Yet another car import question (well two)

[MapleLeafBaby 1]

I am guessing they won't let you register it if there is a loan outstanding in canada?

I guess I can get a line of credit with RBC and just pay it off and then pay that instead of the car loan

I got my car loan at 1.9% finance tho - so I didn't want a larger interest loan =/

I am in Texas. I still owe over $5000 on my car in Canada and I was able to get a Registration done on it already here.

Did you have to have that letter from the manufacturer? Did you inform your canadian company that you have the loan with that you moved?

I have to find a way around this

[JillA 2]

Anyone know what would happen if you do nothing and leave your Canadian plates on your car?

Would the boarder give you issues if your still using your Canadian passport? and if you get pulled over and have a Canadian DL, how would they know?

I a so upset, I just got the car, and the loan is HUGE to trans into a Line of Credit... I only did it cause it was 0% finance....

I am so mad at the dealer, they said there would be no issues with the trans to the US and that my extended warranty would still be honoured even if I moved to the US!!!!!

Do you all know if it is common practice for all manufacturers and finance co's to call on the loan or just some....

so upset

You need to contact Volvo for clarification, before making any assumptions. Don't go by what people here say, it's different for everyone and you need to get your own situation clarified. If Volvo told you that, maybe it's right. However you can't drive around here with ON plates forever, how will you be insured?

Edited March 6, 2009 by JillA

[Travis & Kim 0]

I am guessing they won't let you register it if there is a loan outstanding in canada?

I guess I can get a line of credit with RBC and just pay it off and then pay that instead of the car loan

I got my car loan at 1.9% finance tho - so I didn't want a larger interest loan =/

I am in Texas. I still owe over $5000 on my car in Canada and I was able to get a Registration done on it already here.

ohh! that's good news - I am moving to Texas as well

[bluegreen 0]

I am guessing they won't let you register it if there is a loan outstanding in canada?

I guess I can get a line of credit with RBC and just pay it off and then pay that instead of the car loan

I got my car loan at 1.9% finance tho - so I didn't want a larger interest loan =/

Me neither

I actually checked with Volvo before I bought the car, well at least with the dealership... and they said it would not be an issue

I will be sooooo upset if I have to refinance. The only other option would be a line of credit I suppose, as I would not qualify for a loan in the US right off the bat...

I'm so upset! I will not be able to afford a line of credit for that much money!!!!

I wonder if there are any other options?

So in the US, they will not register a car if it has outstanding Canadian liens?

Not happy

In my case, the registration is not the problem. There are two other problems though:

1) I cannot get the letter of compliance from Toyota with an outstanding Toyota loan

2) In order to register, you need to provide proof of ownership (in the US that is the title but I don't have a "title" as such). So I have to provide the bill of sale. The bill of sale shows that I have a loan. I do not have a letter showing I have paid off the loan (obviously, becasue I haven't). So they WILL register the car, but they supposedly contact the leinholder to inform them as well.

But as everyone has said, each case and each company and state is different!

[July09Bride 1]

The insurance thing is so weird. Phil just called USAA and added me and my car to his policy. They asked him for the numberon my I-94 for some reason but that was the only unusual thing. I got the insurance policy information in the mail yesterday and now I should get off my butt and go reregister the car.

So far, I love USAA. Much of Phil's family are officers in the marines to we're lucky enough to be able to use them.

~ Catherine

I have heard USAA is awesome!! But we aren't eligible to use them. Such a bummer! I might just try calling Allstate again and not making such a big deal about asking questions on the Canadian car thing. Just try adding the car to our policy. Then I am double insured for a while, since in order to cancel your ICBC policy you have to return your plates. In person. But I can't insure the car in the US without plates. And I can't get US plates until the car is insured in the US. Man! But maybe I'll ask around a bit and see if there is any way to get USAA. My brother in law is ex-military and he has it...

That's the insurance company I have. I LOVE USAA! Good to know that once he has his I-94, that's all we'll need to register.

Thanks for the information!!!

[MapleLeafBaby 1]

I placed a call to my dealership, as I just bought the car less than 10 weeks ago.... they are helping me call finance... they got one person say it was ok, and when they called ack to get it in writing, another person said no go!... so they are checking with a 'supervisor'

I will be really mad! The dealership knew I was moving... I even had them call the extended warranty co, to make sure my warranty would still be good as an American resident... why on earth would I buy a car with a multi year loan, when in essence it would only be good for 5 months????? And the guy who arranged the financing for me really should have looked into this for me...grrrrrr If this becomes an issue... i'm really gonna go postal on the dealership and force them to help me find a solution!!!!

