Border letter

[N6761U]

I was just looking at my online statement for the loan on my 5th wheel and noticed something about a Border Letter. After opening it I discovered that in order to take my RV into Canada or Mexico I must first make a request 30 days prior to leaving stating when I will leave and when I will return. In turn they (BofA) will send me a Border Letter (permission slip) to take the RV out of the Country. Has anyone else discovered this with there loans.

Steve

[ol_Bombero-JC]

Dog Folks wrote:
And yet another reason to have your rig paid for!

The lender tells me I need permission?

Although I could understand the reasoning,it seems a little intrusive to me.

Hmmmmm -

Yep - *YOUR* rig - do whatever you want..:C

Lender's rig - vested interest. Valid reason..:S

Kinda like owning a house you rent out.
Can the renters do whatever they want - or are there some limitations that you might impose and/or want to approve in advance?

Darn "intrusive" landlord!
What's wrong with a dozen dogs inside?.
I pay the rent on time..:M


BTW -
Lots of folks in MX would love to have your RV for a "rental" - no matter *who* owns it, ROTFL.


.

[Dog_Folks]

obgraham wrote:
I'm not surprised that particular lender writes such a clause. Considering how poorly their business is run I'll bet you can't find anyone there who knows how to write such a letter. After 2 months and three calls I still don't have a PIN on a credit card of theirs!

I would just go. You owe no loyalty to that outfit (just cash!).

You missed it. The OP said BofA. (Bank Of America)
No biggy, I miss stuff all the time.

Personally, I would never do business with them. They foreclosed on a house in my hometown, that they did not ever have mortgage on!

The homeowner won in court and had to go to a branch with a sheriff to take property to satisfy the judgement. (He got a check that day)

[Francesca_Knowl]

obgraham wrote:
I'm not surprised that particular lender writes such a clause. Considering how poorly their business is run I'll bet you can't find anyone there who knows how to write such a letter. After 2 months and three calls I still don't have a PIN on a credit card of theirs!

I would just go. You owe no loyalty to that outfit (just cash!).

:h

If the O.P. named the lender, I sure missed it-?

Regardless, for better or worse: no financed property becomes the sole property of the borrower until the loan's paid off. Ignoring a lender's clear admonition/warning is a risky undertaking, especially since doing so carries the additional risk of finding oneself uninsured in the event of an "event" in a foreign country.

[obgraham]

I'm not surprised that particular lender writes such a clause. Considering how poorly their business is run I'll bet you can't find anyone there who knows how to write such a letter. After 2 months and three calls I still don't have a PIN on a credit card of theirs!

I would just go. You owe no loyalty to that outfit (just cash!).

[sue_t]

Had the opportunity to talk with a creditor that was having to repo a car from Inuvuk NWT, in Canada's far north. Not an easy task.

Who knows why the 'owner' abandoned it, maybe realizing the little car wasn't well suited to the winter conditions there. Maybe it wasn't a good cold starter. It seemed after moving to Inuvik, the purchaser quit making payments. Maybe figuring no one would track it down.

I offered to fly up and drive it back, BUT it had to be trailered out, apparently. Something to do with insurance and registration not being valid.

So I can understand the creditor wanting to know where their goods are going.

[Luke_Porter]

At GMAC the answer was NO to anyone wanting a letter like that.

[MTPockets1]

N6761U wrote:
I was just looking at my online statement for the loan on my 5th wheel and noticed something about a Border Letter. After opening it I discovered that in order to take my RV into Canada or Mexico I must first make a request 30 days prior to leaving stating when I will leave and when I will return. In turn they (BofA) will send me a Border Letter (permission slip) to take the RV out of the Country. Has anyone else discovered this with there loans.

Steve

. Yes, we carry one issued by the insurance co.

[Dog_Folks]

And yet another reason to have your rig paid for!

The lender tells me I need permission?

Although I could understand the reasoning,it seems a little intrusive to me.

[ol_Bombero-JC]

Francesca Knowles wrote:

N6761U wrote:
I was just looking at my online statement for the loan on my 5th wheel and noticed something about a Border Letter. After opening it I discovered that in order to take my RV into Canada or Mexico I must first make a request 30 days prior to leaving stating when I will leave and when I will return. In turn they (BofA) will send me a Border Letter (permission slip) to take the RV out of the Country. Has anyone else discovered this with there loans.

