A friend of mine has bought a new car in the US. She has made a downpayment of half the price and had the rest finaced at 8% APR. She was in the US on a J1 visa and since it expires shortly, she plans to move back to Canada.
What will this move mean in terms of her car? Is she permitted to transfer the car to Canada with the financing having been done in the US? Can she be allowed to make arrangements such that the payment installments continue to be made to the finance company even if she herself is not present in that country?
As for financing, she would have to read the financing contract she signed. I’m no expert, but I would guess that most US lenders prohibit moving the car permanently to another country since their recourse in case of defalt (reposession, etc) would become much more complicated.
Frankly 8% financing with 50% down doesn’t sound like that great a deal. Maybe she can imort the car into Canada and get refinancing from a Canadian lender.