Sorry, had to vent!

[Peachey 10]

I called Nissan Canada in January and inquired about my loan I have with them for my car. They told me that in order for me to import the car into the US, I would first have to pay out the loan I had with them.

Wow this makes me really sad. I just bought my car (Nissan Versa) a year ago and got 0.6% financing. I obviously haven't paid it off yet. I'm going to have to find a way around it. I'm still going to keep my Canadian bank accounts and I'll probably still be working for a Canadian company and have money flowing to that account...

[Danu 19]

I called Nissan Canada in January and inquired about my loan I have with them for my car. They told me that in order for me to import the car into the US, I would first have to pay out the loan I had with them.

Wow this makes me really sad. I just bought my car (Nissan Versa) a year ago and got 0.6% financing. I obviously haven't paid it off yet. I'm going to have to find a way around it. I'm still going to keep my Canadian bank accounts and I'll probably still be working for a Canadian company and have money flowing to that account...

Yeah mine has only been a year as well (though by the time I move it will be about 2/5). I will still have my canadian account as well which will as well have a flow of cash coming in, but I'm not too optimistic. I left them a message to call me back, so I will let you know, but I assume I will get the same response as the previous Nissan poster.

[MapleLeafBaby 1]

I was told that the Canadian accounts and income etc... are not the issue. The issue is that a Canadian based financial Co. is governed and restricted to their specific jusrisdiction...They have no authority to remedy a lien, reposes or take action out of Province. So if you didn't make good on your payments, it would be out of their legal jurisdiction and extremely difficult for them to legally take the car back... so in essence they really have no legal lien on the vehicle if registered out of Province. If they decided to let us keep the loan, it would be in good faith, I assume, and based on our history with them etc... not sure if an in Province co-signee would help... I am still waiting to hear back... hopefully this week

[Danu 19]

Ooooh that is a good thought! I wonder if they would accept a resigning of paperwork with a co-signer still in the province so that they have no worries about the loan. If they did I'm sure my parents would do that for me as they were willing to do so if needed when I first got the car. When they get back to me I will ask them that as well. Thanks for the idea poprocks!

[Peachey 10]

Ok so I just called Nissan Canada Finance and got the same response as the original Nissan owner.

No chance I can import it without paying it off first. I'm going to go to my dealership tonight and see if they can work with me.

I even asked about my mom co-signing, and explained my bank account and job situation and he said "nope,can't, our policy is blah blah blah".

[MapleLeafBaby 1]

Ok so I just called Nissan Canada Finance and got the same response as the original Nissan owner.

No chance I can import it without paying it off first. I'm going to go to my dealership tonight and see if they can work with me.

I even asked about my mom co-signing, and explained my bank account and job situation and he said "nope,can't, our policy is blah blah blah".

Here is my thought:

My dealership was well aware that I was moving in the next few months. They even went as far as calling in to head office to see if the extended warranty would be offered abroad... If they come back and say 'sorry pay it out'

I am going to inform the dealer, in writing that they created a material misrepresentation by knowingly providing me with a product of a 6 year term, when essentially it is of no use to me after 3 months. If they misrepresented the product to gain a sale, then I have every right to rescind on the agreement and return the vehicle to them.

The only way, I am willing to settle this with them, is

1. Keep my existing loan

2. Have the dealer do all the footwork of finding me an identical rate with their US financial sector, and allowing them to convert currency and continue an American loan... again, they would have to do all the work for me

3. take the car back.

I've had the car for 8 weeks!!!!!

I'm in a foul mood today, so here's to praying on their part, they do not call me with bad news today! lol!

[Peachey 10]

Ok so I went to see the finance person at my dealership and this is what she told me:

1) Get a line of credit at the bank and pay it off that way.

2) Apply for consideration of being temporarily out of the country. She said the max they can do is 3 years, and by the time the 3 years is up I will have my car paid off so I won't have to bring it back to Canada.

I think #2 is the winner.

[MapleLeafBaby 1]

Ok so I went to see the finance person at my dealership and this is what she told me:

1) Get a line of credit at the bank and pay it off that way.

2) Apply for consideration of being temporarily out of the country. She said the max they can do is 3 years, and by the time the 3 years is up I will have my car paid off so I won't have to bring it back to Canada.

I think #2 is the winner.

I agree option 2 is better. line of credit is usually 7-10% and your min payment is 3% of balance....HELLO

[Danu 19]

yeah but does registering your car in the states knock it out of its temporarily out of the country thing? If not, thats the way I would go too for sure!