Steve

Since the letter came from your loan company, it makes perfect sense to me. As long as you owe on the RV they have an "ownership interest" in it, especially if it's the only collateral on the loan. Keeping it insured is as someone else mentioned very important to such lenders, and out-of-country coverage can be spotty. They probably want to make sure of that protection.

The letter you got from them is just reminding you of these facts- they're telling you right up front that you need their approval (for want of a better word) to take the RV out of the country. Sounds like no big deal to me.

Good insight & reply.

The letter would be the least of my concerns (for MX).

No info on Canada, however.......
*If* you are/were taking your (whatever - car, pickup) vehicle into MX - you better check with your insurance company - and/or secure Mexican insurance for same......which is worth about as much as the paper it's issued on.
(MX insurance agencies have more "outs" than extra innings of a no-hit baseball game! - and they may *not* be in writing!)...:R

No doubt the bank(s) have been on the losing end of accidents (etc.) in Mexico - as by Mexican law, everyone and everything involved in an accident is considered guilty until proven innocent.
Simple -and reasonable- "CYA" on the lender's part.

Innocence (for vehicles) may be quick - or a very long process.
Depends on the circumstances, location, etc.
You could be returning without your vehicle. What does the lien holder do?

(Obviously, if your TV is impounded in MX - could be difficult to tow your 5th back to the USA - and if you hire a tow service for the 5th - you won't get the same "TLC" you would get in the USA, LOL!).

With the current situation in MX - good place to avoid!
Read the US gov travel warnings - and plan accordingly.

YMMV. - Good luck...;)

~

[Francesca_Knowl]

N6761U wrote:
I was just looking at my online statement for the loan on my 5th wheel and noticed something about a Border Letter. After opening it I discovered that in order to take my RV into Canada or Mexico I must first make a request 30 days prior to leaving stating when I will leave and when I will return. In turn they (BofA) will send me a Border Letter (permission slip) to take the RV out of the Country. Has anyone else discovered this with there loans.

Steve

Since the letter came from your loan company, it makes perfect sense to me. As long as you owe on the RV they have an "ownership interest" in it, especially if it's the only collateral on the loan. Keeping it insured is as someone else mentioned very important to such lenders, and out-of-country coverage can be spotty. They probably want to make sure of that protection.

The letter you got from them is just reminding you of these facts- they're telling you right up front that you need their approval (for want of a better word) to take the RV out of the country. Sounds like no big deal to me.

[vic46]

Greentreena wrote:
I've been asked in my trailer is mine; never any questions about loans or leins. I'm quite certain a border guard could care less who financed your RV or that it has a lein on it.

Perhaps, "could NOT care less. The information request was from the lender/lien holder, not the border personnel of Canada, US or Mexico.
Therefore they border folks truly could not care less.

[Greentreena]

I've been asked in my trailer is mine; never any questions about loans or leins. I'm quite certain a border guard could care less who financed your RV or that it has a lein on it.

[vic46]

N6761U wrote:
I was just looking at my online statement for the loan on my 5th wheel and noticed something about a Border Letter. After opening it I discovered that in order to take my RV into Canada or Mexico I must first make a request 30 days prior to leaving stating when I will leave and when I will return. In turn they (BofA) will send me a Border Letter (permission slip) to take the RV out of the Country. Has anyone else discovered this with there loans.

Steve

I wonder how many autos and trucks cross those two borders with liens on them?????????????????????????? Sounds a little strange to me.

[Aridon]

You would be surprised at the number of insurance policies that have limited Canada / Medico coverage. Especially if you spend significant amounts of time there (3+month). Generally people are ignorant of this unless they actually read the fine print of their actual policy which is usually found online these days. Even agents and phone reps are clueless.

Some companies will get you if you have an out of state policy in states like NJ which have unliminted PIP clauses. You can run into issues if you enter a state like that which a company doesn't have a presence for a particular reason and end up staying there for a long time meeting registration requirements which means in state insurance.

Most of the time its not an issue because people don't get into accidents that often in our rate group and people generally don't stick around long in states other than their registered one but if you have a serious accident the company might start looking for reasons to not pay.

The rules that govern insurance / vehicle registration are the same regardless if you're a full timer traveling, spending 4 months visiting mom and dad or some jack-a-mo who moved from Maine to Mass and wants to keep his Maine insurance and registration because it is much cheaper.