Automotive

Buying a vehicle with appraisal paper

  • Last Updated:
  • May 10th, 2020 1:59 pm
[OP]
Banned
May 8, 2020
45 posts
5 upvotes

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
4 replies
Newbie
Mar 22, 2020
41 posts
41 upvotes
Blue Mountains, Onta…
googlemap wrote:
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?
It won't show up but if I was the next buyer after you I'd wish it would.
Deal Addict
User avatar
Nov 17, 2004
2755 posts
1012 upvotes
No it won’t. Buy the car, take the appraisal to the MTo to change ownership and you’ll only pay taxes on the appraised value.

Fix the car, drive. Resell. Profit.

Top