General Discussion - Truck loan - Canada

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RE: Truck loan

Postby robertosolis » Tue Sep 13, 2011 04:31:49 AM

Thanks for the info.. I will tell this to my father.. : )
Good Vibes!
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RE: Truck loan

Postby homesbuilders » Mon Aug 01, 2011 11:18:09 PM

great idea.
[url=http://builderslog.com/]Homes Builders[/url]
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RE: Truck loan

Postby sammyo1961 » Wed Apr 20, 2011 03:43:16 AM

Thank you... Footloose!!!!! Myself and my Dad have been telling him that he is not as smart as he thinks he is,,,, Grrrrrrrrrrrrr!!!!
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RE: Truck loan

Postby footloose » Tue Apr 19, 2011 06:59:01 PM

When your brother borrowed money from a bank to purchase a truck, the bank placed a lien on that truck for the amount of the loan. That lien will remain against that truck until the lien is satisfied. In B.C., all liens placed against personal property are registered under the Personal Property Security Act. See the following link

http://www.bcregistryservices.gov.bc.ca/bcreg/pprpg/index.page

You can verify that the lien still exists by contacting the B.C. Registry Services and search on either the name of the last-known person to have owned this truck ( i.e. your brother ) or the VIN ( Vehicle Identification Number ) which appears on the vehicle ownership and also appears on the left side of the dash up against the windshield.

I am not familiar with the exact procedures in B.C. for the transfer of a vehicle in a private sale. However, in Ontario, here is how it works

When a seller wishes to sell a vehicle in a private sale, the seller must purchase from the Ministry of Transportation what is known as a "Seller's Package". The cost is $20. This package details the complete history of the vehicle from the date it left the factory or if it was imported, the date of import. It shows all the registered owners and their addresses together with any outstanding liens currently registered against the vehicle together with the name of the lienholder. In reality, the purchaser will buy the "Seller's Package" but whoever purchases it, it must be obtained BEFORE the vehicle can be transferred.

If there are any liens currently registered against the vehicle, they should ( as opposed to MUST ) be paid before the vehicle is transferred. Otherwise, the purchaser buys the vehicle with the lien attached and the lienholder ( i.e. the bank ) could repossess the vehicle at any time without notice to the buyer. The buyer's only recourse is against the seller. For obvious reasons then, no buyer will purchase a vehicle with a lien attached to it.

In Ontario, a registered automobile dealer is not required to purchase a "Seller's Package" but it is illegal for a dealer to sell a vehicle with a lien attached. When a vehicle is traded-in at a dealer, the dealer must pay out the lien, if any, before the dealer can sell that vehicle on their lot or take it to an auction sale. Failure to do this will result in the loss of their licence.

If your brother attempts to sell this vehicle after being stored for 7 years, I can assure you that the lien is more than the value of the truck. It sounds to me that your brother is trying to "beat the system" and get away from paying the bank loan. If this is the case, then he is in for a "rude awakening".

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Educating one Consumer at a time
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Truck loan

Postby sammyo1961 » Tue Apr 19, 2011 03:38:02 PM

My brother walked away on a bank loan for his truck 7 years ago. He stored the truck during that period of time. He now thinks that he can tranfer the truck in to his friends name and they can insure and drive it.

Sandra from B.C.
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