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Loan Transfer Checklist

For Buyers and Sellers

  • Post your vehicle/search for a vehicle.
  • Contact the Seller.
  • Start negotiations and document the deal.
  • Buyer submits credit application to Dealership.
  • Vehicle inspection/prepare to finish the deal.
  • Transfer ownership and deliver the vehicle.
Step 1 – Post your vehicle/search for a vehicle
  • Our Loan Specialists will make your vehicle posting enticing to buy, include all options, odometer reading, loan details and pricing incentives. Seller, make sure the vehicle is in great condition and ready for sale.
  • Buyer, be specific in your search to get the vehicle you want. Set up vehicle alerts. Read the listing pages carefully and make a short list of the vehicles you may wish to buy. Print out the list.
Step 2 – Contact the Seller
  • Buyer makes an appointment with the Seller to view the vehicle.
  • If you’re happy with what you see, do a road test on the spot.
  • Ensure the vehicle options and odometer readings are consistent with the listing page.
  • Review maintenance and service records (if available).
  • Request a copy of the original loan to ensure consistency with the listing page.
Step 3 – Start negotiations and document the deal
  • Buyer and Seller start negotiations and document all aspects of the deal on the Bill of Sale.
  • Buyer, make sure you understand the incentives/down payment, condition of the vehicle, number of kms, terms of the loan transfer and closing date.
Step 4 – Submit a credit application
  • Seller provides dealership contact information along with a credit application from the dealership.
  • Buyer completes and submits the application to the finance company or financial services office of the dealership.
Step 5 – Vehicle inspection/prepare to finish deal
  • When Buyer receives credit approval from the dealership, address all pre-delivery items on the Bill of Sale. Ensure vehicle passes inspection at an accredited service facility then set a date for vehicle exchange and completion of documentation.
Step 6 – Transfer ownership and deliver vehicle
  • Buyer and Seller meet at dealership to sign the Loan Transfer documents and disburse down payment or cash incentive (if applicable). The dealership may or may not assist with collecting sales tax and vehicle licensing.
  • Buyer and Seller meet at the local vehicle licensing office to transfer ownership of the vehicle and pay any additional fees.
  • Buyer affixes new plates to the vehicle to close the deal
Note: Even though the financing for the vehicle may be complete, the vehicle remains registered in the seller’s name until the transfer has been completed by the licensing office.