Another Import Question?
01-06-2010, 03:49 PM
#16
Rennlist Member
Once he pays off the loan it may take a couple days for the bank to release the lien on the title...their is no easy cheap way to cover yourself from being screwed. I had a similar situation and assured myself by going to the sellers home, seeing his id, family photos around etc so I felt like I knew who I was dealing with. even then I knew that I could get screwed and there is little you can do.
good luck.
hopefully you have seen this car in person and met the seller as well as carfax.
good luck.
hopefully you have seen this car in person and met the seller as well as carfax.
01-06-2010, 10:54 PM
#17
Three Wheelin'
Thread Starter
PPI came back clean today and the mech said the truck is in good shape. I came up with a NEW plan with the seller; let me know if you guys can find any holes in it. The reason for this is because Capital One needs 5 days to issue a lien clearance letter, and I don’t want to sit in NY for 5 days waiting…
- The seller will drive the truck up to Montreal.
- We go to my notary and draw up a Bill of Sale (stating the below steps and terms). Using passport, DL, etc as ID.
- I issue a certified check payable to Capital One for the full amount of the outstanding balance and the loan account written on it (which is 1K more than the sale amount), and I get back 1K cash from the seller.
- The seller leaves me the truck, the keys, and the signed over title.
- The seller gives the check to CAP One back in NY, and 5 days later when he gets the clearance letter, he will fedex me it.
-Then I will have: Bill of sale, Lien clearance letter, and Tiitle…I can then proceed with my own steps…..
The only thing I cant control is the seller not sending me the clearance letter….but he has no advantage to do that.
Just to make me feel more comfortable, the seller will introduce me to his family her ein montreal. Either at their home or their place of business….
So, what do you think, have I covered my bases? Any other ideas, or flaws in my plan
__________________
- The seller will drive the truck up to Montreal.
- We go to my notary and draw up a Bill of Sale (stating the below steps and terms). Using passport, DL, etc as ID.
- I issue a certified check payable to Capital One for the full amount of the outstanding balance and the loan account written on it (which is 1K more than the sale amount), and I get back 1K cash from the seller.
- The seller leaves me the truck, the keys, and the signed over title.
- The seller gives the check to CAP One back in NY, and 5 days later when he gets the clearance letter, he will fedex me it.
-Then I will have: Bill of sale, Lien clearance letter, and Tiitle…I can then proceed with my own steps…..
The only thing I cant control is the seller not sending me the clearance letter….but he has no advantage to do that.
Just to make me feel more comfortable, the seller will introduce me to his family her ein montreal. Either at their home or their place of business….
So, what do you think, have I covered my bases? Any other ideas, or flaws in my plan
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01-07-2010, 10:26 AM
#18
Drifting
As far as plates in Ontario. This is very important: No you CANNOT drive this vehicle within the province of Ontario if the title has changed and you have out of Province plates on it. Period.
You CAN drive an out of province vehicle with an out of province plate as long as you have permission of the owner, such as a visiting friend or relative and they maintain ownership and insurance on the vehicle.
What you can't do is have someone transfer their title (thus ending insurance coverage) in the US and then drive it up here to the border for you to drive it home with the out of Province plates still on it. You would in affect have an 'untitled', 'uninsured vehicle' on our roads and you would be open to a $5000 fine as well as an improperly plated vehicle fine. If the American owner wants to dive it to the border after title change thats his problem. But don't drive it across unless YOU have an Ontario temp permit and insurance before hand.
Thats why most people flatbed/trailer to the local CTC for inspection after importing or go through the hassle at MTO and their insurance company to get a temp permit. You can't get a temp permit without proof of insurance that includes the vin number on the insurance permit.
Many people just do as they want and drive it anyway but they risk a lot this way if they have an accident or even if someone else hits you and then asks for your insurance slip.
Get a trailer or rent a car dolly.
You CAN drive an out of province vehicle with an out of province plate as long as you have permission of the owner, such as a visiting friend or relative and they maintain ownership and insurance on the vehicle.
What you can't do is have someone transfer their title (thus ending insurance coverage) in the US and then drive it up here to the border for you to drive it home with the out of Province plates still on it. You would in affect have an 'untitled', 'uninsured vehicle' on our roads and you would be open to a $5000 fine as well as an improperly plated vehicle fine. If the American owner wants to dive it to the border after title change thats his problem. But don't drive it across unless YOU have an Ontario temp permit and insurance before hand.
Thats why most people flatbed/trailer to the local CTC for inspection after importing or go through the hassle at MTO and their insurance company to get a temp permit. You can't get a temp permit without proof of insurance that includes the vin number on the insurance permit.
Many people just do as they want and drive it anyway but they risk a lot this way if they have an accident or even if someone else hits you and then asks for your insurance slip.
Get a trailer or rent a car dolly.
01-07-2010, 12:16 PM
#19
Three Wheelin'
Thread Starter
Here's what I suggest.
Have the seller make arrangements to sell the car to the dealer. Have the dealer CPO it, negotiate a nominal cost for the administration, have them activate the DTRLs, print the recall letter, and deal with the lien.
Last I heard, a dealer with a good relationship should charge $300-500 for the paperwork fee, $2000-$3000 for the CPO (good investment) and then maybe 1 hour labour to activate the DTRLs and print the recall letter. (recall letters usually cost $1000 in Canada because they claim it requires a complete inspection of the car and DTRL activation through a dealer is about $300).
The most important part of this is that you have the security of dealing with a company and not a private party with a lien and some other complications. Only thing you should know is that in order to qualify for a CPO the car will need to meet some requirements regarding condition of components such as tires and maintenance.
Have the seller make arrangements to sell the car to the dealer. Have the dealer CPO it, negotiate a nominal cost for the administration, have them activate the DTRLs, print the recall letter, and deal with the lien.
Last I heard, a dealer with a good relationship should charge $300-500 for the paperwork fee, $2000-$3000 for the CPO (good investment) and then maybe 1 hour labour to activate the DTRLs and print the recall letter. (recall letters usually cost $1000 in Canada because they claim it requires a complete inspection of the car and DTRL activation through a dealer is about $300).
The most important part of this is that you have the security of dealing with a company and not a private party with a lien and some other complications. Only thing you should know is that in order to qualify for a CPO the car will need to meet some requirements regarding condition of components such as tires and maintenance.
