Anyone financed a car across the border to Canada? | FerrariChat
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Anyone financed a car across the border to Canada?

Discussion in 'Ferrari Discussion (not model specific)' started by dogdoc97, Sep 26, 2012.

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  1. dogdoc97

    dogdoc97 Formula Junior

    Aug 2, 2011
    711
    Atlanta, GA
    #1 dogdoc97, Sep 26, 2012
    Last edited: Sep 26, 2012
    Was wondering if PENFED, USAA or others will finance a car coming from Canada; not sure if they frown on that; is the VIN something that is tracked world wide or just for USA purposes,I assume EVERY car/truck has a VIN! I know one time the finance company would not cut a check b/c they could not verify the VIN, I get that..... dumb question probably, dog
     
  2. m5guy

    m5guy Formula 3

    Aug 17, 2008
    1,627
    Ventura, CA.
    Full Name:
    Greg
    #2 m5guy, Sep 26, 2012
    I'm going out on a limb here and saying "No" without firsthand experience. However, think about how auto loans typically work. The bank pays the selling dealer directly and in turn, the dealer adds the bank onto the title as the Lienholder when they file the DMV paperwork to record the sale.

    In the situation you described above, the bank has no incentive to pay the Canadian seller because the Canadian seller has no control over the US title.

    That's my assumption and anyone who has information to the contrary is welcome to shoot down my hypothesis.
     
  3. dogdoc97

    dogdoc97 Formula Junior

    Aug 2, 2011
    711
    Atlanta, GA
    #3 dogdoc97, Sep 27, 2012
    Last edited: Sep 27, 2012
    But once the dealer is funded isn't the ONLY LIENHOLDER the lender, right, so the dealership should no longer have any interest in the car, secured or otherwise, right; if you buy a house from Bob the builder and then get Wells Fargo to give you a mortgage Bob takes his $$$$ and gets out of the picture, the bank has paid him and he has no further intereest in the house but maybe I am missing your point. My question is too does it have to be on US SOIL so they know they can repo the car or have access to the collateral, thnx for the thought, dogdoc
     
  4. Entropy

    Entropy Formula 3
    Owner

    Jul 10, 2008
    2,149
    #4 Entropy, Sep 27, 2012
    There is a way; I do not know the particulars, but should be easy to find out.

    I know some of the specialty banks and leasing companies do this; a friend is about to buy a classic Ferrari and import it from Switzerland; he's doing it through Putnam. Might be worth calling Rick Intile over there, he might have some ideas or a solution. (Fchat sponsor, BTW)

    I believe for my friend, they are setting up an international escrow account with a (legitimate) broker to do the "sale", then doing a bonded shipment to the US. All kinds of title insurance, shipping insurance, insurance on insurance involved.
     
  5. dogdoc97

    dogdoc97 Formula Junior

    Aug 2, 2011
    711
    Atlanta, GA
    #5 dogdoc97, Sep 27, 2012
    it only talks about leasing, do you they finance for purchase and do you have a number for Rick; there is another guys name on the search thread I found; thnx, max(dogdoc)
     

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