Paying off Liens
If your vehicle has as lien on it, meaning there is some sort of financing with an outstanding balance, this lien needs to be paid off and cleared from the title of the vehicle. Autozen will help facilitate this process with the buyer of the vehicle on your behalf.
Our #1 priority at Autozen is providing you with a positive experience. We standby our service 100%, this includes ensuring your vehicle loan is paid off as agreed.
There are two scenarios for clearing vehicle liens, details of each can be found below:
#1: Selling Price is greater than the car loan balance
The buyer of your vehicle pays off your loan upon receiving the vehicle.
Step 1: An Autozen representative will drive to you, do a final check of the vehicle, then provide you with the completed ICBC Transfer form to sign
Step 2: A request is then sent to our finance department to initiate your payment
Your payment amount = Selling price - loan amount
Step 3: After payment is initiated, we deliver the vehicle to the buyer.
Note: it may take a few minutes to a few hours for the funds to display in your account, depending on the payment method.
Step 4: Once the vehicle is delivered to the buyer, the buyer will pay the entire loan amount and you will receive a discharge statement directly from your lender in approximately 10-12 business days.
After 5 business days you can call the auto loan department at your bank and confirm that the loan was paid off.
Important: Your loan holder may process one last payment, as it depends on the timeline between the clearance of the loan and your auto-payment schedule. No need to worry! You will get a credit for that last payment as soon as your financial institution clears the loan.
#2: Loan balance is greater than the selling price
The buyer of your vehicle pays off your loan upon receiving the vehicle.
Step 1: An Autozen representative will drive to you, do a final check of the vehicle, then provide you with the completed ICBC Transfer form to sign
Step 2: Autozen will present the exact remaining amount for you to e-Transfer to: payments@autozen.com
Amount to transfer = Loan amount - Selling price
Step 3: After payment has been made, your Autozen representative will deliver the vehicle to the buyer.
Step 4: Once the vehicle is delivered to the buyer, the buyer will pay the entire loan amount and you will receive a discharge statement directly from your lender in approximately 10-12 business days.
Important: Your loan holder may process one last payment, as it depends on the timeline between the clearance of the loan and your auto-payment schedule. No need to worry! You will get a credit for that last payment as soon as your financial institution clears the loan.