Topic: Buying a truck - I found one with a lien

[WP v3.32]

Might as well start a thread since I'm about to pull the trigger on something.  Although this belongs in the Upside Down thread.

I was about to pull the trigger on this and pulled the carfax.  The numbers are jaw dropping.  it's for sale for $40k but the lean is $82K. Jesus!

first registered Jan 2023 so that's and expensive 12 months!

 I'm not sure how to go on about this. Just let it go completely?  is it worth the hassle.    The remainder of the Carfax looks good

Serial Number Collateral Search For:
3C6RR7LG0NG268359
Search ID #: Z17114036
Date of Search: 2024-Mar-04
Time of Search: 14:57:16
Registration Number: 24010831053 Registration Date: 2024-Jan-08
Registration Type: REPORT OF SEIZURE Registration Status: Current
Registration Term: Infinity
Service Area 2 Amount being seized for is $82,053.66. Property was seized on 2024-Jan-05
Registration Type Report of Seizure
Date 2024-Jan-05
Registration # 24010831053
Value $82,053.66
Exact Match on:
Serial Collateral No: 1
Solicitor / Agent
WESTERN CIVIL ENFORCEMENT AGENCY INC. #126, 1111 6TH AV
Creditor(s)
Block
1 TD AUTO FINANCE (CANADA) INC. PO BOX 4086, STATION A TORONTO, ON M5W 5K3

[Great_Big_Abyss]

So it's a repo...?

I guess the lien would be handled by the bank doing the repo then?  Surely there's a procedure for this, although I am unclear as to what it is.

Also, $82k is a massive loan for a V6 Ram Classic.  WTH! 

[Gurgie]

Is this at a dealership? Looks like the bank has repo'd it, so they're just trying to get what they can for it.

Sent from my SM-S901W using Tapatalk

[WP v3.32]

Is this at a dealership? Looks like the bank has repo'd it, so they're just trying to get what they can for it.

Sent from my SM-S901W using Tapatalk

Yes it's a dealer.  Not a Dodge dealer but a used car dealer (Red Deer Motor).  I  sure there's a process but it's double the value.

Edit:  the dealer claimed the lien has been paid/removed.   I posted the full lean below (less the person's info)  I don't know where it would say it's paid off/removed


Page 2 of 4
Serial Number Collateral Search For:
3C6RR7LG0NG268359
Search ID #: Z17114036
Date of Search: 2024-Mar-04
Time of Search: 14:57:16
Registration Number: 24010831053 Registration Date: 2024-Jan-08
Registration Type: REPORT OF SEIZURE Registration Status: Current
Registration Term: Infinity
Service Area 2 Amount being seized for is $82,053.66. Property was seized on 2024-Jan-05
Registration Type Report of Seizure
Date 2024-Jan-05
Registration # 24010831053
Value $82,053.66
Exact Match on:
Serial Collateral No: 1
Solicitor / Agent
WESTERN CIVIL ENFORCEMENT AGENCY INC. #126, 1111 6TH AVE SW CALGARY, AB T2P 5M5
Phone #: 403 236 2566
Fax #: 403 236 2275
Civil Enforcement Agent
WESTERN CIVIL ENFORCEMENT AGENCY INC. #126, 1111 6TH AVE SW CALGARY, AB T2P 5M5 Phone #: 403 236 2566 Fax #: 403 236 2275
Debtor(s)


Block
XXXXXXXXXXXXXXX
Status Current
Personal Property Registry Search Results Report
Search ID #: Z17114036
Gender: Unknown
Birth Date: 1958-Nov-08

Creditor(s)
Block
1 TD AUTO FINANCE (CANADA) INC. PO BOX 4086, STATION A TORONTO, ON M5W 5K3
Collateral: Serial Number Goods
Block Serial Number
Year Make and Model
1 3C6RR7LG0NG268359 2022 RAM 1500 CLASSIC
Category MV - Motor Vehicle
Particulars
Block Additional Information
1 SURRENDERED TO SERVICE FORCE AS AN AGENT FOR TERANET/TD AUTO FINANCE AND DELIVERED TO ADESA CALGARY
Page 3 of 4
Status Current

Status Current Status Current
Personal Property Registry

[Gurgie]

Is this at a dealership? Looks like the bank has repo'd it, so they're just trying to get what they can for it.

