Quote:
Originally Posted by ResAlien
Is this a Canadian thing? I'm trying to figure out why you'd want to take over someone else's loan. What's the value to you? I gotta be missing something
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The way it's supposed to work is that the seller gets a payout letter from his lender within a few days from transaction and on the day of the sale, the buyer goes to the bank with seller to deposit the bank draft from the sale and immediately pays off the loan on the car at the teller providing a receipt. It will take at least two weeks for the lien to actually be cleared after that date. I've done this many times and it's never a problem.