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Help, want to travel to Mexico in my car but I can't get a permission letter? |
Travel Info I purchased a vehicle in April for the sole purpose of traveling to Mexico for vacation. When I contacted US bank the lienholder, they would not give me a letter because they have a policy of no one being able to take a vehicle out of the country within 180 days of purchase. Have anyone one of you gone through this? I have full coverage insurance on the vehicle that will pay if anything should happen but the bank says it has no exceptions. I think its dumb I'm still going to be paying for the vehicle for 5 more years so what's 6 months guarantee them? What do you guys think? Travel Tips The bank's 6-month policy seems somewhat arbitrary, but I'd bet it's a CYA situation driven either by loss avoidance practices, most likely mandated by the bank's own insurer, or some internal grace period to allow your new car "paperwork" to wind its way through the bureaucracy. Even though you've got insurance, until the car is paid off, anything that happens to the car in Mexico inevitably involves the bank. Anything, *anything*, for which you'd need to file a claim or establish ownership automatically involves the bank since they have a vested interest. I've taken my own vehicle into Mexico -- and Belize -- several times, but I own it free and clear. It not only simplified document inspections at various checkpoints and arbitrary police stops, but I suspect that without the clear title -- plus a handy translation of it -- I would not have been able regain possession of my vehicle when Cancun police impounded it because they though I'd had way too much fun one night there. ;) I hate to burst your bubble, but the bank policy's 6-month restriction seems pretty cut and dried. I wouldn't be surprised if it were ultimately based on some insurance company's actuarial table of "adverse events" involving new car owner claims. I know it sucks, but it's probably the same reason you can't take rental cars from the U.S. into Mexico -- most of which, coincidentally, are under 6 months old. An afterthought: If you're really, *really* desperate and can swing it, you could transfer your car loan to a less restrictive lender or, god forbid, transfer the balance to a zero-interest credit card account. I'm not recommending this, just mentioning it as an option. It has a couple of glitches in that it takes time for the ownership change to clear through DMV and it risks subjecting your loan to a higher interest rate. If you decide to go this route, tread very, very, very carefully. Others First of all American insurance has no value at all in Mexico. Even if you had free title on the vehicle you would have to buy a separate Mexican insurance policy . Getting the policy is no big deal, AAA will sell you one and there are numerous places along the border that sell them also. The leinholder is well within their rights to prevent their property from going to Mexico. Should the vehicle be stolen the leinholder is going to have a great deal of difficulty getting their vehicle recovered . In a way the leinholder did you a favor and possibly saved you a lot of money in the process. Once you cross that border you're not in Kansas anymore ; You're in the Third World and Third World rules are in effect. I cannot recommend any amateur taking their car into Mexico, although I once drove a '73 Pinto from Juarez to Guatamala and back.. If you must do it Pay your car off in advance and also be prepared to walk away from your car if any number of things happen such as catastrophic mechanical failure or accident . You will also need to buy a separate insurance policy just to cover driving in Mexico. Trains Planes and Buses are the better way to go! Well, that is odd, but I don't see what you can do about it. If you could refinace thru a diff. bank without that policy it would prob cost you more. I think you are stuck! Best thing to do is make the best of it and use your time to learn more about where you plan to visit. I am an American living in Mexico...been here 2 yrs. My car was only 7 months old when I came. Maybe the bank has had some bad experiences with people dissapearing and not making the payments. Where in Mexico were you planning to visit? There is a special program so if you are only going to Sonora or anywhere in Baja, you do NOT need a permit! See sites below. I just read the first 2 answerers answers. Holy cow, plenty of people drive to Mexico. I am a single woman and I drove to Veracruz...and know several others who have done the same. I was prepared, well-read, practical on the subject and I am not a helpless idiot as he seems to think people who would drive to mexico are! You will do just fine!!! ya, some roads are poor amd you may get lost...big deal...everyone I met on the way was very helpful and I always figure if you get lost, you just discover something new! And ya you do need to buy short term mexican car ins....here is a link to my favorite ins. place. http://www.bajabound.com/before/permits/... http://www.gotosonora.com/only-sonora.ht... http://www.mexican-autoinsurance.com/... |
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