THanx!

When a lender advances money to a borrower to purchase an automobile, that loan is then treated as a lien against the automobile ( secured loan ) and is registered against the VIN ( Vehicle Identification Number ) which is shown on your automobile ownership. You can also locate it on the driver's side on the dash of your automobile right next to the windshield.

This registration, in Saskatchewan, is made under the Personal Property Security Act, 1993. It will show as a lien against this automobile until the loan is repaid. When the loan is repaid, the lender then removes the lien from the automobile.

Your first step is to determine if the lien has been removed. I don't know if you can do this search on line in Saskatchewan or whether you have to visit the PPSA office in order to do the search. In either case, there will probably be a small fee to pay in order to do the search. If you are unable to do the search online, you will have to visit the PPSA office and do the search there. If you visit the PPSA office, you probably do not know how to do a search. Therefore, see if you can find someone there who knows how to do a PPSA search, give them the VIN number and slip them $5 - $10 for the service.

If there is no lien on the automobile, the vehicle cannot be seized. If there is a lien remaining on the automobile, that will have to be removed by VFC/TD. While there is still a lien remaining on the automobile, VFC/TD can seize the automobile.

This $11,000 that VFC/TD is requesting probably represents the estimated insurance premiums owing on an alleged "uninsured" automobile. It appears, at least from their end, that this vehicle was uninsured during the period that it was financed.

Contact your insurance agent or broker and request that they send VFS/TD a letter confirming that this automobile was fully insured during the period that it was financed. If this will satisfy VFC/TD, this should cancel any further claim that VFC/TD has against you. Then if the lien is still on the automobile, get confirmation from VFC/TD that this lien has been removed.

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Educating one Consumer at a time .

Hi

I am looking for some help.

My husband has an auto loan financed through vfc/td financial. We assumed that the loan was completed but still were receiving phone calls about bringing this account up to date. When my husband asked what they were talking about, the response was " You didn't show proof of auto insurance, therefore you still owe $11000.00!! We have paid over 25000.00 for a car that was purchased for 11500.00 and now is valued likely around 2500.00 at best. I have all of my records showing proof of insurance, and had faxed them this over the past 5 years we have had the loan. They claim they have no such evidence. As the loan is completed, can they:
1. Take the vehicle?
2. After being shown proof of insurance, still have a claim against my husband?
If the above is the case, they are welcome to it!!!