Protect yourself. Read these important car-buying tips before you sign!
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.
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!
65 Overlea Blvd.
Toronto ON M4H 1P1