Any current law requiring a letter from the finance company if one wants to take a car that is financed to Mexico for few months?

  • by silk
  • Oct 08,2017
  • 4 answers

Any current law requiring a letter from the finance company if one wants to take a car that is financed to Mexico for few months?


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Insurance Answers (4)

car253 2 months ago

Sounds like a scam.

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Ryan M 2 months ago

Laws do not address things like this. That is between you and the lender. The government can care less where you go with your private vehicle. However the lien holder cares GREATLY if you take it to a crap hole 3rd world country.

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Casey Y 2 months ago

I can guarantee the lender requires notification if you are taking the vehicle out of the USA...since your insurance coverage is likely voided in Mexico.

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mbrcatz 2 months ago

Here's the problem. While there is an endorsement you can put on your auto insurance policy to cover your liabillity claims while you're in Mexico (if the insurance company will do it), the main problem is that Mexico doesn't recognize US insurance, so THEY still treat the car as uninsured. Which means - they impound the car. Which means, you no longer have possession of it, but you still need to pay the loan. Which you probably won't, since you no longer have the car.
So, lenders don't usually approve this, as there's a very high likelihood that if you go over the border, you'll default on the loan.

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