Financial question IE:car payments

Mavrik · Post by **Mavrik** » Wed Jul 13, 2005 7:44 am

Ok so first off I was lied to by the brains behind the finance department at the dealership I worked at. I'm financed through GMAC on my Vibe at 1.9% financing for 5 years. I asked her when I was preparing to move to the US to be with the wife. "How does this work? Do I just give them another account to take the money from as I'll be in the states with a US account?"Had the answer been "No you can't do that." I'd have realised the pickle I'm in earlier. Instead I was told "Yes you can, simply contact a GM dealership there and fill out the GMAC account change information and they will look after it for you." So I thought... "Cool, sounds simple.""NOT"Well we decided to get my car payments out of our account as we're setting up a budget for us both and all that to monitor/regulate our spendings, keep tabs on the bills and hopefully build a little bit of savings. However was informed by GMAC of america that they have no connections to GMAC of canada and can not change the account for me and turn my canadian payments into USD and withdraw them. Basicly I'm screwed. Other then trying to find a way to every month put money into my existing canadian account for the next 3 years... there is no other option I can see. I could refinance the car in the US but there goes my 1.9% interest and my nice easy car payments so I'm pretty much closed on that idea. Other options are sell/trade in the Vibe for something else but that means we can't get a house... though not sure why as I'd still be making payments on a car either way, Vibe or new car. But thats for a discussion with the wife and on here.But anyone else see any other options or am I really swimming in deep pickle juice thats turning sour?

joholste · Post by **joholste** » Wed Jul 13, 2005 7:54 am

try to set up an automatic bank to bank transfer every month to your canadian bank, shouldn't be too difficult, your bank's manager should be able to help you out.

Mavrik · Post by **Mavrik** » Wed Jul 13, 2005 7:56 am

The difficulty with the banks though is converting and transfering to a canadian account... Hope knows the details and spoke to them on the phone earlier. I'm not sure that option is available up here in Alaska. Otherwise that doesn't sound to hard to do... probably cost a fee though.

cohocarl · Post by **cohocarl** » Wed Jul 13, 2005 7:59 am

Can you mail out a deposit every month to your Canadian savings/checking account for GMAC to take out for the Vibe payment? Has the Canadian/US currency exchange rate changed much since you financed the Vibe which would be in your benefit to refinance it in Alaska now, or be better to leave your original GMAC of Canada loan alone?

joholste · Post by **joholste** » Wed Jul 13, 2005 8:02 am

i'm pretty sure that it should automatically do the exchange when the banks do the transfer, it did whenf i was over in france and withdrew money over there it charged me the exchange rate.

Mavrik · Post by **Mavrik** » Wed Jul 13, 2005 8:07 am

Quote, originally posted by cohocarl Â»Can you mail out a deposit every month to your Canadian savings/checking account for GMAC to take out for the Vibe payment? Has the Canadian/US currency exchange rate changed much since you financed the Vibe which would be in your benefit to refinance it in Alaska now, or be better to leave your original GMAC of Canada loan alone? only way that would work would be to withdraw in canadian funds, the amount in payment each month as the exhange rate changes every day. Really a lot of hassel. I'll have to check with the wife but really don't think the banks here can deposite into a canadian account...

Luna · Post by **Luna** » Wed Jul 13, 2005 8:09 am

Do you have to have the payments withdrawn from an account every month? Could you mail a check or money order instead?If you're worried about the conversion rate changing, if you can afford to write the check for a little extra each month, you'd cover fluctuation and have your car paid off earlier, too.Any conversion fees and/or fees incurred by keeping the second account open or doing transfers would probably be worth the savings...that is a great interest rate!

joholste · Post by **joholste** » Wed Jul 13, 2005 8:10 am

your best bet would be to talk to the bank manager, i'm pretty sure that if it was a bank to bank transfer they could fenaggle it to where it worked right and transferred into canadian dollars over there, and if they say they can't right away then call their bluff and ask to withdraw all your money and they'll probably change their minds.

Luna · Post by **Luna** » Wed Jul 13, 2005 8:12 am

Heck, if nothing else, you can pay into the Canadian bank account with paypal, drawing the funds from a US account or a credit card. I am not sure what the charge would be for the transfer, if any, if you did bank to bank. CC definitely has a charge, and currency conversion might have a charge.

Mavrik · Post by **Mavrik** » Wed Jul 13, 2005 8:13 am

my payements are automaticly withdrawn from my canadian account. One of the banks here suggested I set up some kind of Pay Pal thing to pay which then deposits into my canadian account...

AKLGT · Post by **AKLGT** » Wed Jul 13, 2005 11:19 am

Quote, originally posted by Luna Â»Heck, if nothing else, you can pay into the Canadian bank account with paypal, drawing the funds from a US account or a credit card. I am not sure what the charge would be for the transfer, if any, if you did bank to bank. CC definitely has a charge, and currency conversion might have a charge.this is exactly what we'll probably do. it's free to transfer funds from one bank account to another, US funds to Canadian. the only problem is that it'll take about 4 days, but it's still more secure than mailing out an international money order. as for sending funds automatically from our US account to his Canadian account, the problem is as follows:Canada will only accept funds in Canadian dollars. we can essentially transfer funds to this account but it would be considered an international money wire. That means it's $50 per wire transfer. In order to get around this, like through paypal, you have an intermediary account (paypal) that can accept international funds and then convert them. sure it may take an extra 4 days, that just means we keep enough money in the canadian account to cover any additional payments that may come out earlier than anticipated. the payments are set up rather odd anyways. regardless, we'll still have some savings for a rainy day just in case.

joholste · Post by **joholste** » Wed Jul 13, 2005 11:21 am

good poimt i didn't realize it was gonna be that xpensive to transfer internationally

AKLGT · Post by **AKLGT** » Wed Jul 13, 2005 11:29 am

Quote, originally posted by joholste Â»good poimt i didn't realize it was gonna be that xpensive to transfer internationallyyes, i didn't think of this either. i just figured they could use the same ABA routing info like we use, but it's not the same in Canada. just like if i have to transfer funds to a Mexican account, it's still an international wire transfer... and cost is $50. i don't know why i didn't think of this since I used to be a banker and had to do international wires all the time. as for you pulling funds out of your account in other countries or locations, that's a totally different system. you can use your debit/check card through the visa system (almost worldwide) or through a bank debit network if that bank has an agreement with the same network you're on. i won't get into the nitty gritty and bore you. lol

joholste · Post by **joholste** » Wed Jul 13, 2005 11:31 am

alright cool, thanks i wouldn't want to be bored right since i could just skip down a couple lines ha ha ha just teasing

Financial question IE:car payments

Financial question IE:car payments

Re: (joholste)

Re: Financial question IE:car payments (Mavrik)

Re: Financial question IE:car payments (cohocarl)

Re: Financial question IE:car payments (Mavrik)

Re: (Luna)

Re: Financial question IE:car payments (Luna)

Re: (joholste)