Currency parity has more Canadians looking south for vehicles
After importing 240,000 vehicles from the United States last year, Canadians are back at it after a brief respite over the last 9 months.
If you are thinking of purchasing a vehicle in the US consider the following:
1. Will the dealership in the US sell me a brand new vehicle, or will I only be able to purchase a used one?
2. Does the seller have a clear title to the vehicle or are there any encumbrances on the vehicle?
3. Am I really getting the best rate on my wire transfer payment to the seller, and how do I shop for a better exchange rate?
4. How significant are the required modifications on the vehicle and can I have them completed in the US?
Read the most recent article in the Vancouver Sun related to importing vehicles from the US. For answers to the above questions and for additional clarification on the vehicle importation process, download a copy of UCanImport's easy-to-follow vehicle importing guide.
For a list of vehicles that can be imported from the United States, please see Transport Canada's admissibility listing.
For a list of USA and Canada Border Crossing details please visit our listing information at http://www.ucanimport.com/Border_Crossing_Info.aspx
Showing posts with label Exchange Rate US Canadian. Show all posts
Showing posts with label Exchange Rate US Canadian. Show all posts
Tuesday, October 20, 2009
Thursday, November 29, 2007
Importing A Car Through The Blaine Border Crossing: New Information For Importers
Submitted by a UCanImport Subscriber
BLAINE BORDER CROSSING UPDATE: November 28th, 2007
Note the following changes:
1. You can no longer pay the RIV fee at the border at Blaine.
2. They [CBSA] charge(s) you GST, and in my case duty, at the time of of import so you pay the current exchange rate. They would not take into consideration the actual amount I had paid for the car even though I had my exchange receipt and wire transfer documents. The exchange rate was down a $0.07 from when I exchanged my money. (UCanImport says, this is a new policy for the border, and it may not be relevant for every crossing. Please try to use your foreign exchange receipt if the rate is better. Maybe CBSA will accept it at other border crossings).
3. The fax on the American side is not a reliable way to get your documents to that office. The officer told me the fax machine "goes all night and day". Better to drop the copies off on in person, if possible. (UCanImport suggests scanning the documents and sending them by e-mail to cbp.blaine-export@dhs.gov as an alternate option.)
4. You can send in your [Recall] Clearance letters and documents [to RIV] in advance of receiving your "form one" so the car will pre-cleared when you do pay your fee and fax in the title and form one. (UCanImport says, Great tip! If your importation requires a Letter of Admissibility, send that in advance together with the Recall Clearance Letter and any other documents that you have obtained, such as Title and/or Bill of Sale.)
5. They [RIV] want the title faxed in with the form one now. (UCanImport says, this is a new requirement, so please add the Title to the list of documents to be submitted with Form 1).
------------------------------
UCanImport is grateful for these submissions and thanks all Subscribers for their valuable input.
Visit our Resources Section for a listing of Border Crossings and document requirements.
BLAINE BORDER CROSSING UPDATE: November 28th, 2007
Note the following changes:
1. You can no longer pay the RIV fee at the border at Blaine.
2. They [CBSA] charge(s) you GST, and in my case duty, at the time of of import so you pay the current exchange rate. They would not take into consideration the actual amount I had paid for the car even though I had my exchange receipt and wire transfer documents. The exchange rate was down a $0.07 from when I exchanged my money. (UCanImport says, this is a new policy for the border, and it may not be relevant for every crossing. Please try to use your foreign exchange receipt if the rate is better. Maybe CBSA will accept it at other border crossings).
3. The fax on the American side is not a reliable way to get your documents to that office. The officer told me the fax machine "goes all night and day". Better to drop the copies off on in person, if possible. (UCanImport suggests scanning the documents and sending them by e-mail to cbp.blaine-export@dhs.gov as an alternate option.)
4. You can send in your [Recall] Clearance letters and documents [to RIV] in advance of receiving your "form one" so the car will pre-cleared when you do pay your fee and fax in the title and form one. (UCanImport says, Great tip! If your importation requires a Letter of Admissibility, send that in advance together with the Recall Clearance Letter and any other documents that you have obtained, such as Title and/or Bill of Sale.)
5. They [RIV] want the title faxed in with the form one now. (UCanImport says, this is a new requirement, so please add the Title to the list of documents to be submitted with Form 1).
------------------------------
UCanImport is grateful for these submissions and thanks all Subscribers for their valuable input.
Visit our Resources Section for a listing of Border Crossings and document requirements.
Saturday, September 29, 2007
US and Canadian Dollars Exchange Rate Information
Here is a useful site for up-to-date currency information on 164 currencies, including Canadian against the US dollar.
http://www.oanda.com/convert/classic is used by corporations, tax authorities, auditing firms, and financial institutions.
