TREND Financial currently offers Leasing and Financing options to all of our clients. Below are the instructions if you have leased your vehicle, and not financed. If your vehicle was financed (operated as Trend Financial), then you will not need to complete any of steps below.
If you no longer have any further obligations or payments to be made towards your lease, then you will be required to do the following:
1. Pay the balance of the tax owing on the residual value of the vehicle.
Every lease is structured that the residual value will always be equivalent to the original security deposit. This means that, if you leased a $15,000 vehicle, with a $3,000 security deposit, then the residual value will also be set at $3,000. This means that once the original loan balance of $15,000 is paid down to a $3,000 balance (which is the residual value), we will then apply your security deposit towards the residual value so that you will have no balance left outstanding. The only balance left outstanding would be for the tax portion on the residual value which has not been received. In the example above, it would be HST on the $3,000 (which is equivalent to $390)
If you require making arrangements for this final amount due you may call our customer service department at (416) 907-8286 or toll free at 1-855-88-TREND.
2. Have your vehicle E-tested and Certified
Every lease typically will have the Lessor listed as the owner of the vehicle until such time that all financial obligations have been met by the Lessee(s). When you complete your lease and pay the tax owing on the residual value, we will transfer the ownership to your name (however, if you started your lease with TREND Financial in August 2015 the ownership will already be in your name). To change the registration of the vehicle ownership, the Ministry of Transportation of Ontario requires a valid safety certificate and emission test. If you are unable to provide us with these documents, we would be happy to arrange the transfer of the vehicle to an “Unfit” status.
3. Provide us with the ORIGINAL plate permit.
In addition to the safety certificate and emission test, we will also require a copy of your vehicle Plate Portion. The Plate Portion is the right hand side of the vehicle permit. At the origination of your car loan, we have retained the left portion of the vehicle permit (which is for the current owner of the vehicle) and you were provided with the right side portion (as the owner of the license plates). You must provide us with this Plate Permit if you would like the vehicle to be transferred to your name and registered with the current license plates which is already attached to the vehicle. Below is a copy of an Ontario Plate Portion.
4. Ministry of Transportation fines to be paid in full
When we transfer the ownership from TREND to yourself (if you started your lease with TREND Financial in August 2015 the ownership will already be in your name), the Ministry of Transportation will require that all fines, which include parking tickets, driving infractions and any past due amounts owed to 407 ETR, must be paid off in full prior to the transfer of ownership being conducted. If we are notified that there are still fines due, we will complete transfer of the vehicle but will be required to register it in an “Unfit” status.