Quote:
Originally Posted by you&me
The point is, there's no reason to advise someone that they "have to buy out the vehicle (pay all remaining payments, and residual plus GST. Wait several weeks for the title to clear, then re sell it".
You contact the finance company for the payoff amount (so you know if you have equity or have an idea of what it will cost to get out of the loan). List the car for sale. Negotiate with buyer... Once you have a deal in place, there are a few different ways to deal with the payoff, none of which require waiting "several weeks" and any manner of which can essentially be done while you're simultaneously selling the car.
The last time I bought a used car with a payoff, I waited <15 mins after payment for a lien release letter, drove straight to the registry and had my plates on it, all in less than an hour. YMMV, but several weeks is just wrong.
I think you work at a dealership, so of course, you know all of this. I'm probably wrong, but your post reads like you're trying to make the process much more arduous than it really is, and you had your "someone working at a dealership trying to corral a customer" hat on, rather than your "honest and best advice to a fellow CP'er" hat.
|
There are two important factors you are over looking. Buying/ selling a vehicle with a lien is not comparable to what this discussion is about And you have to have ownership of a vehicle, whether outright or with a lien in order to sell it. If the registration shows as “leased” it cannot be sold. The 11 hour process requires a lot of cooperation from both the selling and buying parties as well as a dealership finance manager and the registry office. Step one, get payment from the buyer. Step two, deposit payment and take payout amount to dealer. Step 3, get bill of sale from the dealer, return to registry office. Step 4, registration is transform “leased” to “owned” by registry office. Step 5, bill of sale is completed and new owner can register the vehicle. Now this process is more “arduous” then my earlier suggestion.
I’ve gone through the process a couple of times and getting all your ducks in a row ahead of time will make the transaction flow the smoothest.