When paying for a car purchase via a wire transfer from your financial institution, you will likely be charged a premium on these rates. There are currency trading institutions who will transfer your money at better rates than banks increasing your savings on your car purchase.
UCanImport will be adding information about these services in the near future so that you can be better informed on wire transfer possibilities.
http://www.oanda.com/convert/classic is used by corporations, tax authorities, auditing firms, and financial institutions.
When paying for a car purchase via a wire transfer from your financial institution, you will likely be charged a premium on these rates. There are currency trading institutions who will transfer your money at better rates than banks increasing your savings on your car purchase.
UCanImport will be adding information about these services in the near future so that you can be better informed on wire transfer possibilities.
Sunday, September 23, 2007
UCanimport Mentioned in the Toronto Sun
UCanImport was mentioned in an article in the Toronto Sun today regarding the resistance of Canadian retailers to adjust their pricing with the strengthening Canadian dollar...
Written by Linda Leatherdale and entitled "Still Biting for Our Cash", this article shows price comparisons on specific products.
The article is now available at:
http://www.ucanimport.com/show_news.aspx?id=13
or on TorontoSun.com
Written by Linda Leatherdale and entitled "Still Biting for Our Cash", this article shows price comparisons on specific products.
The article is now available at:
http://www.ucanimport.com/show_news.aspx?id=13
or on TorontoSun.com
E-mail from "Pissed Off Car Dealer"
Comments welcomed.
--------------------
(unedited)
First Name: Undisclosed
Last Name: Pissed off Car dealer
Company: Undisclosed
E-mail: Undisclosed@undisclosed.ca
"Are you a bonded customs broker? It seems to me that you are offering the services of a customs broker, except at a higher, and inflated price and benefiting from media splashing your webpage address around. How do you think it will go over in the media when you are in trouble for acting as a customs broker without the proper credentials? You are encouraging Canadians to spend their money outside of Canada and that hurts all Canadians. I hope that you get the repercussions of acting as a customs broker without bond or license. You should have just offered this for free and it wouldn't have raised any eyebrows, instead you are in it for greed.
This will go to the attention of the CADA (Canadian Auto Dealer Association) in hopes they have the resources to know what to do with this forwarding it on to whomever regulates the customs brokers industry. I don't feel bad for doing this to you, your webpage is designed to lose Canadian car dealers business which we can't afford to lose because of your propaganda. Given the fact that new cars purchased in the US don't qualify for any 0% finance or lease options, the average car isn't any cheaper anyways, but your webpage sure doesn't care to point that out does it."
--------------------
Comments by: Zabin Somani
The e-mail above is indicative of the "scare tactics" and mean-spirited messages I am now receiving almost on a daily basis from Canadian car dealers. I guess this is a sign that we are making some headway.
Until prices are on parity with the United States, I am going to stand my ground. As I have said before, I'm a proud Canadian and I would prefer that we buy all our goods in Canada. But if we are getting ripped off, then the only way we can stop it is to vote with our purchasing power and go elsewhere to obtain our goods until the situation changes. In the case of auto sales, when Canadian dealers see that they are losing significant business to our southern neighbours, they and the auto manufacturers will hopefully elect to rethink their strategy and adjust their pricing accordingly.
As a final note, if the individual had a leg to stand on regarding any of the points above, he/she would have left a name and contact information so that we could engage in a debate on the issues. For any other dealers that would like to engage with me, I welcome your e-mails. I would like all UCanImport readers to be able to make informed decisions, so I will post ALL of your messages to this blog for everyone to read. Tell me why Canadians should be paying up to 30% more for their vehicles than Americans. And lame reasons such as "we won't honour your warranty" or "we won't service cars sourced in the United States" won't cut it. I promise you that people will see right through these comments as simply price protectionism.
I stand behind our do-it-yourself guide, our assistance services and our web site. I am also committed to bringing to you every bit of information I can get my hands on that will enable you, the Canadian consumer, to make an informed decision with your next vehicle purchase... as they say, Power to the People!
Z.S.
--------------------
(unedited)
First Name: Undisclosed
Last Name: Pissed off Car dealer
Company: Undisclosed
E-mail: Undisclosed@undisclosed.ca
"Are you a bonded customs broker? It seems to me that you are offering the services of a customs broker, except at a higher, and inflated price and benefiting from media splashing your webpage address around. How do you think it will go over in the media when you are in trouble for acting as a customs broker without the proper credentials? You are encouraging Canadians to spend their money outside of Canada and that hurts all Canadians. I hope that you get the repercussions of acting as a customs broker without bond or license. You should have just offered this for free and it wouldn't have raised any eyebrows, instead you are in it for greed.
