How long does it take to get a lien on a car?

[chillychin]

I was looking at purchasing a used vehicle privately and was just curious, how long does it take to "take out a lien" on a car?

I understand that there is some lag time with the UVIP ( a day or two?)

I was just curious if i brought the car to my mechanic, the UVIP says no liens (lets say for the sake of arguement it was issued 5 days prior to day of sale and owner transfer) and i sign over all the papers and then go to the MTO office to register what are the odds that someone within those 5 days between getting the UVIP and me registering the car of the person getting a lien?

[mazdubb]

The odds are extremely low. There are much easier and less risky ways for people to commit fraud.

[chillychin]

The odds are extremely low. There are much easier and less risky ways for people to commit fraud.

sorry if this is a silly question

so it doesnt sound like i can just walk into a bank, and 30 mins later bam i took out a lien on my car then walk into another bank and take out another lien

I never had to take out a lien, or know anyone that did :confused:

[mikeymike1]

PPSA registrations usually occur the same day the loan was funded. But it may take 2-3 business days for the data to show up on the UVIP.
If one was caught using their vehicle as collateral for multiple loan applications then that would constitute as fraud and would be an indictable crime.

On another note, if you we're to have you're vehicle serviced and the service dept (in good faith) decided to let to drive off and pay them in installments and then you defaulted on the repair bill then they would register a lien on your car (RSLA) that again would take about 2 business days to show up on the UVIP.



sorry if this is a silly question
so it doesnt sound like i can just walk into a bank, and 30 mins later bam i took out a lien on my car then walk into another bank and take out another lien
I never had to take out a lien, or know anyone that did :confused:

Any bank would most likely do a PPSA lien check anyways so it would take 2-3 days before they would grant the collateral loan