Importing question........
Thread Starter
Racer
Joined: Oct 2005
Posts: 355
Likes: 0
From: Calgary AB
Importing question........
Hey All,
Well I sold my car last week, looking at purchasing another and found a 2007 C6 in the "C6 for sale" section that catches my eye. That being said the owner still has a loan on it, this is where I am curious as I know that the title has to be clear and to the border approx 72 hours before the car so they can check for liens, make sure it’s not stolen, etc.
Now I also understand when there is a lien on the car the bank holds the title and it would take the owner a few weeks to receive once paid out. Have any of you encountered this while importing and how did you address the matter?
Thanks,
Tony2
Well I sold my car last week, looking at purchasing another and found a 2007 C6 in the "C6 for sale" section that catches my eye. That being said the owner still has a loan on it, this is where I am curious as I know that the title has to be clear and to the border approx 72 hours before the car so they can check for liens, make sure it’s not stolen, etc.
Now I also understand when there is a lien on the car the bank holds the title and it would take the owner a few weeks to receive once paid out. Have any of you encountered this while importing and how did you address the matter?
Thanks,
Tony2
Drifting
Joined: Jun 2008
Posts: 1,333
Likes: 32
From: cruising between USA and Canada... SAVE THE WAVE!
Hey All,
Well I sold my car last week, looking at purchasing another and found a 2007 C6 in the "C6 for sale" section that catches my eye. That being said the owner still has a loan on it, this is where I am curious as I know that the title has to be clear and to the border approx 72 hours before the car so they can check for liens, make sure it’s not stolen, etc.
Now I also understand when there is a lien on the car the bank holds the title and it would take the owner a few weeks to receive once paid out. Have any of you encountered this while importing and how did you address the matter?
Thanks,
Tony2
Well I sold my car last week, looking at purchasing another and found a 2007 C6 in the "C6 for sale" section that catches my eye. That being said the owner still has a loan on it, this is where I am curious as I know that the title has to be clear and to the border approx 72 hours before the car so they can check for liens, make sure it’s not stolen, etc.
Now I also understand when there is a lien on the car the bank holds the title and it would take the owner a few weeks to receive once paid out. Have any of you encountered this while importing and how did you address the matter?
Thanks,
Tony2
That changed nothing insofar as the border because the title was clear (as in- it wasn't ever reported stolen, etc) and all they really care about is that the vin comes clean- the us border guys don't care about who technically owns the car as long as there isn't any monkey business with it. On the flip side, Canada customs doesn't care either b/c they're after the tax $$ and know that the whole registration issue is a provincial matter.
Once I paid him- we were at the bank and he paid the car off on the spot. They gave him a release letter and basically the car was his which in turn was signed off to me. There was no waiting as the credit union was able to do all this release business on the spot. Your best bet is to have the seller confirm with the bank that the paperwork can be done on the spot or within 24 hours as you don't want to wait 3 weeks for paperwork on a car you just paid for.
As long as the bank's release letter accompanies the title, you won't have any issues. I too wondered what the whole thing meant but in retrospect it was a non-issue.
HTH,
Tommy
Intermediate
Joined: Apr 2008
Posts: 28
Likes: 0
Hey All,
Well I sold my car last week, looking at purchasing another and found a 2007 C6 in the "C6 for sale" section that catches my eye. That being said the owner still has a loan on it, this is where I am curious as I know that the title has to be clear and to the border approx 72 hours before the car so they can check for liens, make sure it’s not stolen, etc.
Now I also understand when there is a lien on the car the bank holds the title and it would take the owner a few weeks to receive once paid out. Have any of you encountered this while importing and how did you address the matter?
Thanks,
Tony2
Well I sold my car last week, looking at purchasing another and found a 2007 C6 in the "C6 for sale" section that catches my eye. That being said the owner still has a loan on it, this is where I am curious as I know that the title has to be clear and to the border approx 72 hours before the car so they can check for liens, make sure it’s not stolen, etc.
Now I also understand when there is a lien on the car the bank holds the title and it would take the owner a few weeks to receive once paid out. Have any of you encountered this while importing and how did you address the matter?
Thanks,
Tony2
I paid him,
He paid off the Lien,
The Credit Union gave him the Title/Ownership, (now identified as lien free),
He signed the Title over to me,
I made several photo copies of all the paper-work, &, Fedex'd all the Originals, ie, Title, Bill of Sale, Insurance, etc, to the US Border Crossing of my choice.
Next day confirmed that Fedex had delivered,
I showed up 71 hrs later,
They checked the VIN, &, said; "nice car, see ya later",
drove to the Canadian customs, declared the car, paid the GST, etc,
drove home......
Team Owner
Joined: Mar 2001
Posts: 25,013
Likes: 80
From: Manitoba/San Jose del Cabo
Cruise-In III Veteran
St. Jude Donor '11
Bottom line, you find out if the title can be released upon payment of loan or else you are giving a stranger money for maybe three weeks hoping he is who he says he is and is not driving the car the whole time. I always made my bank wire payable to the owner and the financial institution that had the title only after I talked to financial institution, and confirmed that they would release the title upon my wire reaching them and they themselves would fax me a copy of the title so I could get it to the border. The owner would then go pick up the original title and give it to me when I picked up the car.
Thread Starter
Racer
Joined: Oct 2005
Posts: 355
Likes: 0
From: Calgary AB
Thanks for the input guys, seems like it could go either way and be an easy process, or it could end up to be a giant waste of time.
I am going to have to ponder this situation a bit.
Tony2
I am going to have to ponder this situation a bit.
Tony2
Former Vendor
Joined: Sep 2008
Posts: 142
Likes: 0
From: Toronto Ontario
Tony you are going to require a lien release from the seller. Be careful when getting advise about border clearances as each and every border point has its own rules and regulations. You would think that they are uniform across the board but this is not the case. If you want to have us quote on picking up your car and clearing it through US and Canada customs and pay your GST RIV and present you with one invoice and deliver it to your garage call us. We make the whole process easy. If you are interested call us at 1888 415 3158 ext 8 Adam. Visit our website www.tfxinternational.com Good luck
Former Vendor
Joined: Sep 2008
Posts: 142
Likes: 0
From: Toronto Ontario
Just one more thing I forgot to tell you. Make sure if you are purchasing from a dealer that you get them to provide you with a recall letter from GM. You will not require this to get past US Customs or Canada Customs but once you hit RIV not having one will stop you dead in your tracks. Have the dealer do the work for you. Oh and if you are purchasing a vehicle from the dealer have them fax you a copy of the title and provide you with an invoice that reads paid in full prior to sending any money . Once the money is sent the seller could simply say that any money sent was a down payment and that you still owe them say and additional 10000.00 to complete the deal. Remember trust no one. Get it in writing. Good luck. I just purchased an 07 Z06 and I bought it from a dealer in Ohio names Marshal Goldman. Great dealer. My brother also purchased a 07 Z06 from him as well. Go on the web and check out the vettes he has in stock. John Ash is the salesman I dealt with. Great guy. Good luck
