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Old 04-30-2009, 12:51 PM
 
3 posts, read 50,378 times
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Here’s my huge dilemma. I have accepted a position to work in Toronto and will be moving from Florida there. My issue is that my automobile is financed for another few years and the bank said I am not authorized to take the car outside of the US. What do I do now? Is there any way around it? I am not against bending the rules if anyone has any ideas however I prefer to be legal. The car will be driven every now and then but not on a daily basis. It will be parked in a underground garage. Help!!
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Old 04-30-2009, 12:57 PM
 
Location: Hougary, Texberta
9,020 posts, read 12,703,806 times
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To import the vehicle, it has to be clear of liens. It really depends on if you are going permanently, or on assignment. On assignment, you can use your car tagged as is from FL, but that implies that you still have a residency there.

There's lots of variables, but the short answer is that you're about to take it in the brown for the remaining amount on your car, less whatever you can sell it for.
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Old 05-03-2009, 05:50 PM
 
75 posts, read 551,596 times
Reputation: 60
Quote:
Originally Posted by ikeleary View Post
Here’s my huge dilemma. I have accepted a position to work in Toronto and will be moving from Florida there. My issue is that my automobile is financed for another few years and the bank said I am not authorized to take the car outside of the US. What do I do now? Is there any way around it? I am not against bending the rules if anyone has any ideas however I prefer to be legal. The car will be driven every now and then but not on a daily basis. It will be parked in a underground garage. Help!!
First off the Canadian customs don't care about the lein as long as your name is on the title. There are people that move back and forth across the border so much that they have become oblivious to those things. The most important thing for them is collecting duties. Since you already own your car in the US and if you have lived outside of Canada for a certain peroid of time then you can import a vehicle with up to I believe $15k total value (including other belonging but just declare very little value for belongings). So you will pay dutie on excess of $15k which is 8%. The big bite however is if your car is made outside of the US or Canada there is an additional duty you have to pay (I believe 6.5%). You don't have to pay provincial if you have already owned your vehicle for more than a year in the US. Also get a recall letter from your vehicle manufacturer. Other fees and certifications can run you up to $1K Canadian. At the minimum you will need to do a daytime running lights modification on your car and that cost about $400. My friends car was valued at $28K Canadian and was made overseas so the whole process cost him about $4K. Just sign up for ebilling so that you can recieve your bills via email. Then whe you get to Canada, RBC has a US centura account option which allow you to transfer funds from your Canadian chequing to a US RBC centura account for free and both will have a Canadian address. What this allows you to do is pay your car bills in the US buy writting checks off your centura account or using the web if your finance company has web payment. Ofcourse your lein holder should not know about all this until your car is paid off. Also try to keep your US car insurance for as long as you can as its crazy expensive here. One more thing, the monthly exchange rate is a bit factor now, a $450 US car payment will now cost you $600 Canadian.

Last edited by titan5576; 05-03-2009 at 06:16 PM..
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Old 05-03-2009, 07:15 PM
 
Location: toronto, Canada
772 posts, read 1,151,322 times
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This website may be of help.
how to import
The big question is even if you can import the car, which may not be that difficult from what I can see from the website, you will have to look at Florida's law pertaining to exporting and financing. You may find it easier to refinance the car with a bank that has branches both here and in the States, like RBC here, or Bank of America, J.P Morgan in the States.
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Old 05-26-2009, 11:09 AM
 
Location: Dripping Springs , TX
786 posts, read 2,579,165 times
Reputation: 237
I feel your pain. I had the same experience but going from Canada to US.

One suggestion would be to refinance your car into a non-secured personal loan. That way there are no liens on your car. As long as you make your payments in the US, the bank will not care.

I had a leased car in Canada that Chrysler said NO WAY was I taking it to the US. I had to buy out the lease or take a penalty by returning it earlier.

The whole purpose is that the banks or finance company want to make sure they can still repossess the car if you do not make payments. That can be kind of hard crossing the border.

One other thing to look into is the environmental and safety requirements. Most cars sold in Canada and US meet each others requirements, but I had to get a letter of compliance from Chrysler to submit to US customs when I imported the car. I suspect there is a similar thing going the other way.
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Old 04-23-2015, 05:07 PM
 
1 posts, read 2,533 times
Reputation: 10
What do you do if you already drove the car to Canada, you can't return it yourself (due to not having the title yet) and the finance company in the U.S. won't repossess it?
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Old 04-24-2015, 09:57 AM
 
Location: Toronto, Ontario, Canada.
2,794 posts, read 3,896,802 times
Reputation: 8013
Leave the car in Florida. Sell it, or find some body to take over the payments, happens all the time.

Buy a cheap used car in Canada, sell it when you leave Canada.

Jim B.
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