Buying a vehicle through FinanceBusters is an easy process that encompasses the same research, due diligence and course of action that most private purchases of used vehicles require. The only difference is ensuring that the outstanding finance contract is paid out when the transaction is closing. The following is a recommended order of operation that should be followed when Buying the FinanceBusters Way. From time to time, the steps listed below do not necessarily take place in this order however the transaction still gets completed in a timely, orderly and professional fashion. The order of operation begins at the stage where the Buyer has selected two or three vehicles currently posted on the FinanceBusters website:

The Buyer makes verbal contact with the Seller

The Buyer and Seller discuss some specific details about the vehicle and the outstanding amount owed to the finance company

The Buyer and Seller arrange a mutually convenient time and date to meet to view the vehicle

The Buyer inspects the vehicle and finance contract to ensure that all the data contained on the vehicle’s Details Page is accurate and matches with the actual vehicle (using the provided checklist).

The Buyer and Seller make an agreement-in-principle depicting the private sale of the vehicle (private sale bill-of-sale). The agreement includes clauses regarding the applicable sales tax payable, vehicle certification, finance contract payout and payout-subsidies (if applicable).

The Buyer and Seller arrange for the vehicle to be mechanically certified (Safety Inspection) and emission tested (if required). The cost of this work should have been discussed and agreed upon during the agreement-in-principle component of the process.

The Buyer and Seller meet at a mutually convenient Motor Vehicle Licensing Office to transfer the ownership/registration and to pay the sales taxes (if applicable). The transaction results in the vehicle’s ownership/registration being changed to the name of the Buyer.

The Buyer has a cheque made co-payable to the Seller and the Finance Company for the agreed upon sale price amount (excluding taxes). The Buyer and Seller go to either the original selling dealership or an authorized agent of the finance company to payout the existing finance contract. If there is a shortfall between the final sale price amount and the payout amount, the Seller will pay the shortfall amount at that time. All funds to be certified (or a bank draft).

The Buyer and Seller get a receipt (proof of payout) from the dealership or finance company agent that clearly demonstrates that finance contract has been paid out; this receipt acts as a lien release until the PPSA has been discharged.

After successfully following to the steps (described above); the deal is done and the transaction is considered closed by the Buyer and the Seller.