Car Loans in Alberta

Tue, 27 Nov 2007 09:37:35 -0500

Every month we ask our lenders how the market is doing in their respective province. Our questions help us get a sense of the current state of the auto industry in Canada. Without question, month after month, Alberta continues to set the pace. Demand for loans in Alberta far exceeds demand in other more populous provinces. The economy is thriving and with the ability to access US vehicles, inventory can finally match demand. It was noted that Canadian's imported 25,000 cars in November...we have never imported more. As a result, November is a great time to get into a new vehicle no matter where you live in Canada!

US Imported Vehicle Warranty

Mon, 26 Nov 2007 13:38:25 -0500

So the question often posed to many of our lenders who are currently importing US vehicles is "does it still have warranty". Unfortunately the answer is all over the board. What I do know for sure is that if a US vehicle is imported to Canada and the warranty in the US is longer than the warranty in Canada, the vehicle is only qualifies for Canadian milage limit for coverage. If the US miliage limit is longer, the customer can still get the warranty coverage if they take it to a US dealer.

That being said, I know that most manufacturers will continue to honor any remaining warranty on the vehicle but it is best to check with the individual manufacturer before bringing in a US car. Most will require a recall clearance letter and some may require slight modifications.

The best thing to do is buy an extended warranty for your used vehicle. It will ensure that the vehicle is covered well beyond the manufacturers original.

Surging Canadian Dollar Increases Cross Border Car Shopping

Wed, 14 Nov 2007 16:31:45 -0500

It's been a little while since my last post. I've been very busy over the past two weeks and I haven't been able to drop a post.

I have been paying attention to the industry and what a two weeks it has been! I can't believe the dollar has surged as high as 1.10 This has dramatically changed consumer behaviour in Canada, especially when it comes to cars. Since roughly 89% of shoppers turn to the web before venturing into a dealership, most have heard about the huge discrepency between Canada and US vehicle pricing. Manufacturers seem to be going against the free trade agreement and blocking the purchase of new vehicles from US dealers. Others are imposing severe import restrctions that effectively act as a tariff. I'm unsure how this will all play out. I do not that consumers are holding off on purchasing new vehicles as a result. With a price differental now in the neighbourhood of 30-40% on a new vehicle, and as much as 50% on used, most are waiting for incentives. The biggest hurdle to buying US is that the vehicles cannot be financed. The purchase must be made cash, through an intermediary and financed or financed using a credit line. This eliminates a ton of buyers but doesn't change their perception. Knowing that they may be paying 30% more than the guy next store is a major deterrent. There are significantly more used cars being imported from the US. Restrictions are lax and prices are good. Our network of lenders have access to these vehicles so act quick!

Recent News & Stories from Car Loans Canada

Car Loans in Alberta

US Imported Vehicle Warranty

Surging Canadian Dollar Increases Cross Border Car Shopping

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