Car Finance
Oct 8th 2017, 3:36 pm
#16
Austin. TX.
Joined: Sep 2013
Posts: 5,930
Re: Car Finance
Both Pulaski's link and this official CBP site
https://www.cbp.gov/trade/basic-impo.../motor-vehicle
both state that you are required to present the "title" of the vehicle concerned, which you don't get until all the financing is paid off. The finance company will keep it as collateral. The title is proof of ownership.
So, yes, be prepared to have financing paid off before going to Canada.
I know that WF will only give an auto loan for the length of time on your visa without any extensions. Don't go there though, horrible rates. Credit union much better idea if you can, they will always require a ssn and have admission requirements.
AFAIK Advancial will work with new arrivals.
Dealerships - probably limited to Mazda and VW since both have a program designed to deal with new immigrants and their interest rates are reasonable. You can get used cars from either one of them. I've been dealing with this recently for a client and have the list of requrements for both if you're interested, I can post it.
https://www.cbp.gov/trade/basic-impo.../motor-vehicle
both state that you are required to present the "title" of the vehicle concerned, which you don't get until all the financing is paid off. The finance company will keep it as collateral. The title is proof of ownership.
So, yes, be prepared to have financing paid off before going to Canada.
I know that WF will only give an auto loan for the length of time on your visa without any extensions. Don't go there though, horrible rates. Credit union much better idea if you can, they will always require a ssn and have admission requirements.
AFAIK Advancial will work with new arrivals.
Dealerships - probably limited to Mazda and VW since both have a program designed to deal with new immigrants and their interest rates are reasonable. You can get used cars from either one of them. I've been dealing with this recently for a client and have the list of requrements for both if you're interested, I can post it.
Oct 8th 2017, 4:01 pm
#17
BE Forum Addict
Joined: Mar 2015
Location: NC, USA (ex Yorkshire)
Posts: 4,375
Re: Car Finance
And adding to PF's point about wells fargo (well, any national mega bank) I would try a small local or regional bank if you can't use a credit union.
Oct 8th 2017, 6:48 pm
#18
Forum Regular
Thread Starter
Joined: Jan 2011
Location: Bracknell, Berks
Posts: 92
Re: Car Finance
Both Pulaski's link and this official CBP site
https://www.cbp.gov/trade/basic-impo.../motor-vehicle
both state that you are required to present the "title" of the vehicle concerned, which you don't get until all the financing is paid off. The finance company will keep it as collateral. The title is proof of ownership.
So, yes, be prepared to have financing paid off before going to Canada.
I know that WF will only give an auto loan for the length of time on your visa without any extensions. Don't go there though, horrible rates. Credit union much better idea if you can, they will always require a ssn and have admission requirements.
AFAIK Advancial will work with new arrivals.
Dealerships - probably limited to Mazda and VW since both have a program designed to deal with new immigrants and their interest rates are reasonable. You can get used cars from either one of them. I've been dealing with this recently for a client and have the list of requrements for both if you're interested, I can post it.
https://www.cbp.gov/trade/basic-impo.../motor-vehicle
both state that you are required to present the "title" of the vehicle concerned, which you don't get until all the financing is paid off. The finance company will keep it as collateral. The title is proof of ownership.
So, yes, be prepared to have financing paid off before going to Canada.
I know that WF will only give an auto loan for the length of time on your visa without any extensions. Don't go there though, horrible rates. Credit union much better idea if you can, they will always require a ssn and have admission requirements.
AFAIK Advancial will work with new arrivals.
Dealerships - probably limited to Mazda and VW since both have a program designed to deal with new immigrants and their interest rates are reasonable. You can get used cars from either one of them. I've been dealing with this recently for a client and have the list of requrements for both if you're interested, I can post it.
It would be great if you could provide the requirements when dealing with a dealership?
I know I have been emailing a ford dealership and they also have an expat scheme.
Oct 8th 2017, 6:50 pm
#19
Forum Regular
Thread Starter
Joined: Jan 2011
Location: Bracknell, Berks
Posts: 92
Re: Car Finance
Our plan is to get SSN and state ID ASAP on arriving, then securing a rental and a car. Company are only covering 4 weeks, then it’s down to us.
Oct 8th 2017, 6:53 pm
#20
Austin. TX.
