Car financed with US bank

A

araj_98

Registered Users (C)
hi there!

I was wondering if it is possible to take a car to Canada that is financed in the US.. or is it mandatory to have title on your name.

I was hoping to keep my bank accounts in the US as it is while living in Canada so if something goes wrong.. I can come back.

Thanks in Advance!
 
There should not be any lein on your car. You should have a clean title for your car, and should be in your name or your spouses or both.


Yes, you can keep your bank accounts open in the US, while you live in Canada. You could use your friends address, or ask your bank if they can change your address to a Canadian address.
 
thank you!

Ray:

I will callup my bank and find out. I will post my experience.

Thank you again!
 
The issue may not be with the banks but with Canadian Customs. You may not be able to get the Customs approval to import into Canada without a clear title. You can call Canada Customs and verify this information.

Without the Customs papers, you cannot perform the required "modifications" to the car (modifications and inspections are needed for provincial registration). And of course, unless you get the above papers cleared, you may not be able to register the car with the province.

Meanwhile, the bank may not allow you to "modify" the car since you do not hold the title. Which is why a clear title in your possession becomes important.

Bear in mind that the province (at least in Ontario) checks the VIN database to check your car's history. The VIN database will reveal the vehicle's manufacturing location, dealership where it was sold and the owners' address and consequently the province may want to see all the paperwork regarding importation.

Hope this helps.
 
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