Buying a vehicle with appraisal paper
I have a friend who went to overseas for work, due to virus outbreak, he is not coming back in near term.
So he wants to sell his 2017 bmw that is unable to start and window damaged with falling branch.
My appraiser said the value is around $9000, and can send me a Ontario appraisal paper, although the wholesale value on used vehicle information package is $24000.
My friend agrees to sell at $9000.
I am wondering two things
1. I am going to fix all the problems, as his damages were never reported to insurance company (he stopped his insurance 9 months ago). If I do a ownership transfer, will those damages on engine and windshield be reported to car fax? Which may affect my resale say after 5 years?
Anybody know if this record will show up on carfax or future used car information package?
2. What is the difference with ownership transfer with appraisal paper compared to a normal cash transaction? In ontario
So he wants to sell his 2017 bmw that is unable to start and window damaged with falling branch.
My appraiser said the value is around $9000, and can send me a Ontario appraisal paper, although the wholesale value on used vehicle information package is $24000.
My friend agrees to sell at $9000.
I am wondering two things
1. I am going to fix all the problems, as his damages were never reported to insurance company (he stopped his insurance 9 months ago). If I do a ownership transfer, will those damages on engine and windshield be reported to car fax? Which may affect my resale say after 5 years?
Anybody know if this record will show up on carfax or future used car information package?
2. What is the difference with ownership transfer with appraisal paper compared to a normal cash transaction? In ontario