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Kevin@nextmod
11-29-2007, 09:43 AM
My friend is selling his car for a new one so he wants me to ask. So if he were to sell his car and his car is a finance. Lets say he still owe $14k to the bank and the car can sell for $15k. He still has 33 months left till he pays off the car. So the question is can he still sell his car? and keep paying his payments?

BTW its another mazda 3 and the bank is thru mazda which is scotia bank.

Wild Weasel
11-29-2007, 09:57 AM
Not unless he makes special arrangements.

The car has a lien on it tied to the financing. If he sells it then he'll have to clear up that lien by either arranging with the bank to have it removed, or by paying off the loan.

Kevin@nextmod
11-29-2007, 10:08 AM
will he be charged with any penalty if he does decide to pay it all off?

Wild Weasel
11-29-2007, 10:18 AM
No, he shouldn't be.

Kevin@nextmod
11-29-2007, 10:32 AM
alright, thanks WW. Lots of help.

Wild Weasel
11-29-2007, 10:43 AM
np. Glad to be of service. :bana

Fuman
11-29-2007, 10:43 AM
WW is right. I know I can with my terms and agreement that I signed.

Kevin@nextmod
11-29-2007, 10:54 AM
So basically he can't sell the car as long as he still owes the bank from the finance? like he pays $450 a month for the car. Can he sell the car but keep paying $450 a month like usual?

S.F.W.
11-29-2007, 10:58 AM
he can not sell the car and keep paying the $450 per month. The bank would no longer have any collateral on the loan.
When he sells the car, he has to pay off the loan, otherwise the new owner will not have clear title to the car.
Also, paying off the loan early does not carry penalties, I paid my loan off early. I just contacted Scotia bank with my loan number, and made the additional payments.

Wild Weasel
11-29-2007, 11:48 AM
I think it's worth making a phone call to Scotia to see what they can do. If he's got good credit they might be ok with taking the lien off and just treating it as a personal loan. Then he can use the money from the sale of the car to pay down other higher interest debts if he has them.

There's certainly no harm in asking, right? :)

Kevin@nextmod
11-29-2007, 01:04 PM
I think it's worth making a phone call to Scotia to see what they can do. If he's got good credit they might be ok with taking the lien off and just treating it as a personal loan. Then he can use the money from the sale of the car to pay down other higher interest debts if he has them.

There's certainly no harm in asking, right? :)
That is absolutely correct. I'll tell him to give that a try. Thanks for all the help guys...

Cardinal Fang
11-29-2007, 02:09 PM
Your welcome Pearly, that's what we are here for. That ........and the smart ass comments.

crazycanuck
11-29-2007, 04:04 PM
....From Cardinal_Fang


Your welcome Pearly, that's what we are here for. That ........and the smart ass comments.

ds2chan
11-29-2007, 04:06 PM
anytime kev.. glad I could help..

lol..

good question.. I was wondering this myself.. not that I'm selling.. was just wondering..

nicker
11-29-2007, 04:45 PM
No that is not how that works.

If he sells the car he must pay off the bank COMPLETELY! If he gets less for the car then what he owes he will have to take out a new load for the existing amount and possibly have differntly finance rates. If he sells the car for more he pays out the bank so they can remove the lien on the car so the new owner can licence it.

Wild Weasel
11-29-2007, 05:36 PM
How is that any different from what I said?

I just said it's worth talking to the bank about other options. Don't mistake that for meaning that it's definitely possible.

SilentJay
11-30-2007, 11:13 AM
Post results of your find, inquiring minds want to know :)




.... and i'm a lazy ass :P

Kevin@nextmod
11-30-2007, 11:17 AM
I'll see when he contacts me again

Kevin@nextmod
12-11-2007, 08:09 AM
Rather than starting another thread i'll reuse this.
I'm just about to sell my car as all of you can see. The sales guy said he called scotia bank and they said they can't find my account. So he told me to call them personally and find out my buy out cost and the daily interest. Looking at the scotia bank website, made me so confused.
So the question is which number do i call? I got my car from scarboro mazda (if that helps)
Can someone provide me with the number i can directly talk to them and so they can help me out with my situation here? thanks.....

nicker
12-11-2007, 08:20 AM
Just call the scotia bank 800 number they will ask you some questions to verify you are who you are and away you go.

whiteomega
12-11-2007, 08:23 AM
i would actually suggest walking into a scotia branch with your loan paperwork in hand; otherwise, you can probably call their customer service folks..for a phone number, most of the time, you have to call a loan officer or personal financial services rep at the branch directly; if you can spare the time, i would just go in to a branch...otherwise, you could probably call TeleScotia and have them transfer you appropriately..

TeleScotia

1-800-267-1234 (English)
1-800-575-1212 (French)
1-800-830-8800 (Cantonese)
1-800-830-8080 (Mandarin)

Kevin@nextmod
12-11-2007, 10:33 AM
that is some good information. I wanted to walk in to the branch but the branch is in hamilton so i guess i won't do that.

stevenlung
12-11-2007, 11:39 AM
For questions regarding your Mazda lease, please contact Mazda Canada Credit at 1-800-567-5042 or by website at www.mccinfoen.com.

For questions regarding your Mazda loan, please contact the Scotiabank at 1-888-777-6842 or by website at www.scotiabank.com.

ask them about the residue amount on a certain date that you want to hand them your cheque

Kevin@nextmod
12-11-2007, 11:53 AM
^^^^^ you're the freakin best.......made my life so much easier

Wild Weasel
12-11-2007, 01:09 PM
So then... was this thread all about you the whole time? :D

whiteomega
12-11-2007, 02:26 PM
that is some good information. I wanted to walk in to the branch but the branch is in hamilton so i guess i won't do that.

it can be any branch. i bought my car in Calgary, and the loan originates from a Calgary branch, but i can walk into a scotiabank here (i use the one on warden & 7) to check on the loan. if you already have a scotiabank account and online banking through them i'm sure you can add your loan to your profile.

i know i can with bmo.