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I am currently in the process of buying a vehicle with a lien on it. The lien is currently more than what i am paying the seller. I am just curious as to what precautions i can take to protect myself from fraud. Me and the seller will be going through with the transaction at a TD Branch, where I give him "x" amount of dollars and the seller pays the remaining balance of the lien. At the same spot we will be signing off on the bill of sale, which will state that the car has no liens. The seller should then recieve a lien release in 2-3 days, which is when i will be able to register the car. Is there any steps i should be taking to protect myself or anything else i should be aware of? Also, if the name on the lien and the name on the registration are the same, there should be no problem with the seller selling the car, correct?
March 6, 2015 01:07:06 PM
In reply to Jason, Edmonton
Thanks for getting in touch with us, Jason!
We're always glad to hear from our Customers on the other side of the border. Since you've reached TD Bank here in the U.S., we encourage you to post your question here: http://bit.ly/1kD3iFr to the TD Canada Trust TD Helps page, where our friends will be more than glad to advise you. If it's easier for you, you might like to contact an agent directly with your concern. You may find their contact page here: http://bit.ly/1woOVay.
Best of luck with the purchase, Jason and have a great upcoming weekend.
Kristen P, Mount Laurel
March 6, 2015 01:09:32 PM