09-19-2008, 01:52 AM
Hello all , I am planning on making a trip down south to pick up an Element . It is a private seller who has a Honda loan of $23000 . Vehicle has low miles and seems to be a good deal. I think a bankers draft is the best way to pay. I talked to Honda finance , they said I could even pay them . How do I make sure I don't also assume his loan? I would also say a mechanical inspection should be done . Crash history ect . How does the transfer of ownership take place? I understand it can take a few days , and my postal address would be in Canada . How do you get temporary insurance to drive it home . Seems like it is easy to get it into Canada as long as nothing owing , and I have the title . Where do you get the little french airbag sticker? Lots of questions , anything I might have missed, and overall help would be gratefully appreciated . Maybe we have to go to a dealership eh.
09-19-2008, 10:53 AM
1. Your situation is a bit complicated. Check with the state's DMV website regarding purchasing a second hand car with a lien against it.
2. My concern and understanding is that when a lien is held, US Customs will prohibit you from exporting that vehicle. Basically when you submit required information 72 business hours before you export, they run through these checks.
3. Also, in the US a lien will not entitle the car owner to a complete car title (which you need for export & registration in Canada), and waiting for a car title can take 6 - 10 weeks after payment pending on the state's wait-time.
4. Transfer is easy, a portion of the title has car transfer information and both of you have to fill it up. Then you two have to make up a receipt for the purchase. Some states and website offer sample form like the one I used:
5. Car history - use CarProof verified by BC http://www.icbc.com/buy_car/vehicle_claims_history.asp
They have complete information for both US / Canadian claims. Other provinces use the same system too (same company different service products).
6. After you have imported your vehicle, you can do both Federal and Provincial checks, as well as Daytime Running Light installation at a local Canadian Tire. Just advise them that your headlight runs on negative trigger okay! Some also sell French stickers and if you are nice to the inspector, they may just waive and sign-off for you without the sticker.
7. For insurance, you will need to call your insurance company with the new car VIN number. They will then fax or send you a temporary insurance paper / letter / slip. This is required before you leave!
8. Your good for now, just leave some money for RIV + GST / HST when you come back and PST (unless Alberta) when you register the vehicle.
9. Seriously for $23K, you might want to look at dealers for a low mileage 08 E instead. They are allowed to sell used cars to Canadians, but not new ones (unless that has changed).
10. Bank draft is the safest thing. Or a certified cheque. Remember to keep a copy of it too!
09-19-2008, 12:40 PM
too much hassle!!! especially for 23k... check the "perpetual" price threads.. there's both and American and Canuck one !;-)
09-19-2008, 01:25 PM
Thanks guy's , I would be paying $20000 for this vehicle , which is a 08 SC with 2000 miles on it . I think that is a good price . I believe the lien and title transfer time is the problem . The only way I can see around this would be to purchase vehicle unseen , wait and store it untill the title comes through , then go down and drive it home . Which is too much hassle , and to easy to get burnt .
09-19-2008, 03:20 PM
$23K u can buy it at a dealer for a low mileage E......