| Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n |
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05-14-2019, 07:11 PM
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#1 | | Where's my RS Christmas Lobster?!
Join Date: Jan 2002 Location: Vancouver
Posts: 803
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| Has anybody paid a car loan off early? Lien question
Going into my bank in the next few days to pay my auto loan off early. I've either paid cash for cars before or bought one and just paid until the end of the term and it was so long ago I forgot.
Anyway, i e-mailed the company who holds the loan and they told me once they receive my payment they will issue "paid in full documentation" which will allow me to "[have the] lien removed from the vehicle registration"
I'm going to call them up to clarify tomorrow, but does anybody know in BC specifically for cars if there is a process to get the lien removed with proof of payment, or if in your experience it gets taken off manually by the lender in a certain amount of time, once they receive payment?
If so, how long does it take?
Does the insurer (ICBC of course) need anything from me?
I'm not looking to sell the car right now, i am just excited to be debt free once this car is paid off and it'll be mine and not the banks  | 
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05-14-2019, 08:12 PM
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#2 | | 14 dolla balla aint got nothing on me!
Join Date: Apr 2007 Location: Surrey
Posts: 638
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Just get your proof of payment that $0 balance is owing and you're fine. It's not uncommon for lenders to not even bother removing the lien prematurely because it's a transaction that they have to pay to do so and spend the time to do (not long, but in volumes it'll add up) and instead just wait for it to expire for however long they registered it. If anyone wants interest in the equipment in the future (most likely another lender that can search up for any liens) and has any concerns about it if it's still on there, they will just send a letter or contact the original lender and get a signed document from them that they no longer have interest in the equipment.
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05-14-2019, 08:34 PM
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#3 | | My homepage has been set to RS
Join Date: Sep 2010 Location: Coquitlam
Posts: 2,030
Thanked 1,382 Times in 416 Posts
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I paid off my first car with the proceeds from the sale (via certified cheque) at Scotiabank who was the financier of my car (through Mazda Finance). Thankfully he was a friend of a friend and he trusted me to take the money and handle the payment before giving him the car.
After I paid it off, we simply walked into an insurance office and did the transfer. I waited 3 weeks and didn't get a confirmation from Scotiabank regarding paying off the lien so I gave them a call. They said they typically release a "congratulatory" letter for paying off the last bit of the loan but for some reason was not mailed to me. A few mouse clicks later, I was sent something in the mail and received it a few business days later.
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05-15-2019, 01:28 PM
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#4 | | Where's my RS Christmas Lobster?!
Join Date: Jan 2002 Location: Vancouver
Posts: 803
Thanked 481 Times in 133 Posts
Failed 14 Times in 3 Posts
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I just went to the bank, paid it off, and then called the company. They said they will send something in the mail in 10 days or so paid in full, and then every 30 days they remove liens on paid off vehicles.
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05-16-2019, 04:56 PM
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#5 | | I Will not Admit my Addiction to RS
Join Date: Jun 2011 Location: Vancouver
Posts: 544
Thanked 816 Times in 157 Posts
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I paid off the remaining balance of a car at the bank and had them email me a letter telling me there is no balance owing afterwards. Got it in about 5 mins.
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05-16-2019, 06:19 PM
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#6 | | RS Veteran
Join Date: Dec 2001 Location: GTA
Posts: 31,213
Thanked 12,966 Times in 5,348 Posts
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Besides having the satisfaction of paying off the loan early, is there any benefit to paying your loan off early?
__________________ Quote:
Originally Posted by whitev70r  ... maybe I'm racist | Quote:
Originally Posted by VRYALT3R3D stop thirsting hard for me, bro | Quote:
Originally Posted by BIC_BAWS I literally do not plan on buying another vehicle in my lifetime, assuming it doesn't get written off. | | |
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05-16-2019, 07:04 PM
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#7 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2011 Location: Richmond
Posts: 8,461
Thanked 14,930 Times in 3,898 Posts
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| Quote:
Originally Posted by bcrdukes Besides having the satisfaction of paying off the loan early, is there any benefit to paying your loan off early? | No longer having to pay interest? And who knows what financial star you might be in 2-3 years from now
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05-16-2019, 07:43 PM
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#8 | | RS Veteran
Join Date: Dec 2001 Location: GTA
Posts: 31,213
Thanked 12,966 Times in 5,348 Posts
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Most car loans aren't based on simple interest.
__________________ Quote:
Originally Posted by whitev70r ... maybe I'm racist | Quote:
Originally Posted by VRYALT3R3D stop thirsting hard for me, bro | Quote:
Originally Posted by BIC_BAWS I literally do not plan on buying another vehicle in my lifetime, assuming it doesn't get written off. | | |
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05-16-2019, 08:06 PM
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#9 | | I *heart* Revscene.net very Muchie
Join Date: Oct 2013 Location: The Fruit Loops
Posts: 3,793
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Lien on me
When you're not strong
To pay off your loan
I'll help you carry on
Debt
It won't be long
Till I'm gonna need
Somebody to lien on 
__________________ Quote:
Originally Posted by GS8 When I think about ewe, I touch myself | | |
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05-17-2019, 08:39 AM
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#10 | | Where's my RS Christmas Lobster?!
Join Date: Jan 2002 Location: Vancouver
Posts: 803
Thanked 481 Times in 133 Posts
Failed 14 Times in 3 Posts
| Quote:
Originally Posted by bcrdukes Besides having the satisfaction of paying off the loan early, is there any benefit to paying your loan off early? | You save interest, although admittedly it's less and less the longer the loan goes on for. I also want to buy a condo soon, so I want to free up some monthly income.
Additionally, some financial gurus say that if you pay off a debt, it encourages you to be more motivated to be more responsible with other purchases.
Plus it's easier to just sell if i want to.
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