Importing car with loan from US to Canada

canampilot · Joined: 19 Apr 2007 Posts: 16 Location: North America

I'll be moving to Canada this June. I'm a dual citizen with multiple accounts with Bank of America here in the US. I'm really upset with them not letting me import my new vehicle to Canada and not retain the loan I have with them. I just got off the phone and I found them cold and terse regarding my situation. I have very good credit and have been an excellent customer for them. Basically, I told them ALL my accounts will be moved to another institution as a result of them holding the Title to my vehicle and not allowing me to import it to Canada. Besides, I'll need to have a bank that allows simple transfers of funds between both Countries without delays.
Any suggestions??

nelsona · Joined: 27 Oct 2004 Posts: 5917 Location: Nowhere, man

Yeah. get an unsecured line of credit and pay off the loan.

Or, find another bank that will give you a loan with the terms you want, and pay of fthe BoA loan.
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cimit · Joined: 24 Jan 2008 Posts: 11 Location: Exton, PA

Agreed. If you plan on being in Canada for an extended period of time, perhaps get a loan from a Canadian bank and have them pay off the BoA loan. It may help you build credit in Canada also.

In regards to a bank that allows transfers between both countries, I use RBC Royal Bank / RBC Centura. Funds cross over the same day and I can use them the moment they have been transferred. Not sure how competitive they are in terms of the exchange rate that they offer, but I think no matter what you will have to pay something.

I have found the RBC experience to be very positive. I was able to obtain a Visa here in the US very quickly through RBC Centura, as they could use my Canadian credit rating to apply to my US status. Thankfully I had (an still maintain) a very good credit rating in Canada, and am now establishing a very good rating in the US.

Good luck with the car loan.

dhirenasha · Joined: 23 Nov 2007 Posts: 53 Location: USA

Canampilot,

This is a reverse situation. I had moved to PA from Ontario. My loan for my Canadian Honda was from Honda finance. During one of the mail promotions, I got an offer from RBC with introductory 2.99% for loans. I took the loan from RBC visa and then paid all the money to Honda Finance. The bad part is that I need to pay the loan to RBC visa at the end of July 2008 otherwise they would be charging me at around 12%.

Honda Canada won't let you (import) take the car permanantly to USA without paying the loan. They won't issue you papers for import until you pay the loan.

While handling with RBC they would wire transfer the money to USA bank even with a phone call to the branch, you need to sign a paper first for phone and fax agreement.

Hope this helps...

canampilot · Joined: 19 Apr 2007 Posts: 16 Location: North America

Thank you all for your replies. I have contacted RBC in Canada and had a favorable discussion. Not sure if I'll switch to them but it looks good so far.

irmanali · Joined: 25 Aug 2009 Posts: 1

What is the loan modification with your mortgage while in Chapter 13 bankruptcty? After filing Chapter 13 bankruptcy (mortgage included -fixed rate) my husband became unemployed, so we are now 6 months behind on our mortgage and our attorneys are submitting for a loan modification, what is the process? Is a loan modification always granted?
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