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Driving car from US to Canada, and back to US without importing.

Discussion in 'H-1B Holders in the U.S.' started by supreets2, Jul 10, 2017.

  1. Ok, sounds good. I am thinking the car dealers themselves should have some financing options available too...
     
  2. Hey bud,
    If you're fairly knowledgeable about a car, then absolutely go buy a used car. If not, I'd suggest buy a new one that will last you for a number of years. You can even negotiate a 0% interest for almost 4 - 5 yrs. I know Nissan dealership does in Alberta. Not sure in Ontario.

    here is a link to get a free credit report - http://www.cbc.ca/news/canada/how-to-check-your-credit-report-1.1185975

    Cheers
     
    yodheydhara likes this.
  3. Thank you for your input buddy, I am planning to buy a used car for now as I am getting inputs from a lot of friends about what used cars can be bought. However, this sounds like a really good option too!!
     
  4. Finally, Bank of Montreal agreed to give me a loan for 72 months! Thank you all for your valuable inputs!
     
  5. Hi @yodheydhara

    what are the things you considered when deciding on selling car in US? I am in similar situation, planning to move around January - February 2018. I bought brand new sonata here in US this year only and if I sell it now, I will be losing around 4k. I appreciate your inputs.
     
  6. Hi Arpuv,
    These are the factors that I considered before deciding to sell my car:
    1. My car was 2014 Mazda 5 - I checked on the RIV website (https://www.riv.ca/ImportingAVehicle.aspx) whether my car make and model needed any changes as per Canadian regulations. In my case, I would have had to change the headlight assembly to include day time running lights. As per the Mazda dealer that I went to for servicing, they mentioned that I would need the whole assembly to be changed. That was an additional cost.
    2. Other costs for importing a vehicle would be - a) the amount you pay to get an approved agent to do AES filing and generate an ITN number for your vehicle (this is only 50 bucks), but with the hassle of sending all the documents minimum 3 days before the date of your border crossing at the corresponding US border control, it wasnt worth it for me.
    3. Then there is import duty that you will be paying on your vehicle once you enter Canada. You will need to go to the nearest Canadian Tire Corp location to get the import process completed along with the changes in your vehicle to meet the Canadian regulations. The amount varies by the model and make of the vehicle, but you might want to contact RIV and find out if its possible to get an estimate beforehand.
    4. I had thought that it would be easier to buy a used or a new car over here in Canada. Long story short, I was able to buy a used car.
    5. Consider the liquid funds that you will have when you decide to sell the car over there. You dont have to necessarily buy a new / used car on cash value, if you are able to get loan. At least that one of the factors that I had considered.

    With these factors in mind, I decided to sell my car in US and get another one over here.

    However, there is some additional information that I would like to provide you if you are deciding to sell your car in US and buy another one over here:
    1. Selling the car in US - is your car on loan? Or did you buy it from cash? If it is on loan then you need to clear your title as the bank will be the first lien holder in your car title. A dealer will be able to help you out with more details because the rules around title and lien holders might be different with different states. If you have paid off the loan, you need to have the title showing you as the primary owner and zero liens on the car, or you need to have the lien release document from the bank showing as a proof that you have cleared the loan.
    2. Buying a car in Canada - its easy if you are planning to buy a new / used with full cash. If you are looking for a loan, you will need to show proof of income. This will be difficult if you do not have a job in hand when you arrive here.

    Hope this information helps.
     

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