VIEW UPDATE BUYERS LIST
Purpose
To ensure that every vehicle we purchase has clear, properly documented title, that all parties’ legal rights are respected, and that any financing or security interests are handled transparently and lawfully.
We only proceed with transactions where:
The dealer or seller has the legal right to sell the vehicle.
Any liens or security interests are properly disclosed and handled.
Title documentation supports future resale or export in a lawful way.
Our use of corporations and entities is for:
Accounting,
Risk management,
Operational structure,
and not for avoiding lawful obligations or valid security interests.
Before funding any deal:
Obtain and review:
Bill of Sale (BOS),
Any lien or encumbrance details,
NVIS or equivalent documentation for new vehicles.
Confirm in writing from the seller:
Whether the vehicle is subject to any liens or security interests.
How and when any existing liens will be discharged (if applicable).
Acceptable BOS language for liens may include, for example:
“Vehicle sold free and clear of all liens and encumbrances,” or
“Lien to be discharged from sale proceeds; buyer to receive clear title.”
If the dealer proposes wording that conflicts with our need for clear title, do not proceed without internal review.
We may use more than one corporation in the lifecycle of a vehicle for reasons such as:
Segregating activities (acquisition, resale, export).
Managing accounting and risk between entities.
Aligning with different business units or partners.
However:
Every transfer between entities must be a real transaction:
Proper BOS,
Appropriate consideration (price),
Accurate records and dates.
We do not structure transfers to:
Evade lawful liens,
Hide assets from legitimate creditors, or
Mislead any party about ownership.
Internal rules:
Each transfer must be documented (BOS, invoice, or assignment).
Internal records must clearly show:
From which entity we purchased,
To which entity it was sold,
On what date, and
For what amount.
Before any vehicle is:
Resold,
Financed, or
Exported,
we must confirm:
No outstanding liens remain that would prevent sale or export.
All obligations to the dealer or lender have been fulfilled.
Steps:
Review BOS and any lien release documentation.
Obtain PPSA search or equivalent where appropriate.
Ensure payment has cleared and any financing payoff has been completed.
If any discrepancy appears (e.g., unexpected lien on a PPSA search):
Pause the transaction.
Investigate with the dealer, lender, or our legal/finance team.
Do not proceed with resale or export until resolved.
For each vehicle, maintain a file (digital folder) containing:
All BOS documents between entities.
Payment proofs (wire confirmations, receipts).
Lien searches and releases (if applicable).
Any correspondence regarding title, liens, or security interests.
Files should be stored so that:
Internal teams can confirm the chain of title quickly.
External auditors, accountants, or legal counsel can review if required.