The way people communicate today…has changed, especially when texting. It’s almost a
new language: “TTFN” “IMHO” “SMH” “AFAIK.” We may pretend we understand, but secretly we’re making a mental note to look up those abbreviations later.  All those capital letters, numbers and abbreviations— it makes one long for the days of handwritten correspondence when we actually took the time to spell out words.

Little is more confusing than acronyms. You know what an acronym is, right? That would be an  abbreviation formed from the first letter of other words and pronounced as a word, as in OMVIC [spell this out phonetically] the Ontario Motor Vehicle Industry Council—not to be confused with an initialism—an abbreviation consisting of the first letter of other words, but pronounced separately as in MTO, the Ministry of Transportation of Ontario.

Vehicles that would have been completely unaffordable two decades ago are now financially accessible. Many consumers can buy the car of their dreams, with no money down, for a monthly, bi-weekly (or even daily) payment that has somehow become “affordable.” But how? Did cars get cheaper? Are we all significantly wealthier? Or is something else at play?

Ontario’s vehicle sales regulator is providing educational information and tips to consumers who are financing their next car-purchase. “Traditionally the most common source of complaints received by OMVIC relate to vehicle condition or contract cancellation” explained John Carmichael, OMVIC CEO and Registrar. “However we are noticing an increase in complaints specific to finance agreements; and in the past few years, this has led to a number of dealers facing charges or licence revocation.”

OMVIC, Ontario’s vehicle sales regulator, has ordered the immediate suspension of 1828780 Ontario Inc. o/a D L Auto Brokers, operated by Darrel Legare at 581 Lakeshore Drive, North Bay. As a result, Legare and D L Auto Brokers may not legally sell, lease, buy or consign vehicles. 

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!