K1 VISA Approved! How to import financed vehicle...?

[importedmanincan 0]

Hello!

I just passed my interview for K1 on Tuesday and I'm more than excited.

Everything is ready to go, landlord has been notified, job has been notified, etc.

The one thing that is truly confusing and giving me a headache is my newly financed vehicle that I purchased in June 2014, a brand new Nissan.

So here is what I've collected so far in regards to importing this vehicle:

1) Letter of emissions compliance being received in the next couple days from Nissan (confirmed)

2) Letter of recall clearance being received within 30 days after crossing border so that I may register vehicle (confirmed)

3) I am ready for any duties and importing documents that will be filed at border

4) I have been advised from Washington State DMV that I may need a letter from the bank stating they are the lien holder (title holder)

So questions I have.

Will I need this letter from TD Auto Finance upon importation at POE? I have every intent to continue paying my car loan while in US (finance assisting), and a bank account will continue to be active to allow for this.

Has anyone experienced this unique situation of importing a financed vehicle and what they have done. I am constantly being told that I must pay out the loan before I import into US. I do not believe this is the ONLY option.

Any help would be greatly appreciated.

Thanks

[TheCaptain 67]

I would take a look at the link below and investigate this MUCH further. The problem you have is that you are taking TD Auto Financing's collateral for your loan out of the country, which also takes it out of their easy reach for repossession, if you can not pay on the loan.

DO NOT take the word of someone over the phone as confirmation. Whatever you do GET IT IN WRITING, also check and double check your contract.

http://ask.metafilter.com/178582/Financing-hell

It's certainly not impossible but the last thing you want to do is destroy your credit in both countries, as there is also a Financial Treaty between Canada and the US.

Good Luck

[importedmanincan 0]

Thanks for the link and the history of conversation, I appreciate it!

How about the option of not doing an import at the border upon entering on my K1 and having a year to do an official import?

My fiancé's insurance will cover the vehicle and be able to add me so the 1 year import qualifying factor can be taken into consideration right?

But if not, at the POE, will I NEED the letter from TD finance stating that they own the car (lien holder)?

Also, what did you mean by financial treaty between Canada and the US?

confused by that

thanks again!

[Boiler 43,576]

My guess is that you will need to discharge the loan.

Just some random thoughts.

I doubt that a Canadian insurer will or could cover a vehicle based in the US and owned by a resident of the US.

I know some US lenders do not like there security leaving the US, I can see that some lenders may be OK temporarily, but permanently?

Vehicles have to registered in that State they are based, seems that the time you have to do so varies by State.

[TheCaptain 67]

Yes you will need to speak with TD to confirm whether or not they require you to discharge the loan prior to entering into the country. You could import the vehicle into the US as long as you comply with the import restrictions you specified (emissions etc).

The primary concern would still be TD Auto Finance. Your fiances' insurance company will probably not cover the vehicle and allow you as an additional driver due to the lien and the title being "owned" by a Canadian company. Meaning the US insurance company may not be able to take possession of the Vehicle in the case of a claim.

You will need to check the details with TD. There may be restrictions in your contract relating to removing the vehicle from the country. There may also be issues with registration and tags on the vehicle as in most states you are "supposed" to transfer the registration to your state of residency within 90 days of becoming a resident of that state. This would in your case be 90 days from when you get your Drivers License.

The financial treaty relates to the sharing of financial and tax information between the US and Canada. The official definition is:-

"An Agreement Between the Government of the United States of America and the Government of Canada to Improve International Tax Compliance through Enhanced Exchange of Information under the Convention Between the United States of America and Canada with Respect to Taxes on Income and on Capital"

Basically they share information regarding your finances...... this may also relate to your credit...... E.g.... Don't pay in Canada and default, the US may be able to see that information when assessing your ability to obtain credit.

Investigate with TD and question, question, question everything. As I said previously make sure you get everything in writing!. Contact your fiances' insurance company prior to the move and if they will insure then get that in writing too. The last thing you want is to bring it all the way over and get into a wreck only to find the insurance will not cover you and you still owe on the loan in Canada.

[Ms Hogan 295]

I am not very familiar with Washington State specifically but I deal with titles all the time.

When you go to register the vehicle at the title bureau they are likely going to want to know that all liens are discharged before putting a title in your name. Again, depends on the state but there won't be a lot of variance here. As far as the title officers go, it is like you are buying a car from someone (yourself in this matter) but you have to show that the car is free and clear for you to own in order to be given a title in a different state than the car originated from. Never mind that it is actually from out of the country. I don't see there being any reciprocity between Washington State and whatever province your loan is in. But hopefully I'm wrong. I think you need to get on the phone with the title bureau where you'll be moving and find out what they specifically will want from you.

When I titled my car that was the first thing I was asked. Because I came from Ontario we don't have titles, we just have registrations but because only my name was on it and not the dealership name she was OK with it. I also had a letter from the dealership showing that the car was paid for.

What province are you from and what does your paperwork show in terms of ownership?

[ChristinaG 91]

I'm curious about this as well...

I'm also in Ontario, my registration only has my name on it, but it is financed with TD Auto Finance as well. In this province at least the leasing company would be on the ownership if it were a lease situation, but this is financed....

Please post if you find out anymore.... thanks!!

[JustaTT 4]

Did anyone have any further information on this? I'm currently in Ontario and just received my K1 visa today. I have everything in order to move this coming Wednesday but I completely forgot that I may have a lien on my car through Scotiabank. I did purchase my car used a couple years ago with my line of credit and I'm sure I had to provide them with a copy of my ownership.

I am paying on my line of credit and continue to do so once I'm living in the USA. Is our Ontario ownership suffificent to import and register my vehicle in Georgia State or am I in a huge mess right now?

I did get the letter from Lexus Canada stating that it conforms to US regulations.

Some one please help. I'm cutting this too close!

[Boiler 43,576]

If your loan is secured on the vehicle then he's it is a big issue, if not then you should be good to go.

[NikLR 13,220]

A line of credit is different. You'll need to continue paying it but otherwise you'll be fine.