499 – How To Protect Yourself from Rising Car Thefts & Financial Costs

Debt Free in 30

Did you know a car is stolen every 5 minutes across Canada? Car thefts and VIN scams are on the rise. Michael Rothe, President and CEO of Canadian Finance & Leasing Association, joins Doug and discusses Canada’s auto theft epidemic. They explore topics such as re-vinning, the impact of stolen vehicles on insurance premiums, steps to take if you unwittingly purchase a stolen vehicle, precautions against potential car theft, and government enforcement. This discussion is essential for Canadian vehicle owners looking to stay safe and understand what actions to take in case of a car theft and how to prevent yourself from falling victim.

Timestamps:

00:00 Introduction

02:10 The latest update on car thefts in Canada

04:40 How many stolen vehicles end up departing Canada?

06:14 What is a VIN number and what is re-vinning?

10:44 What happens if you purchase a stolen used vehicle?

12:25 What is the solution to prevent car thefts?

17:45 What measures can individuals take to defend themselves against car theft?

28:40 The cost of enforcement

33:31 Conclusion

Related Links:

Can You Include Your Car Loan in a Consumer Proposal? -

https://www.hoyes.com/blog/can-you-include-your-car-loan-in-a-consumer-proposal/

What Happens to a Financed or Leased Car in Bankruptcy? - https://www.hoyes.com/blog/what-happens-to-a-financed-or-leased-car-in-bankruptcy/

Should You Consolidate or Pay Bills with a Car Title Loan? -https://www.hoyes.com/blog/should-you-consolidate-or-pay-bills-with-a-car-title-loan/

How Car Loans and Car Loan Rollovers Lead to Insolvency - https://www.hoyes.com/blog/how-can-car-loans-lead-to-insolvency/

Car Thefts Have Reached Crisis Levels Across Canada. How did we get here? -

https://macleans.ca/society/car-thefts-have-reached-crisis-levels-across-canada-how-did-we-get-here/

Michael Rothe LinkedIn - https://www.linkedin.com/in/michael-rothe/

Canadian Finance & Leasing Association - https://cfla-acfl.ca/