Noob question about buying or selling a car in Ontario

Search this thread

Last Updated:
Oct 8th, 2020 1:43 pm

Tags:

SCORE
-1
0
1

Reply to ThreadReply

Search this thread

Oct 7th, 2020 7:52 pm

InOverHisHead [OP]: Newbie; Mar 10, 2014; 37 posts; 2 upvotes; London

Oct 7th, 2020 7:52 pm

Noob question about buying or selling a car in Ontario

Hi everyone. Hope you can help me. I have a Ford Fusion and my wife has a 2012 Subaru Outback. The outback hasn't been the best and we have three young kids. We are looking for a new vehicle and have decided to take over a lease of a Volvo XC90. I am wondering the process to do this (car is out of town, and will be testing driving it next week - if like, the current leaser and I will go to the dealership and sign the paperwork). I then intend to sell the 2012 Outback. A few questions:

1) I guess I have to get new license plates since I currently have two vehicles, each with it's own plate?
2) how does insurance work? If I decide to take over the lease, I want to sell the Subaru as quickly as possible. Is there a way to carry insurance on three cars just for like a month? I'm not 100% sure I am taking over the lease - how do I set up insurance beforehand such that I can drive it home from out of town?

Any tips on selling a car? To do so privately in a pandemic seems a little intimidating, but I guess used car lots will just rip you off?

Thanks so much!

Marriott Rewards: Platinum
AMEX Gold Rewards
Capital One World Elite Cashback

5 replies

Oct 7th, 2020 8:03 pm

booblehead: Deal Expert; Jul 30, 2007; 28080 posts; 13289 upvotes; Toronto

Oct 7th, 2020 8:03 pm

Leasetakover:
- what kind of incentive are you getting ?
- who pays the transfer fee and inspection cost ?
- due diligence is still required. Check carfax and ask for service records.
- any excessive wear on the car itself( exterior and interior)
- assess how much wear is left on tires and brakes. If you need to replace them, are you really still getting a fair deal out of this ?
- get copy of the lease agreement from current owner so you know what are terms you are paying
- does the current owner has any security deposit held by Volvo fs ?

- insurance. You just obtain the necessary insurance for this Volvo. So, you are essentially carrying 3 vehicles

Oct 7th, 2020 8:18 pm

InOverHisHead [OP]: Newbie; Mar 10, 2014; 37 posts; 2 upvotes; London

Oct 7th, 2020 8:18 pm

Thanks - no incentive, but original over is paying the lease transfer fee. Have service records and carfax report. For insurance, can you just buy it for like a month at a time? (until I sell the Subaru)? Since I'm not sure I'll be taking over the payments until I test drive it next week, how do I purchase the insurance in advance?

Thanks again

Marriott Rewards: Platinum
AMEX Gold Rewards
Capital One World Elite Cashback

Oct 7th, 2020 8:27 pm

booblehead: Deal Expert; Jul 30, 2007; 28080 posts; 13289 upvotes; Toronto

Oct 7th, 2020 8:27 pm

Insurance- You need to call your insurance to see if they do sell coverage like that. I highly doubt it. You need to find out from the leasing company on what insurance coverage is required before you do anything. If you are going ahead, your insurance will ask many questions and then a new policy will be created.

Oct 8th, 2020 8:55 am

michelb: Deal Fanatic; Jul 4, 2004; 5865 posts; 1921 upvotes; Ottawa

Oct 8th, 2020 8:55 am

For the plates, if you want both cars on the road at the same time (even if it's only for a few weeks), you need 2 sets of plates. Once you sell the car, you can return the plate to ServiceOntario for a credit of the remaining months on the sticker. The dealer should be able to get you new plates but if not, you'll have to go to ServiceOntario for that. Many still have reduced hours and locations so check that.

For the insurance, contact your insurance company to confirm but I've been told by my insurance (Cooperators) that they automatically extend coverage to any car you purchase (this allows you to purchase a car and have insurance on the weekend when they might not be open). Also you can certainly carry insurance on multiple cars (My wife and I usually have 3 insured cars between the two of us. At the start of the summer, we had 5! (we've since sold 3 of them (We had purchased 2 new cars just before COVID but with that, hadn't sold our old cars yet)). Like the plates, once you sell the car, you can cancel the insurance for the sold vehicle (With Cooperators you can do this online).

Oct 8th, 2020 1:43 pm

InOverHisHead [OP]: Newbie; Mar 10, 2014; 37 posts; 2 upvotes; London

Oct 8th, 2020 1:43 pm

michelb wrote: ↑ For the plates, if you want both cars on the road at the same time (even if it's only for a few weeks), you need 2 sets of plates. Once you sell the car, you can return the plate to ServiceOntario for a credit of the remaining months on the sticker. The dealer should be able to get you new plates but if not, you'll have to go to ServiceOntario for that. Many still have reduced hours and locations so check that.

For the insurance, contact your insurance company to confirm but I've been told by my insurance (Cooperators) that they automatically extend coverage to any car you purchase (this allows you to purchase a car and have insurance on the weekend when they might not be open). Also you can certainly carry insurance on multiple cars (My wife and I usually have 3 insured cars between the two of us. At the start of the summer, we had 5! (we've since sold 3 of them (We had purchased 2 new cars just before COVID but with that, hadn't sold our old cars yet)). Like the plates, once you sell the car, you can cancel the insurance for the sold vehicle (With Cooperators you can do this online).

Hey thanks, that's very useful. We use Co-operators too, and it would be amazing if they automatically extend the coverage, just so I can drive the thing home and not worry about getting into an accident!

Marriott Rewards: Platinum
AMEX Gold Rewards
Capital One World Elite Cashback

Reply to Thread

Top