The loan program
How it works, with everything disclosed
You have a vehicle with a loan on it and you can't keep up with the payments. Calling the lender usually gets you one answer: keep paying. This program is a different route. We buy the vehicle from you, loan and all, and then we deal with the lender as the owner.
We are a buyer, not your advisor. We don't act for you, we don't give debt advice, and we don't negotiate your debt for you. We negotiate for ourselves, because we own the vehicle. You're free to get your own advice, and to talk to your lender yourself at any time.
1. You sell us the vehicle
You sign one bill of sale, electronically. It transfers ownership of the vehicle to Cows, Cars & Collectibles. It states plainly that the loan is still registered against the vehicle and that we're buying it knowing that. Nothing is hidden from you, and nothing is hidden from your lender.
2. The vehicle goes into secure storage
We arrange pickup and the vehicle goes to a secure storage yard in Alberta. Storage is charged daily by the yard and has to be paid by whoever takes the vehicle out.
3. One email to your lender, with you copied
We send your lender one email and copy you on it. It says:
- We bought the vehicle, and here's the bill of sale.
- Here's our offer to release the lien, and to release you from the loan.
- The vehicle is at the storage yard, storage runs daily, and it's payable before the vehicle is released.
You see everything we send. Nothing happens behind your back.
4. What can happen next
- The lender accepts our offer. We pay the lender, the lien is discharged, and we own the vehicle outright.
- The lender wants the vehicle. The lender pays the storage yard and takes it.
- Nobody pays. The storage yard can sell the vehicle under its own lien, and we may bid at that sale.
What this means for your loan
Selling the vehicle to us does not, by itself, end your loan. Your loan agreement is between you and your lender. Our offer asks the lender to release you as well as the vehicle. Whether the lender agrees is up to the lender. If you want to know exactly where you'd stand, get independent advice before you sign.
Things to know
- The lender's interest in the vehicle stays registered until the lender releases it. We buy subject to it, and the bill of sale says so.
- Everything is in writing: the bill of sale, the email to your lender, and any reply.
- You can walk away before you sign. Nothing is binding until the bill of sale is signed.
Ready to talk? Email us the year, make, model, kilometres, your lender's name, and roughly what's owing.