immigrantUSCAN said:
Hi justChill,
Here is my situation. I have a car that is financed (not leased but financed). I want to take my car during landing visit couple of places and come back to the US. But at this point of time I am not sure whether I want to take it later to canada or not. So Can I take my car with US plate, indicate that I may import it later but this time I am going back to US. Will it be OK. ??
Thank You
From all of the research that I have done on this subject, it appears that it would be impossible to take a car across the border that is financed (unless, of course, the lender is willing to give you a letter saying it is Ok, and they almost never give that letter, since once you take the car out of the US - even Canada - they have no recourse to repossess it should a person not pay the remaining balance).
Taxes, duties and the modifications required depend on the type, model and year of the car. I, myself will be taking my car, but it is fully paid off, and in addition to that it is more than 15 years old (so I don't think it is subject to any regulatory requirements).
Under most circumstances, since my car is actually manufactured in Japan (2000 Lexus LS 400), I would have had to pay a 6%+ import duty as well, in addition to the PST/GST (or whatever that is). But since the value of my car is under $10000 (about $7000 USD I would say), it is my understanding that I would not have to pay anything.
Now the thing I'm not sure is how they look at the value of the car. I bought the car in 2004 for $34,000 USD. If they use THAT value it would be insane, and it would not make any sense (the only reason for some doubt in my mind, is because it seems on their application they ask you when you bought the car). But you never know with customs people in general. So I need to do more research on that topic, unless some kind soul on here can enlighten us all on this.