What can I do with my car?

[Lights 56]

I've read through some posts and they resonate with my situation.

I bought a car about a year and a half ago thinking that I could take it with me to the US. However, I realize that it won't be as easy as I thought. I still have financing on it and moving it to the state of California requires emission testing etc. Also, if we were to sell the car in the next couple of years, I don't know what the value of a Canadian car would be in the US. Cars generally are more expensive in Canada, so the amount I'd be paying for the next few years may not make sense.

I tried putting it on craigslist and I am getting offers around $8000.00 less than what I owe on it (I bought it new…. lesson learned).

So I'm thinking about giving it to my brother. He can make the payments on the car and it will remain in my name under financing. Insurance will be under him so he is covered.

Is this OK to do?

Edited February 26, 2014 by Lights

[NikLR 13,227]

Yes that's fine. As long as you know the payments are being made. You could also make it so he takes over the payments too.

Have you tried to Kelly Blue Book your car to see what it's worth?

[Lights 56]

There's a pretty hefty document fee to change the title over to him. It's not something I want to add to the moving expenses now, but we can definitely do that in the near future. I just want to make sure that I won't get stopped at POE or anything because I still have debt or payments.

I did check kelly bluebook… they're saying I can sell my car at around $20,000-$24,000 but I'm still owing a bit more then that.

Thanks!

[NikLR 13,227]

There's a pretty hefty document fee to change the title over to him. It's not something I want to add to the moving expenses now, but we can definitely do that in the near future. I just want to make sure that I won't get stopped at POE or anything because I still have debt or payments.

I did check kelly bluebook… they're saying I can sell my car at around $20,000-$24,000 but I'm still owing a bit more then that.

Thanks!

oh god you won't get stopped at POE because you have a loan or debt. Those things don't actually follow you into the USA. You have to start from scratch with your credit until you have a bank or company willing to delve into your Canadian credit history. Obviously you'll want to make sure the loan is still being paid in case you ever do move back to Canada but it won't prevent you from immigrating. It just makes it very difficult to import a car with a loan.

[nightingalejules 678]

Yeah, having debt won't get you denied. And it would have been pretty much impossible to import the car while the bank (or whomever) still owns part (or most) of it. And, when you did try to sell it, presuming you got it into the US, it wouldn't be worth anything, because the odometer and speedometer will be in km instead of miles.

You're much better off to get your brother to take over the payments on it, if he's willing to do that.

We're planning on importing my car, but I own it outright now, and we plan to drive it into the ground and sell it for scrap in another 10 years!