Joined: Sep 2013
Posts: 5,930
Re: Car Finance
Mazda Foreign Resident Program
It is possible to buy a car through a Mazda dealership as an Expat. They can usually arrange financing for new and used cars. You will get a better deal on a new car. Interest rates are usually OK. This cannot be done before moving to the USA and obviously you can only choose a Mazda car.
You will need:
visa that authorises you to work in the USA.
Letter of Employment detailing company, position and salary
minimum 20% deposit
Proof of residency ( house lease)
VW Foreign Business Professionals Program.
https://www.vw.com/content/dam/vwcom...fessionals.pdf
Much like the Mazda program, you have to do this after arrival. You can choose a new car or a certified used one. You will need the following:
United States Social Security card
Letter from employer stating position, hire date, income and length of stay2 in the U.S.
Documentation to verify your address and phone number
Copy of U.S. visa with expiration date
Contact information from two U.S. residents who can serve as personal references
It is possible to buy a car through a Mazda dealership as an Expat. They can usually arrange financing for new and used cars. You will get a better deal on a new car. Interest rates are usually OK. This cannot be done before moving to the USA and obviously you can only choose a Mazda car.
You will need:
visa that authorises you to work in the USA.
Letter of Employment detailing company, position and salary
minimum 20% deposit
Proof of residency ( house lease)
VW Foreign Business Professionals Program.
https://www.vw.com/content/dam/vwcom...fessionals.pdf
Much like the Mazda program, you have to do this after arrival. You can choose a new car or a certified used one. You will need the following:
United States Social Security card
Letter from employer stating position, hire date, income and length of stay2 in the U.S.
Documentation to verify your address and phone number
Copy of U.S. visa with expiration date
Contact information from two U.S. residents who can serve as personal references
Oct 8th 2017, 6:57 pm
#21
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Car Finance
keep pushing Mazda and VW, I believe that all US domestic and most if not all the major non-US car brands have an expat finance scheme, though it is possible that not all dealers participate, and/or in areas where there are few expats the dealer staff may not be familiar with it.The requirements are going to be centered around proving:
[1] who you are,
[2] where you can be contacted (fixed home and/or employer address),
[3] that you have a history of paying your bills (credit history), and
[4] have the assets or income to pay off this debt, so some combination of evidence of job/income and/or liquid investments. The old joke about having to prove that you don't need a loan in order to get one, is as true as ever!
Oct 8th 2017, 7:09 pm
#22
Austin. TX.
Joined: Sep 2013
Posts: 5,930
Re: Car Finance
Our local ford dealers don't want to know, they can't be bothered. They get business through IAS and Expatride but if you walk in and want a car through them without a credit score/history, forget it.
Ford dealership around here just has to be scummiest, slimeyist place going. It's like going back to the seventies.
actually....surprise, surprise!
http://offers.intlauto.com/Ford-Expat-Car-Program.html
Ford dealership around here just has to be scummiest, slimeyist place going. It's like going back to the seventies.
actually....surprise, surprise!
http://offers.intlauto.com/Ford-Expat-Car-Program.html
Oct 8th 2017, 7:14 pm
#23
Austin. TX.
Joined: Sep 2013
Posts: 5,930
Re: Car Finance
Although "some people" keep pushing Mazda and VW, I believe that all US domestic and most if not all the major non-US car brands have an expat finance scheme, though it is possible that not all dealers participate, and/or in areas where there are few expats the dealer staff may not be familiar with it.
The requirements are going to be centered around proving:
[1] who you are,
[2] where you can be contacted (fixed home and/or employer address),
[SIZE=4"][3] that you have a history of paying your bills (credit history),[/SIZE] and
[4] have the assets or income to pay off this debt, so some combination of evidence of job/income and/or liquid investments. The old joke about having to prove that you don't need a loan in order to get one, is as true as ever!
keep pushing Mazda and VW, I believe that all US domestic and most if not all the major non-US car brands have an expat finance scheme, though it is possible that not all dealers participate, and/or in areas where there are few expats the dealer staff may not be familiar with it.The requirements are going to be centered around proving:
[1] who you are,
[2] where you can be contacted (fixed home and/or employer address),
[SIZE=4"][3] that you have a history of paying your bills (credit history),[/SIZE] and
[4] have the assets or income to pay off this debt, so some combination of evidence of job/income and/or liquid investments. The old joke about having to prove that you don't need a loan in order to get one, is as true as ever!
