Had a car loan with BofA and somehow they didn't show it on the official letter. Basically they showed only debit accounts, no loans, no credit cards
Car loan in Proof of Funds
- Thread starter swethapriyanka
- Start date
Yes, already got my ppr and COPR is on the way.
Of course I have a little less money they I showed initially, but it's still higher than their limit. I don't think there'll be issues at the border.
So I just got my GCMS notes and the Eligibility shows "Review Required" due to POF, though I have more than the required amount in my account.
When I go to the comments section to understand what is going on I find the following "Review Required Approx CAD $xxxx(less than the required amount) - CAD $xxxx(more than the required amount) as per Bank Statement. Family of 2 requires CAD $15,531 NOTE: PA has a mortgage balance of XXXXX and other loan of CAD $xxxxxx. PA states in client Info EDOC # XXXXXX the second loan is for a car, however total sum of available finances takes into account balance owing for second loan"
Isn't it true that car loans should not affect the POF? Why are they subtracting my car loan from my total POF?
@legalfalcon @DelPiero07 Any comments you can provide?
When I go to the comments section to understand what is going on I find the following "Review Required Approx CAD $xxxx(less than the required amount) - CAD $xxxx(more than the required amount) as per Bank Statement. Family of 2 requires CAD $15,531 NOTE: PA has a mortgage balance of XXXXX and other loan of CAD $xxxxxx. PA states in client Info EDOC # XXXXXX the second loan is for a car, however total sum of available finances takes into account balance owing for second loan"
Isn't it true that car loans should not affect the POF? Why are they subtracting my car loan from my total POF?
@legalfalcon @DelPiero07 Any comments you can provide?
Am sorry to hear that. Did you declare car loans in your POF when you submitted your e-APR or did they just randomly find out themselves?
Yes, I specifically mentioned both loans (Mortgage and car) in my LOE. On the other hand, in the summary notes section for A11.2 it says "Appears Met" so I don't know what to think of all of this.
legalfalcon
VIP Member
- Sep 21, 2015
- 9,916
- Category........
- FSW
- Visa Office......
- Ottawa
- NOC Code......
- 4112
- App. Filed.......
- 03-09-2015
- Doc's Request.
- 01-10-2015
- AOR Received.
- 03-09-2015
- Med's Done....
- 17-08-2015
- Passport Req..
- 05-04-2016
- VISA ISSUED...
- 12-04-2016
- LANDED..........
- 05-05-2016
The balances of mortgage is deducted from the PoF. However, it depends on the discretion of the officer. This is a recommendation from a program assistant or an analysts, and now will depend on the officer to make a determination.
PoF per se is not a ground of inadmissibility, like that of eligibility, criminality and medicals.
However, if you can, send in a revised PoF by adding more funds and describe where the finds came from to meet the 6 months average balance requirement.
legalfalcon
VIP Member
- Sep 21, 2015
- 9,916
- Category........
- FSW
- Visa Office......
- Ottawa
- NOC Code......
- 4112
- App. Filed.......
- 03-09-2015
- Doc's Request.
- 01-10-2015
- AOR Received.
- 03-09-2015
- Med's Done....
- 17-08-2015
- Passport Req..
- 05-04-2016
- VISA ISSUED...
- 12-04-2016
- LANDED..........
- 05-05-2016
If they are from the same bank yes.
For other banks, they will not disclose under the privacy agreement with you.
Thanks a lot for the response.
I wonder if you could clarify the below statement:
"PoF per se is not a ground of inadmissibility, like that of eligibility, criminality and medicals."
Does this mean that an application cannot be rejected based solely on POF related matters? What happens then? Do they send you ADR's, etc? Because I haven't received anything since my AOR in March.
Hi Guys,
I have a similar question on disclosure of car loan in the PR Process.
I have a car loan from Bank X. I'm using Bank X only for the car loan. There are no other transactions on Bank X whatsoever. The car loan on Bank X is being paid from my primary account with Bank Y.
In this case, I guess I just have to disclose my transactions on Bank Y, right? Besides, car is an asset which can be liquidated. Though, there's a chance that the monthly EMI being transferred to the loan account on Bank X could be visible in the statements of Bank Y.
Any help is appreciated.
Thank you!
Rishi
I have a similar question on disclosure of car loan in the PR Process.
I have a car loan from Bank X. I'm using Bank X only for the car loan. There are no other transactions on Bank X whatsoever. The car loan on Bank X is being paid from my primary account with Bank Y.
In this case, I guess I just have to disclose my transactions on Bank Y, right? Besides, car is an asset which can be liquidated. Though, there's a chance that the monthly EMI being transferred to the loan account on Bank X could be visible in the statements of Bank Y.
Any help is appreciated.
Thank you!
Rishi
Hi.. Did you just provided the official letter from BofA or also attached bank statements for last 6 months. Thanks!
I ordered an official letter from BofA. I didn't attach any additional statements. Though I payed off the cars before leaving, at the moment of ordering / getting the letter the loans were active. One of them was even in BofA. None of them were reflected on the letter.