Protect yourself. Read these important car-buying tips before you sign!
A Toronto General Motors (GM) dealership, Dean Myers Chevrolet Ltd., and 1125278 Ontario Limited, o/a Dealerwerx Leasing, both located at 3180 Dufferin St., North York, have currently closed their doors after the appointment of a receiver, Deloitte Restructuring Inc. (Deloitte), by the Ontario Superior Court of Justice. The application for appointing a receiver was made by the Royal Bank of Canada.
At least five days a week, Kelly Hult, college student and single mom of two toddlers (with a third on the way), commutes half an hour to school in Sault Ste. Marie. “My car didn’t handle the snow-covered highways very well,” explained Kelly with understated charm. “That’s why I decided to trade my 2011 Chevrolet Cruze for a slightly older pickup truck.” She settled on a 2008 Chevy Silverado.
So what exactly is a lien?
A lien is a legal “encumbrance” registered on a person’s property to secure a debt the property owner owes to another person/business (commonly a bank/lender). In the case of a car loan, a bank (or finance company) will register a lien against the vehicle giving them the right to take possession of it should the borrower default on the loan and to sell the vehicle to recoup the outstanding debt.
So it’s really important you DON’T buy a vehicle with an outstanding lien!
When it comes to buying a vehicle in Ontario, it is important consumers do their homework before purchasing. But what exactly should that homework entail? Whether buying from a private seller or an OMVIC-Registered Dealer, this mnemonic will help consumers conduct research and ask the right questions during the car-buying process to make an informed purchase.
65 Overlea Blvd.
Toronto ON M4H 1P1