Oct 8th 2017, 7:15 pm
#24
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,446
Re: Car Finance
Our local ford dealers don't want to know, they can't be bothered. They get business through IAS and Expatride but if you walk in and want a car through them without a credit score/history, forget it.
Ford dealership around here just has to be scummiest, slimeyist place going. It's like going back to the seventies.
Ford dealership around here just has to be scummiest, slimeyist place going. It's like going back to the seventies.
My local Ford dealer took a look and said that the tracking need to be adjusted. .... I believe, but can't prove, that the scumbag dealer loosened some parts of the suspension tracking.
Oct 8th 2017, 7:31 pm
#25
Forum Regular
Thread Starter
Joined: Jan 2011
Location: Bracknell, Berks
Posts: 92
Re: Car Finance
Here's a fairly clear summary of the process.
There are many steps, some of which need to be completed ahead of crossing into Canada. If you're buying a new vehicle then some of the steps will be easier to plan ahead for, such as getting the certificate that shows all recalls have been addressed if you have always had it serviced by a franchise dealer, and cheaper if you buy a car with a vehicle with a VIN starting with a 1, 2, 3, 4, or 5.
There are many steps, some of which need to be completed ahead of crossing into Canada. If you're buying a new vehicle then some of the steps will be easier to plan ahead for, such as getting the certificate that shows all recalls have been addressed if you have always had it serviced by a franchise dealer, and cheaper if you buy a car with a vehicle with a VIN starting with a 1, 2, 3, 4, or 5.
Oct 9th 2017, 6:13 pm
#26
i hate cabbage
Joined: Mar 2015
Location: Fort Worth, TX
Posts: 438
Re: Car Finance
I was thinking about this recently.
Lets say that the OP takes out a 3 year car lease and then the worst happens and after 1 year she loses her job or decides to go back to the UK. Obviously the car would be returned to the dealer, but how could they enforce any early return penalty? Presumably she would just return to the UK, close all US banks and transfer any money back into GBP. How could they chase for the payment? Do they have clauses in place that protect against this?
Lets say that the OP takes out a 3 year car lease and then the worst happens and after 1 year she loses her job or decides to go back to the UK. Obviously the car would be returned to the dealer, but how could they enforce any early return penalty? Presumably she would just return to the UK, close all US banks and transfer any money back into GBP. How could they chase for the payment? Do they have clauses in place that protect against this?
Oct 9th 2017, 6:23 pm
#27
Austin. TX.
Joined: Sep 2013
Posts: 5,930
Re: Car Finance
This was recently on the MBTTUK
http://britishexpats.com/forum/movin...-lease-902589/
http://britishexpats.com/forum/movin...-lease-902589/
Oct 9th 2017, 6:26 pm
#28
Forum Regular
Thread Starter
Joined: Jan 2011
Location: Bracknell, Berks
Posts: 92
Re: Car Finance
Also they could find out you have moved to the UK and the. Sell the debt to a UK debt collection agency. They also still own the car and would recoup and offset against the debt and come afterypu for the difference I would expect.
Oct 9th 2017, 6:36 pm
#29
Lost in BE Cyberspace
Joined: Jul 2008
Location: Portlandia Metro
Posts: 7,425
Re: Car Finance
Leases are a terrible financial decision. It's depreciation, interest, profit, and everything else rolled into a payment where you get nothing.
If you're going to finance then seek out a credit union willing to. They'll probably give you a much better deal than the dealership. It then gives YOU the upper hand in negotiations as you're going to them with cash already.
Better than that is buy a car outright with savings.
If you're going to finance then seek out a credit union willing to. They'll probably give you a much better deal than the dealership. It then gives YOU the upper hand in negotiations as you're going to them with cash already.
Better than that is buy a car outright with savings.
Oct 9th 2017, 7:54 pm
#30
i hate cabbage
Joined: Mar 2015
Location: Fort Worth, TX
Posts: 438
Re: Car Finance
Originally Posted by tom169;
Leases are a terrible financial decision. It's depreciation, interest, profit, and everything else rolled into a payment where you get nothing.
I'll be swapping to buying a motor once i get my permanent residence.