Proof of Funds: Financed Car

[saina0830]

I own a car which is Financed. Should I be submitted my Car Lien under Proof of funds?

 

[ssiddharthsuresh]

The car doesn't belong to you if you are still paying a loan. Nevertheless, you can only show cash as proof of funds.

 

[xpressentry]

I think a car on finance is a secured loan. If you don't pay up, they will take your car away. The loans and encumbrances are more to do with unsecured debt like credit cards and personal loans.

 

[saina0830]

The car doesn't belong to you if you are still paying a loan. Nevertheless, you can only show cash as proof of funds.

It is a Lien not an unsecure loan. Proof of Funds doesn't mean just cash, You have to declare you credit card owings as well as any loans. My question is more about a Lien which is a secure thing.

 

[saina0830]

I think a car on finance is a secured loan. If you don't pay up, they will take your car away. The loans and encumbrances are more to do with unsecured debt like credit cards and personal loans.

Thanks!

 

[Wolverine17]

From my understanding no one is declaring his credit card debts or loans,most of the candidates are only showing the required proof of funds

 

[saina0830]

" Express Entry - Permanent Residents

If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This must:

list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account over the past six months,
list all outstanding debts, such as credit cards and loans,
be printed on the letterhead of the financial institution, and include your name and the contact information of the financial institution (address, telephone number and e-mail address). "