The Used Vehicle Information Package provides a detailed history of any registered vehicle in Ontario – car, truck, bus or motorcycle. It also guides you through the process of selling and buying your car and helps you understand your rights and responsibilities. Find out how it could help you in buying used cars in Toronto if you are a buyer and what you need to do to get it as a seller.
If you are buying a used car in Ontario the Used Vehicle Information Package (VIP) will give you information:
• Make, model, body type and year of manufacture of used car you are going to buy.
• The status of the vehicle, which could be:
– Suspended (In such case no transactions with the vehicle will be processed. It could be suspended for things like a contravention of a Highway Traffic Act.)
– Unfit (The vehicle may be mechanically unfit. Just if a Safety Standards Certificate is provided licence plates can be attached to such vehicle.)
– Wrecked (The vehicle is completely crushed. Licence plates cannot be attached to the vehicle and it cannot be used on any public road. )
• About seller identity – it will help you to be sure if the person selling the vehicle is the same as the name on the vehicle registration form.
• If the vehicle has been branded, that may affect future use of the vehicle.
• If the vehicle is recorded as stolen.
• About the vehicle’s odometer reading last provided to the ministry.
• Any outstanding debts registered against the vehicle.
• Number of times the vehicle has been transferred.
If you are selling a used car in Ontario privately you must purchase Used Vehicle Information Package, show it to your prospective buyers, and give it to the buyer when the deal is completed. You can buy Used Vehicle Information Package online using the Service Ontario Driver and Vehicle Online Services or in any Driver and Vehicle Licence Issuing Office. You will be asked to provide driver’s licence number or registration number, vehicle identification number or license plate number during ordering process.
If you have found a buyer finalize the deal in these steps:
1. Write down your name, signature, name of buyer, date and purchase price into the “Bill of Sale” field in the Used VIP.
2. Sign the Application for Transfer.
3. Give the Used VIP to the buyer.
4. Keep your licence plates of the vehicle registration permit.
5. Notify the ministry that the vehicle has been sold.
Ever wonder how dealers get their cars so cheap before they mark them up and sell them to you at a profit? Sometimes they do it by purchasing government and bank seized cars at auctions. Auctions on government and bank seized cars are held throughout the United States. How much you end up saving depends, of course, on a number of factors. The most important factors are the type of vehicle (make and model) and how much competition there is for the vehicle you want. Many times, there is little competition at auctions. It is oftentimes possible to buy seized cars for as much as 90% off blue book value.
There are also online auctions almost daily where you can purchase the exact car you’re looking for. These auction sites will require a small fee for their services, but they allow you to search by exact make and model. You may be able to purchase the exact vehicle you’re looking for online, even though it may be located across the country. Because you will not be physically inspecting it, you may want to make sure you get a vehicle history report before purchasing this way.
Typically an auction center will provide a free 3-month limited warranty on any seized car you buy. An extended warranty may also be available for an extra cost. One thing to keep in mind, however, is that some of the vehicles are newer and may still have the balance of the manufacturer’s warranty. If you don’t check into warranty information you may end up buying a vehicle “as is”. If you do so and you bought a lemon, you cannot return it and you are stuck having wasted your time and money.
If you want to get started buying seized cars, trucks and SUVs, the first step is finding a reputable auction site. They will give you all of the information you need to buy seized vehicles. They should also provide tutorials and guides that help you show up prepared. And preparation is the key. If you don’t prepare properly, you may find that you’ve successfully bid on a vehicle but that you don’t have enough to pay for it or the right payment method.
There is also plenty of other information out there about how you can buy bank seized cars.