CarProof Finds 37% of Canadian Used Vehicles Have a Lien

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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.”
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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.
To see the video and additional resources, click here.