• Last Updated:
  • Aug 16th, 2020 7:57 am
Tags:
[OP]
Member
Feb 6, 2015
226 posts
16 upvotes
Markham, ON

Private Sale

Hey guys,

i'm planning to sell my 2016 STI and i would like to ask some questions regarding my situation.

1. It is currently being financed and I have the means to pay the rest off (which i will do this coming week), however, as soon as i pay it off and wait for the documentation that it is paid off, how long would it take the UVIP to state that the car no longer has a lien to it anymore?

2. given i will be selling this car for over 25k, what is the best form of payment to accept regarding this matter. The last car i sold was only 14k and the person gave me all cash 20's and it was fine lol. But 25k+ is a different animal for me. I just read about possible bank draft forgery and such so i want to be sure. Even certified cheque seems scary, i dont want to seem too paranoid but I just want to be better safe than sorry!

If someone could answer these two questions for me, i would greatly appreciate it!

Regards,
14 replies
Deal Guru
User avatar
Jul 12, 2003
11239 posts
3497 upvotes
Toronto
2. Certified Cheque should be safe, if you worry that it can be a fake one, just go to the bank and deposit with the seller before hand over the keys.
Teller should able to tell if the certified cheque is real or fake.

I never saw a Fake Certified cheque, I cannot tell how fake or how real it can be, lol
Retired Forum Moderator February 2009 - June 2015
Deal Addict
Feb 17, 2012
1355 posts
275 upvotes
ORLEANS
Ask the buyer to get a certified cheque from his bank that same day. Hand you over the cheque. You go to your bank with the buyer and deposit the cheque. The teller usually calls the issuing branch to confirm the legitimacy of the cheque. If it cheque’s out, they won’t put a hold on the funds.
Deal Addict
Sep 3, 2005
3081 posts
734 upvotes
Vaughan
1) I can't answer, but I remember when I paid off my car, took like a month for scotiabank to send me a letter stating that the loan is done. However, that doesn't reflect when the MTO updates it.

2) I'd suggest going to the bank with the other person to get the certified cheque/bank draft. Anything can be duplicated these days. If the buyer has issues with you doing that, then you might have to re-think if the buyer is legit or not.
For Sale

Nothing at the moment
Deal Addict
Sep 12, 2004
1520 posts
246 upvotes
Ajax
infinityZ wrote:
1. It is currently being financed and I have the means to pay the rest off (which i will do this coming week), however, as soon as i pay it off and wait for the documentation that it is paid off, how long would it take the UVIP to state that the car no longer has a lien to it anymore?
Just had 1st hand experience with it. I agreed to purchase a used car that had lien on it. Seller paid off the remainder of the loan (it was with RBC) on tuesday. On friday we were at MTO doing the deal and the seller purchased UVIP on the spot. No lien on it.

For your 2nd question, we had the amount over $25k as well and purchased a bank draft. Met with seller at their branch and the $ was deposited on the spot. We signed off on the bill of sale and the back of the ownership and drove to MTO together to complete the deal.
Deal Expert
User avatar
Jul 30, 2007
27739 posts
12815 upvotes
Toronto
OP, did you not just buy this car not long ago ?

Sounds like somebody offer you big $ for it or the car does not work out to your liking ?
Deal Addict
Dec 9, 2003
4916 posts
761 upvotes
Calgary
Having experienced six fraudulent certified checks and bank drafts last year, good scammers can produce good work.

imho you would be better asking for certified check - surprisingly these are harder to fake because the amount is imprinted in raised numbers on the back of the check. Pay attention to dates, bank branch address etc, and if you can, confirm the Transit number on the check (they are all available on the internet). As above, best thing is to go with the buyer into a branch of the bank on whom the check is pulled and ask the teller to do a quick check check.
I apologize for offending sensitivities of alt right, alt left, or anyone in the middle, for humor or perspectives, for my maturity and occasional errors. I apologize for misunderstandings on gender, religion, politics, race or deals.
Deal Addict
Jul 30, 2015
2382 posts
1322 upvotes
Toronto, ON
$100 bills exist, not just $20s. If you can handle 700 $20s, you can handle 250 $100s. The buyer may have to ask the bank beforehand to have that many $100 bills. Or just withdraw from a large branch. I would rather just someone give me a fat envelope of bank notes than the hassle of going to a branch with the buyer. Some may find it less hassle to just go to the bank. Depends on the individual.

I also went through paying off the vehicle. The way I did it was, I was the buyer, and I went to VW with the seller where he paid off in front of me, and I got a document saying it's fully paid off. 2 or 3 days later I got the UVIP to confirm and it didn't show any lien.
[OP]
Member
Feb 6, 2015
226 posts
16 upvotes
Markham, ON
Thanks for the response! I suppose the lien comes off quicker than I thought! But thanks!

And for the payment matter, you went to his bank watched him get the bank draft and then you guys went to your bank to deposit it? Could you clarify on this method for me if possible?
[OP]
Member
Feb 6, 2015
226 posts
16 upvotes
Markham, ON
Lol! Surprised you remember but yes I bought it exactly one year ago, but now that I work from home, I figure I don’t drive it much and the money could be used towards something else.
[OP]
Member
Feb 6, 2015
226 posts
16 upvotes
Markham, ON
6 fraud cheque’s? Is this off the same car ad you had Or something?
[OP]
Member
Feb 6, 2015
226 posts
16 upvotes
Markham, ON
Would it be weird if I asked him to pull out 290, 100 dollar bills? I would definitely exercise the option. I think as the long as the lien is clear then all is well.
Deal Expert
Jan 15, 2006
15266 posts
12670 upvotes
Richmond Hill
infinityZ wrote: Would it be weird if I asked him to pull out 290, 100 dollar bills? I would definitely exercise the option. I think as the long as the lien is clear then all is well.
$25k in 100's isn't much in terms of size lol. It's 2.5 stacks. Best way is to go with the buyer to their bank and witness them getting the bank draft done, this way you don't have to worry about getting a counterfeit one.
Deal Fanatic
User avatar
Jul 26, 2007
5133 posts
2730 upvotes
Toronto
If you are getting paranoid, better worry about all 290 $100 counterfeit bills.
Deal Addict
User avatar
Jun 12, 2008
2764 posts
503 upvotes
Ancaster
infinityZ that is a great question you asked. I've opted to get hosed by dealers with trade-ins over the thought of being screwed by the sophisticated nature of fraudulent financial documents these days.

And thanks to the poster who made very constructive comments. I'm making a mental note of them if and when I decide to sell a vehicle privately.

Top