LONDON, ON, June 20, 2014 /CNW/ - According to data collected by
CarProof, Canada's most trusted provider of vehicle history reports,
more than one-third of vehicles in Canada have an existing lien, but
Canadians are largely unaware of this fact and underestimate how common
car liens actually are.
Data compiled and featured in CarProof's vehicle history reports reveals
that 37 per cent of vehicles in Canada have a current lien on them.
Quite simply, a lien is security for a debt owing. It represents the
right of a lender to keep possession of property belonging to another
person until a debt owed by that person is paid in full. A lien on a
vehicle is similar to a mortgage on a house and would typically be
present if a car has been financed by a bank or leased from a finance
After determining how common car liens are, CarProof conducted a
consumer survey to measure how knowledgeable Canadians are when it
comes to car liens. The survey found that 63 per cent of respondents
underestimated the presence of liens. The findings also show that
Canadians do see the value of a lien search before buying a used
vehicle - 88 per cent said it was very important to know whether or not
a vehicle has a lien on it.
"These findings illustrate how important a CarProof vehicle history
report is when you're buying a used car," says Drew Forret, COO/CFO of
CarProof. "Our vehicle history reports provide extensive lien, accident
and damage information from across Canada, helping to ensure that
vehicle shoppers know everything they need to know about a used vehicle
before they make a purchase."
To help educate consumers about the importance of liens - and why the
presence of a lien doesn't necessarily mean that the vehicle isn't
right for you - CarProof has put together a video and resources further
detailing what a lien is and how to look for one during the vehicle
shopping process. To access this information, please visit www.carproof.com/car-advice/buying/what-is-a-lien.
About CarProof Vehicle History Reports
CarProof, a London, Ont.-based company founded in 2000, is the leading
provider of the most comprehensive used vehicle history report
available in Canada. CarProof's fully bilingual vehicle history reports
rely on accurate and live real-time data to provide consumers with a
complete history of their vehicle including accident information,
cross-Canada lien search information and full U.S. history. In addition
to being named one of Canada's 50 Best Managed Companies, CarProof was
recently honoured with Deloitte's 2013 Technology Fast 50™ and Fast 500™ awards. For more information about CarProof, visit www.carproof.com.
Connect with CarProof on Facebook, Twitter, YouTube, Google+ and LinkedIn.
Image with caption: "CarProof reveals that more than one-third of vehicles have a lien, a fact that Canadians are largely unaware of. (CNW Group/CarProof Vehicle History Reports)". Image available at: http://photos.newswire.ca/images/download/20140620_C8124_PHOTO_EN_41608.jpg
SOURCE: CarProof Vehicle History Reports
For further information:
Vice President of Marketing and Communications
CarProof Vehicle History Reports
1.866.835.8612 ext. 4142