Hi! I’m moving from USA to Canada on ICT visa (Intra Company Transfer) I bought a Tesla last year and there is still good amount of loan remaining. I have been trying to sell it in the states but since the prices have dropped, I have to bare big loss. It’s a big amount. Is there a way I can move my car to Canada whether keeping the same lender (doubt if it’s even possible) or find new lender.
Thank you for any suggestions.
It’s going to be pretty tough for you to import that vehicle.
First things first, check if your model is admissible into Canada Registrar of Imported Vehicles - Vehicle Admissibility
Some Tesla models are, some aren’t. So clear that first.
The next thing is that you don’t own the vehicle, so you have to seek permission from the entity that does (i.e. the financial institution from whom you’ve borrowed). Most won’t entertain the thought of an export out of the country where they have no recourse to seek possession.
Assuming the vehicle is admissible and your lender is amenable to the export, then it’s a pretty standard export.
You also talked about transferring on a ICT, is this a permanent or temporary transfer? If it’s a temporary transfer, then you can skip the entire RIV portion and have your car plated and insured with a US insurer while you’re in the country. If you’re moving as a PR, that’s not going to fly.
Assuming that you can’t import the car due to your lender not allowing it, and it being otherwise admissible, then you can pay off the loan, get the title and then do the import.
Otherwise if that’s not the case, then I don’t see EV prices going up anytime soon. You’re best of selling the vehicle and taking the financial hit.
Thank you for your response. I checked that the car is admissible in Canada. I’m not moving as a PR. I’m moving on a visa but hoping to get PR in couple of years.
If I move on a work visa, does that mean I don’t have to do RIV? Can I sell the vehicle in Canada later (I’m guessing not). Another thought is, I still have US visa until Dec 2024 so I can bring the car to US to sell if prices go up a little bit. We have to pay a lot from our pocket if I sell it now at this price.
Check this out Temporarily importing vehicles
You’ll still have to go through RIV, but I believe you won’t need recall clearance etc.
The thing about ownership still remains, do talk to your lender. You can definitely sell it back in the USA if it’s imported temporarily.