I've been waiting almost a year for them to send me mine.
Make them do it online, it is their responsibility to release a lien within 30 days of being payed off...If not you can sue them for $500 + for your trouble.....When done by mail its free for them, but it can take forever or never happen at all. Online there is a fee but it gets cleared from the MTO system within 24hours...
I
igormon
Guest
Going to call GE MONEY financing tomorrow then I'll keep you guys posted. Crossing my fingers its invalid and they tell me.
I should've been more specific. The previous owner showed a lien on the ownership when I bought the bike. He paid it off and got the letter but didn't forward it to the MTO. I contacted the the bank to see if it was paid off and indeed it was. Now I'm trying to get them to send me or the MTO the letter so it doesn't show up if I intend to sell the bike in the future.
Yes and for that tell them to register the release online, because as I said if they do it by mail it can take months or never happen at all...I was in the same situation as you
Just like you said the loan has been paid, but yet the lien still exists...It is not your nor the person who had the loans responsibility to remove the lien, its the lenders, and its within 30 days from being payed....Otherwise they are liable to pay you $500 + for your inconvenience
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I
igormon
Guest
UPDATE
Once again playing the whole privacy game. No manager was in apparently either.
I fail to see how asking if a Lien is still active is a privacy issue given I get the guys name and the Lien info on the UVIP anyway.
This is GE MONEY and so far not impressed.
I'm going to call them back again to see if I can get a manager and explain to them that this isn't a privacy law.....
Once again playing the whole privacy game. No manager was in apparently either.
I fail to see how asking if a Lien is still active is a privacy issue given I get the guys name and the Lien info on the UVIP anyway.
This is GE MONEY and so far not impressed.
I'm going to call them back again to see if I can get a manager and explain to them that this isn't a privacy law.....
The bank has remove the lien from the PPSA registry which gets updated with the MTO - if the bank fails to remove it from the PPSA Registry and MTO through their own channels, it is unlikely that this letter would result in the MTO removing the lien. You should get a PPSA search done to see if the lien shows up there and send it to the Bank.
This is true. It is the lender's obligation to make sure it is removed from the PPSA registry and the MTO records.
MarcosSantiago
Well-known member
Same here. I called HSBC and they told me that the lien release letter will be sent to the account holder's mailing address, 15 days after payment was made.
They can produce right now a "confirmation letter that the account is completely paid of" but they will not fax it / email it to me. They want the account holder to call them directly.
A lot less helpful that the Toyota Financial Services people.
This kind of thing hinders financial transactions and slows down Canada's macro-economy progress... HSBC should be ashamed!
OpenGambit
Banned
You guys need to write more threatening letters =D
MarcosSantiago
Well-known member
The thing that is working in my favour is that I have not closed a deal. I emailed the owner of the bike (the guy who is going back to Europe) and asked him to call HSBC and get the letter for me. If he cannot get the letter.... well, too bad for me, cause I really wanted the bike, but I'd rather not have problems down the road...
MarcosSantiago
Well-known member
Second update. I emailed the owner of the bike and asked him to call HSBC himself and get the letter for me, since HSBC would not talk to me because of "privacy".
So he called them, but HSBC will not email or fax the letter to him either! They use snail mail only, and the letter will be mailed to him later (can take up to 2 weeks to process payment).
However, he authorized them to release info to me. He set a password with HSBC... then, he emailed me the password.... then, I called HSBC myself, provided the password, and then the customer representative confirmed that payment in full was received and they are processing it.
What do you think? Risk free transaction now, after getting verbal confirmation from the bank? Or do I wait for the letter?
So he called them, but HSBC will not email or fax the letter to him either! They use snail mail only, and the letter will be mailed to him later (can take up to 2 weeks to process payment).
However, he authorized them to release info to me. He set a password with HSBC... then, he emailed me the password.... then, I called HSBC myself, provided the password, and then the customer representative confirmed that payment in full was received and they are processing it.
What do you think? Risk free transaction now, after getting verbal confirmation from the bank? Or do I wait for the letter?
Lol so true.
On one hand, the seller is making every effort to get the information you're requesting from him and on the surface, seems like everything is on the up and up.
If it were me though, I wouldn't do a damn thing until I had an official letter in my hands confirming everything. At the end of the day, I've been burned a few times too many by sleaze balls that seemed nice at the time but screwed me in the end.