Sent from my SM-S901W using Tapatalk

Yes it's a dealer.  Not a Dodge dealer but a used car dealer (Red Deer Motor).  I  sure there's a process but it's double the value.

Yeah, but at this point, the bank is gonna take what they can get for it.

Actually, I'm guessing the bank already got their cash for it because when it was repo'd it would've went to auction & this dealership bought it there.

Sent from my SM-S901W using Tapatalk

[WP v3.32]

I guess I can phone the creditor TD Auto Finance

[ktm525]

Contact TD and see if you can a letter from them stating that they no longer have a financial interest in the vehicle and to remove the lien.

[rrocket]

Contact TD and see if you can a letter from them stating that they no longer have a financial interest in the vehicle and to remove the lien.

Yep.

A Release of Interest letter.

Had to do this once.

It's possible it has been released already..but takes 30-60 days to go through the system until it shows on things like Carfax.

[WP v3.32]

Thanks guys.  I certainly don't want to pay $120K for a V6 Ram. I'd be sleeping in it. 

[ktm525]

Some places are very lazy with releases. Could be a pain if you ever tried to sell it without the letter.

[WP v3.32]

Some places are very lazy with releases. Could be a pain if you ever tried to sell it without the letter.

I phoned TD and they confirm they have no longer financial interest in the vehicle.  They mentioned supplying a letter to the dealer.  I have to go through them to get it, it can't be sent to me directly.

[2JDM]

This belongs in the Upside Down Major thread. 

[ktm525]

This belongs in the Upside Down Major thread. 

Person on that collection report was 66 years old. I was thinking this was ignorant youth...

[revalations]

Had this happen many, many times. Banks are sloooww to take Leins off. Reminds me of a truck I bought that had a lein from a leasing company…..that was no longer in business, therefore unable to remove the lein. That one was fun. Another was a repo where the owner reported it stolen after the bank took it, nobody bothered to tell the police it wasn’t stolen. I registered it and within a few hours had two RCMP cars at my place. Was fun explaining that one too.

Red Deer Motors has been around forever. I’m sure you’re safe buying from them.

[Firm]

As long as Red Deer Motors can provide you the Release of Interest letter from TD you're good. If they can't be bothered to chase that down for you, they don't deserve the sale.

Someone had to have rolled negative equity into that truck.....wild.

[WP v3.32]

This belongs in the Upside Down Major thread. 

Person on that collection report was 66 years old. I was thinking this was ignorant youth...

Yeah I'd still want to go have a visual before.   Unfortunately I'm busy. all week. 

[Seafoam]

 Is this the same truck you mentioned in another thread from Red Deer Motors where they wouldn't accept your offer ?

[WP v3.32]

Is this the same truck you mentioned in another thread from Red Deer Motors where they wouldn't accept your offer ?

yes.

still trying to deal a bit. I contacted 2 other dealers about trucks and found 2 that are very close in options and price but I like this one better. 

[WP v3.32]

Well I just got a confirmation of "Discharge of report of seizure" and they accepted my offer.   Hold on for show and shine


Are trifold covers from Amazon good quality?


https://www.amazon.ca/U-Guard-Profile-Tri-Fold-2009-2023-Classic/dp/B0B7Z86CWC/ref=sr_1_1_sspa?dib=eyJ2IjoiMSJ9.C_4TlibjnjdqXe8kcTxhtT7ZeLDg1S1CvGJ73Hpv1C63KpDrLDjhwakqDfwExIe6WYV43xlfMsflFMdGsbbkOF9bErn2hxPJIM-31qwVil6EZJzbtXu5uNsFKMCsxe2HXuN4k9OTJYQ-WC9w4c3JDz3OC4aUvWvviMi4QiiD6Q3mUBzf-yIZeNJnSIOhs1qXGf_Km6GuTcW-l_H4uSR9GfgS43432Zt2amlTkr36fIpgxQaAvO8S70Zq742qi9dnEGeLCk9Fao8ds1v72SV7-8RxGRadnFN24kLwqBZWzZk.1fxHBCQYV9p0Cx26j71C_qgULT9E82WuKA0lT2YqSoM&dib_tag=se&keywords=tri+fold+tonneau+cover&qid=1709661299&sr=8-1-spons&sp_csd=d2lkZ2V0TmFtZT1zcF9hdGY&psc=1

[PJungnitsch]

Congrats! That looked like a nicely specc'd truck