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I’m not a lawyer, however I work with many lawyers and have been faced with similar situations. I can only share my experiences.
Regardless of the reasons, if the documentation you have, bill of sale, and receipt such as a bank draft etc. you’ll be fine. You can provide that for them if necessary.
If they wish to contact the seller, provide the details you obtained to them and they can feel free to contact them directly. In addition, if the vehicle was previously insured, you can suggest they may have more information that you do as to the history and nature of their whereabouts (I’m aware it was not insured for a number of years).
If it is a grossly under valued, provide a legitimate reason. There is no specific law that says someone MUST sell something at specific price BUT there are caveats for some sales that deem the sale must be what’s reasonable. (Because it’s totally reasonable to charge tax on something that has already had the tax paid on it 0_0.)
Reasonable is a broad term so you need to justify it.
I can provide a few examples:
I purchased a car for way below market value and explained the colour combination of the dash and seats was disgusting to my eyes and to replace it would be the price they discounted the car for me. The car was 6 months old with 2000km.
The guy was in a hurry to sell due to financial challenges and since the car was extremely expensive, there was a very thin market to make a quick sale. ICBC already had the persons info as they were already in the system and still had a few other cars insured.
Another time I got the last model year of a specific car before a facelift. Again, purchased for way under value, 3 month old car with nearly 0km. Again, guy going through a divorce, needed the money and I explained to ICBC these cars depreciate like a rock and with a new model coming out in 8 months, nobody is going to buy this car. I told them if they don’t believe me, call the seller and check out the notice of claim filed in BC Court to see the divorce proceedings.
I even told ICBC the seller was clueless as to the true value of the car. I low balled him and they actually accepted it! I said call the seller if you want but please do me a favour and don’t tell him how good of a deal I got.
The biggest thing they’re looking for is fraud and people trying to get away with something. If you’re being honest just tell them what’s going on and it will be cool.
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