straight into the loan. Keep in mind, some times the loan repayment transactions can take 24-48hrs to process. My transaction turned into a 6hr fiasco at the bank calling head offices etc.. until the lien was eventually lifted.
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Old 10-28-2018, 12:15 PM   #6
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The official lien release is gonna be mailed to the previous owner (not you) but you can meet at the bank (of your choice), and ask the banker issue a document including receipt saying the lien has been paid in full. Ask the bank to sign and date it. That was good enough for me. In my case, it only takes a few minutes.

Then go to an Autoplan shop with the seller and transfer the title.
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Old 10-28-2018, 08:41 PM   #7
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went through this as well.

made a draft to Scotia Loan Account
Scotia teller deposited, printed statement and gave to owner. owner gave to me.
Rest of funds were certified draft in name of owner.
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Old 10-28-2018, 08:47 PM   #8
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Make sure when you're at the bank paying off the loan to actually pay off the payout amount as of today. This includes all daily interest up to the date and any fees like discharge fees. Worse thing is you don't apply enough, and you're on the hook for couple hundred dollars in accrued interest.
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Old 10-28-2018, 09:14 PM   #9
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When I was working at RBC a yearish ago. A guy came in to buy a 996 911 with a lien. RBC makes an internal request in which it requests someone in the backend at RBC to clear the entire loan balance. This stops the interest from accruing on the date the requst is made to avoid the problem bomber mentioed. However, sometimes the request takes a few days and the only receipt is simply an email sent to the seller that it's been completed. Safest thing to do is watch the seller make the requester to pay off the loan in the branch.
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Old 10-29-2018, 07:44 AM   #10
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can lien checks at the MVB using the VIN?
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Old 10-29-2018, 12:37 PM   #11
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i should have specified, the seller is willing to pay off the car before i even hand him the money. He says he already did so and is expecting confirmation by the bank on Tuesday. He's even willing to physically walk over to RBC with me in person to retrieve receipt/documents. Sounds pretty safe?
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Old 10-29-2018, 06:11 PM   #12
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Safe.
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