Protect yourself. Read these important car-buying tips before you sign!
You know Dasher and Dancer and Prancer and Vixen, Comet and Cupid and Donner and Blitzen. But do you recall…the “458 Italia Speciale?”
Rumours swirling around the North Pole claim Santa Claus is considering trading in his trusty team of reindeer for a 597 horsepower “black prancing stallion”. According to the elvish grapevine, the Ferrari’s front and rear movable flaps cut drag and its side slip angle control are better able to tackle unpredictable equatorial cross-winds. An elf at S.L.E.D. (Santa’s Lead Engineering Department), who wants to remain anonymous, described the current sleigh as having the aerodynamics of a “flat-sided igloo”.
When you owe more for a car than what it's worth, you have negative equity. Follow our infographic to find out how easily it can happen.
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!
65 Overlea Blvd.
Toronto ON M4H 1P1