This will go to the attention of the CADA (Canadian Auto Dealer Association) in hopes they have the resources to know what to do with this forwarding it on to whomever regulates the customs brokers industry. I don't feel bad for doing this to you, your webpage is designed to lose Canadian car dealers business which we can't afford to lose because of your propaganda. Given the fact that new cars purchased in the US don't qualify for any 0% finance or lease options, the average car isn't any cheaper anyways, but your webpage sure doesn't care to point that out does it."
--------------------
Comments by: Zabin Somani
The e-mail above is indicative of the "scare tactics" and mean-spirited messages I am now receiving almost on a daily basis from Canadian car dealers. I guess this is a sign that we are making some headway.
Until prices are on parity with the United States, I am going to stand my ground. As I have said before, I'm a proud Canadian and I would prefer that we buy all our goods in Canada. But if we are getting ripped off, then the only way we can stop it is to vote with our purchasing power and go elsewhere to obtain our goods until the situation changes. In the case of auto sales, when Canadian dealers see that they are losing significant business to our southern neighbours, they and the auto manufacturers will hopefully elect to rethink their strategy and adjust their pricing accordingly.
As a final note, if the individual had a leg to stand on regarding any of the points above, he/she would have left a name and contact information so that we could engage in a debate on the issues. For any other dealers that would like to engage with me, I welcome your e-mails. I would like all UCanImport readers to be able to make informed decisions, so I will post ALL of your messages to this blog for everyone to read. Tell me why Canadians should be paying up to 30% more for their vehicles than Americans. And lame reasons such as "we won't honour your warranty" or "we won't service cars sourced in the United States" won't cut it. I promise you that people will see right through these comments as simply price protectionism.
I stand behind our do-it-yourself guide, our assistance services and our web site. I am also committed to bringing to you every bit of information I can get my hands on that will enable you, the Canadian consumer, to make an informed decision with your next vehicle purchase... as they say, Power to the People!
Z.S.
Friday, September 21, 2007
UCanImport Mentioned in Globe and Mail Today...
UCanImport was mentioned in a great article in the Globe and Mail today regarding the current price differential between similar goods in Canada and the USA.
Written by Paul Waldie and Greg Keenan and entitled "Identical Cars, Clothes, Books Come Cheaper in U.S.", this article also shows some interesting comparisons on specific products.
The article is now available at:
http://www.ucanimport.com/show_news.aspx?id=11
or on GlobeAndMail.com
Written by Paul Waldie and Greg Keenan and entitled "Identical Cars, Clothes, Books Come Cheaper in U.S.", this article also shows some interesting comparisons on specific products.
The article is now available at:
http://www.ucanimport.com/show_news.aspx?id=11
or on GlobeAndMail.com
Wednesday, September 19, 2007
Examples of Canadians paying more despite our strong dollar
Submitted by Brad Follet
Comments requested
--------------------------
Cars? What about everything else!
I purchased a Seadoo this summer in the US and saved over Cdn$3000 even after exchange and all duties. The sad part about it is that Seadoos are manufactured in Canada and are being sold in the US at a fraction of the cost here in Canada.
Yes, the exchange has been a small factor in the past, but the Canadian "gouge" factor is huge in comparison. Order a Kohler toilet here in Canada for over $1000 and wait 6 weeks for pickup or order it through the internet for $500 Cdn. (shipping and exchange included) and have it delivered to your door in two weeks. There are hundreds of examples of our gouging retailers here in Canada.
Comments requested
--------------------------
Cars? What about everything else!
I purchased a Seadoo this summer in the US and saved over Cdn$3000 even after exchange and all duties. The sad part about it is that Seadoos are manufactured in Canada and are being sold in the US at a fraction of the cost here in Canada.
Yes, the exchange has been a small factor in the past, but the Canadian "gouge" factor is huge in comparison. Order a Kohler toilet here in Canada for over $1000 and wait 6 weeks for pickup or order it through the internet for $500 Cdn. (shipping and exchange included) and have it delivered to your door in two weeks. There are hundreds of examples of our gouging retailers here in Canada.
Saturday, September 15, 2007
Canadian dollars highs making imports even cheaper
The loonie gave the greenback a spanking yesterday ending the day at a new 30-year high of 97.04 cents US. Six years ago the dollar hovered around 63 cents US. It doesn't take a rocket scientist to figure out that as we inch towards parity - it's probably not a matter of "if" but "when" now - the prices on those US car lots are going to look even better.
Custom House Currency Exchange http://www.customhouse.com is currently quoting 1.0259 for converting the US dollar to Canadian. That means a US$20,000.00 car will cost CAD$20,518.00.
The currency calculator is on the home page, so use it and gloat!
Custom House Currency Exchange http://www.customhouse.com is currently quoting 1.0259 for converting the US dollar to Canadian. That means a US$20,000.00 car will cost CAD$20,518.00.
The currency calculator is on the home page, so use it and gloat!
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