Car loan in Proof of Funds

[swethapriyanka]

Hello,

I'm about to submit my e-APR and have one last doubt. Should I declare my car loan? I've taken a statement from the bank and I'm debating whether to upload it or not.. The thing is the repayment is reflected in my savings account statement (As funds being transferred to another account every month. No description that says it's a loan). Will they ask me what that repayment is for? Declaring the loan will effectively bring down the net funds by half but of course I do have the value of the car itself to offset the loan (no valuation of the car with me).

Summing it up, do I declare my car loan or not?

Thanks in advance!!

Regards,
Swetha

 

[adrlim]

Hello,

I'm about to submit my e-APR and have one last doubt. Should I declare my car loan? I've taken a statement from the bank and I'm debating whether to upload it or not.. The thing is the repayment is reflected in my savings account statement (As funds being transferred to another account every month. No description that says it's a loan). Will they ask me what that repayment is for? Declaring the loan will effectively bring down the net funds by half but of course I do have the value of the car itself to offset the loan (no valuation of the car with me).

Summing it up, do I declare my car loan or not?

Thanks in advance!!

Regards,
Swetha

Assume you are talking about Proof Of Funds (POF)

If I remember correctly they only ask you to submit a bank letter to confirm these for the past six months. Not the bank statement.

So it will say something like balance for Jan'17 XXXX Feb'17XXX March' XXXX. Credit card balance of June'17 XXXX. Also when the bank account was opened. It states that in the instructions

 

[MZASAM]

Hello,

I'm about to submit my e-APR and have one last doubt. Should I declare my car loan? I've taken a statement from the bank and I'm debating whether to upload it or not.. The thing is the repayment is reflected in my savings account statement (As funds being transferred to another account every month. No description that says it's a loan). Will they ask me what that repayment is for? Declaring the loan will effectively bring down the net funds by half but of course I do have the value of the car itself to offset the loan (no valuation of the car with me).

Summing it up, do I declare my car loan or not?

Thanks in advance!!

Regards,
Swetha

Simple: Your bank letter / statement must show the required PoF as balance.
How you manage, it's up to you.

 

[karthik2479]

Hello,

I'm about to submit my e-APR and have one last doubt. Should I declare my car loan? I've taken a statement from the bank and I'm debating whether to upload it or not.. The thing is the repayment is reflected in my savings account statement (As funds being transferred to another account every month. No description that says it's a loan). Will they ask me what that repayment is for? Declaring the loan will effectively bring down the net funds by half but of course I do have the value of the car itself to offset the loan (no valuation of the car with me).

Summing it up, do I declare my car loan or not?

Thanks in advance!!

Regards,
Swetha

No need to declare - as long your funds are above CIC cut-off and your bank letter is in order you are good. Even if you are going to attach bank statements it is fine.

 

[swethapriyanka]

Assume you are talking about Proof Of Funds (POF)

If I remember correctly they only ask you to submit a bank letter to confirm these for the past six months. Not the bank statement.
, they
So it will say something like balance for Jan'17 XXXX Feb'17XXX March' XXXX. Credit card balance of June'17 XXXX. Also when the bank account was opened. It states that in the instructions

Well, my bank has given me a statement, letter mentioning all my savings and deposits accounts, the date they were opened and the current balances. Apparently, they do not have a way to get the monthly average balance. So I thought of uploading the letter as well as the statement.

On a different issue altogether, I'm not sure if I should upload the statement of my car loan. It states in the CIC website that we need to provide statements of debts as well.

 

[swethapriyanka]

Simple: Your bank letter / statement must show the required PoF as balance.
How you manage, it's up to you.

The letter from my bank does show that. I asked for two letters: 1) the funds part where they've given the xxxx CAD is available as of today 2) one letter exclusively listing the car loan.

I'm just not sure if I should actually upload the car loan letter or not

 

[adrlim]

Well, my bank has given me a statement, letter mentioning all my savings and deposits accounts, the date they were opened and the current balances. Apparently, they do not have a way to get the monthly average balance. So I thought of uploading the letter as well as the statement.

On a different issue altogether, I'm not sure if I should upload the statement of my car loan. It states in the CIC website that we need to provide statements of debts as well.

No need monthly balance but balance on the last day of that month

Dont think you need to upload that. I didnt

 

[swethapriyanka]

No need monthly balance but balance on the last day of that month

Dont think you need to upload that. I didnt

Thank you. I've decided not to upload the car loan statement. I can always sell the car and liquidate the loan.

 

[karthik2479]

The letter from my bank does show that. I asked for two letters: 1) the funds part where they've given the xxxx CAD is available as of today 2) one letter exclusively listing the car loan.

I'm just not sure if I should actually upload the car loan letter or not

Not needed - if they want any more info they will come back to you. Similarly for credit card accounts, not really necessary in my opinion. At least I am not planning to declare or submit - as long as funds are genuine and present for a substantial time, they don't really care.

 

[swethapriyanka]

Not needed - if they want any more info they will come back to you. Similarly for credit card accounts, not really necessary in my opinion. At least I am not planning to declare or submit - as long as funds are genuine and present for a substantial time, they don't really care.

Thank you.

In fact, thank you all. It's good to see people willing to help others.

 

[chikoo1985]

Also, even if you reflect car loan in some manners.... don't worry. Car is considered asset against the loan. it won't make any difference. Ther should be any loan or debt (e.g credit card debts...) against which there is no asset and that will considered as negative factor. So I think car loan is good.

 

[chikoo1985]

I think this is very important thread. Is Admin can Pin it, it will be great. There are many of us who may be in same boat.

 

[MZASAM]

The letter from my bank does show that. I asked for two letters: 1) the funds part where they've given the xxxx CAD is available as of today 2) one letter exclusively listing the car loan.

I'm just not sure if I should actually upload the car loan letter or not

Go with 1)

 

[mravi06]

Hello,

I'm about to submit my e-APR and have one last doubt. Should I declare my car loan? I've taken a statement from the bank and I'm debating whether to upload it or not.. The thing is the repayment is reflected in my savings account statement (As funds being transferred to another account every month. No description that says it's a loan). Will they ask me what that repayment is for? Declaring the loan will effectively bring down the net funds by half but of course I do have the value of the car itself to offset the loan (no valuation of the car with me).

Summing it up, do I declare my car loan or not?

Thanks in advance!!

Regards,
Swetha

Hi Swetha,

I am facing the same issue and my bank monthly statements will include every account I have with them(savings,checking,loan) There is no way I can hide the loan what should I do in this case and would like to know what happened to your application.

Thank you

 

[kalebhushan]

Thank you. I've decided not to upload the car loan statement. I can always sell the car and liquidate the loan.

Hey Swetha, So did IRCC come back and ask about your car loan or any more documentation relating to POF? I would be in a similar situation some 2-3 months from now.