Auction, paperwork & payment topics
Watch: Showcasing your car & offers
Second auction option
If the received offer falls short of the initial estimated amount (and lands in the bottom half side of the range), and you're not entirely satisfied, worry not. You'll have the chance to put your car up for auction once more in the subsequent event. Keep in mind, though, there's no guarantee you will receive an offer in the second auction. If you're content with the initial offer, it's a very wise choice to seize the opportunity and have no regrets later on.What if something has changed with my car after I accepted my offer?
If there have been conditional changes to your car between the offer and pick up, please contact support as soon as possible to discuss: support@autozen.com.Company registered vehicle
If the vehicle is registered under a company please provide a Notice of Article and GST number as GST needs to be added on top of the sales price for you to claim GST.
This is now a company-to-company sale so therefore GST needs to be added.
If the vehicle is not registered under company then the sale will be final as accepted offer amount.
Watch: Documents & paperwork
Paperwork & loan clearing
If you have not paid off your loan just yet, no problem, Autozen will work with the buyer of your vehicle to pay off your loan right away. It’s important that we pay the loan and deliver your car to the buyer as quickly as possible so that your standing offer will not get impacted by the fluctuating market.
What documents do I need?
Driver’s license & registration
You’ll receive a link via email to a secure portal where you can upload a photo of your driver’s license and vehicle registration. If you own your vehicle or paid cash, then that's all the documentation we need from you!
I have a loan/financing
If you have an active loan, which 50% of vehicles do, then we need a few more things from you:
Your official loan payout statement
This is not a screenshot from your online banking account but rather, it is a formal document that includes the financial institution, account number, vehicle information (including VIN, payout expiry date and a per diem if necessary. The easiest way to get this is by calling your lender and asking for an email copy. If you have not paid o your loan just yet, no problem, Autozen will work with the buyer of your vehicle to pay o your loan. Our top priority is to make sure the loan gets paid and we deliver your car to the buyer as quickly as possible so that your standing oer will not get impacted by the fluctuating market.
Loan discharge letter
If you have paid off your vehicle loan in full you need to request a loan discharge letter stating the financial institution has no further interest in your vehicle.
Negative or positive equity & how to find out
If your vehicle has an outstanding loan (or "lien"), we require an oicial lien payout statement from the lien holder (eg. your bank). Once we have the outstanding balance, we can determine if it is a positive or negative equity scenario.
Positive Equity Scenario:
Car price is larger than the Outstanding lien amount.
During the pickup, we will transfer you the difference: Car Price - (Outstanding amount + per diem)= Transfer amount
Negative Equity Scenario:
Outstanding lien amount is larger than the Car Price.
During the pickup, you will transfer us* the difference: (Outstanding amount + per diem) - Car Price
= Transfer amount
*Payment can be made via e-transfer or bank draft
Once the buyer receives the car, they pay off the lien in full immediately.
Within 2 BUSINESS DAYS after the pick up of your vehicle, we will send you proof of payment from the buyer that they have paid off your lien.
Within 10-12 business days after delivery of your vehicle, you will receive an official discharge letter from the lien holder.
Retrieving your loan statement:
- We do not accept screenshots of online banking portals that show the outstanding amount
- We need an official payout statement with the information listed below (see next section)
- If you have recently paid off your lien in full, we will require an official release of interest letter from the financial institution
- If you have a personal lien on the vehicle (not through auto-finance), you will need to contact your account
manager and ensure that the information listed below is present on the payout statement
How to find your loan statement >
Questions about financing, loans, liens or leases?
This is what our industry experts are here for. Please reach out to support to discuss your options at support@autozen.com.
Watch: Pickup & payments
Payments
At Autozen, we take pride in the secure, safe way we pay our sellers. Our main priority is to have you feeling comfortable and confident on your day of pick-up! Our finance team is here to ease your mind while providing three of the best, smoothest payment options available in Canada.
Interac instant automatic deposit
An instant direct deposit to your bank account via Interac service so all we need is your email address and a photo of a VOID cheque or a direct deposit letter. This is a secure way to have your payment delivered into your bank account immediately. It allows us to ensure you have your payment before we take the vehicle
What's needed from you:
-
- Email address
- Photo of a VOID cheque, or a direct deposit letter
Interac e-transfer (up to $5000)
With this payment method, all we need is your email address! Like a normal bank e-transfer, it is instantaneous and you will have the funds in your account before we leave with your vehicle. E-transfer is for transactions that are under $5000.
What's needed from you:
-
- Email address
One thing to look out for is that some people have a daily receiving limit with their bank. This means there’s a limit to the amount of money we can send at once. We highly recommend checking with your financial institution before your pickup date as you may not be able to receive the entire amount in one transaction. If this is the case, don’t worry! We are able to break the payments into smaller amounts but we will need to know ahead of time to ensure your payment goes smoothly.
Electronic Funds Transfer (EFT)
All we need is a void cheque/direct deposit letter and we will electronically send funds to your account. EFT takes up to 4-6 hours to be available in your bank account.
What's needed from you:
-
- Email address
- Photo of a VOID cheque/Direct deposit letter
We aim to complete the pick-up in 1-3 days after accepting your offer unless you’ve notified us otherwise.
Our team will prepare all the official paperwork for you.
You will be sent instructions via email on your next steps that include how you’ll receive payment for your vehicle as well as information on how your car loan will be paid out (if you have one that is).
There is no charge for the pickup, your vehicle’s buyer will cover the pickup fees.
After you have decided on your preferred method to receive payment, we will arrange for an Autozen agent to pick up your vehicle right from your home or location of choice, along with all sets of keys and tires plus other essential items that were listed as a part of the transaction to be delivered to the buyer.
Watch: Pickup & payments
Selling with Autozen is simple
Forget the complexity and we’ll take care of everything to sell it on your behalf.