CarProof Finds 37% of Canadian Used Vehicles Have a Lien
LONDON, Ontario -
In news relevant to both dealers and consumers, CarProof data reveals that more than one-third of the vehicles have a lien, or security for debt owing.
The company shared, interestingly, this is a fact that most Canadians are "largely unaware of."
Specifically, CarProof's study of vehicle history reports showed that 37 percent of vehicles in Canada have a current lien on them.
Liens present an interesting issue for both dealers and consumers as they represent the right of a lender to keep possession of the vehicle belonging to another person until a debt owed by that person is paid in full.
After discovering how common car liens are, CarProof conducted a consumer survey to measure how aware Canadian consumers really are when it comes to this issue.
Survey results shows 63 percent of respondents "underestimated the presence of liens."
That said, most respondents - 88 percent - said they do see the value of a lien search before buying a used vehicle.
Many vehicle history reports include this information, such as CarProof and Carfax.
In response to the study, CarProof put together a video further detailing what a lien is and how to look for one during the vehicle shopping process.