Driving to Belize in a financed truck

Last activity 23 June 2022 by Aerodex

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vikkiwhittumNew member20 May 2022 01:23:16

Hello!

We will be moving to Belize in September and have a truck we still owe $$ on and is financed through our Credit Union. Can anyone provide information re: if this will be an issue or if we need any particular permission or paperwork from the Credit Union to bring our truck through Mexico into Belize?

Thank you in advance!

Vikki

AerodexSerial expat20 May 2022 13:45:06

256

Hello!

We will be moving to Belize in September and have a truck we still owe $$ on and is financed through our Credit Union. Can anyone provide information re: if this will be an issue or if we need any particular permission or paperwork from the Credit Union to bring our truck through Mexico into Belize?

Thank you in advance!

Vikki
- @vikkiwhittum

First check the contract with your credit union if you are allowed to take it out of country. Most financial institution's' will NOT allow it.

Second, check with your US insurance company, as most US companies wont cover you in another country.....and your credit union requires it be covered by Collison and Comprehensive until the loan is paid off.

The policies one buys at the boarder are Liability only.

IF your credit union will allow you to move the truck to Belize, then check with RF& G Insurance to see about full coverage. I use them for my house insurance, and most folks I know in Belize use them for everything. http://rfginsurancebelize.com

If you have done your Due Diligent research on Belize you will know importing things to Belize especially vehicles is not cheap. Here is the Belize customs website https://www.customs.gov.bz

AerodexSerial expat20 May 2022 13:49:22

256

https://www.customs.gov.bz/

vikkiwhittumNew member23 May 2022 01:53:07

@Aerodex thank you so much! Incredibly helpful!

AerodexSerial expat23 May 2022 06:53:44

256

@Aerodex thank you so much! Incredibly helpful!
- @vikkiwhittum

😁

CocoHerActive member24 May 2022 14:29:01

@vikkiwhittum

I brought my new car over last year and still owe lots money on it. You have the original title to bring your car out of the US. I got car insurance ahead of time, but you can also get temp insurance in Corazon when you cross over. You will need buy insurance when cross Mexico. Yes duty on car is very expensive and you also need arrange a broker to help with that. PM me if you have more questions.

Coco

CocoHerActive member24 May 2022 14:29:59

Need to have the original title to bring the car out of US.

vikkiwhittumNew member13 June 2022 20:54:26

@CocoHer

Thank you Coco! With the vehicle still being financed we will not receive the title until it is paid in full. We have the registration and all other documentation however I believe we cannot bring it without the actual title- is this what you found as well?

All help is appreciated!

AerodexSerial expat13 June 2022 22:39:50

256

Hello!

We will be moving to Belize in September and have a truck we still owe $$ on and is financed through our Credit Union. Can anyone provide information re: if this will be an issue or if we need any particular permission or paperwork from the Credit Union to bring our truck through Mexico into Belize?

Thank you in advance!

Vikki
- @vikkiwhittum

What did your Credit Union loan officer say when you told them you were moving to Belize with this financed truck? To me, that would be the very first step one must take.

I did google the term Travel Outside the United States with a Financed Vehicle.

In one search result I did see a reference to VACATION travel. But that is far different than permanently removing the truck to a place the CU could not repo it if the payments simply stopped being made.

CocoHerActive member14 June 2022 20:20:53

#10

@vikkiwhittum

Sorry just saw this post today. My DMV send me the tile even I owe money to the bank. So I have the original title to bring the car to Belize.

Coco

gonegirlhairstudioMember20 June 2022 19:03:26

#11

@vikkiwhittum

You definitely need permission from your credit union

The customers will hold the truck

They will give you 3 extensions

And then you may have to get a bond on the truck.

We are going thru this now. If you can pay it off it will be easier. But that are going to charge night duties on the vehicle.

AerodexSerial expat21 June 2022 15:28:08

#12

256

@vikkiwhittum

Sorry just saw this post today. My DMV send me the tile even I owe money to the bank. So I have the original title to bring the car to Belize.

Coco
- @CocoHer

In the USA, If one still owns money on the loan, that title document will also show the lein holders name in addition the registered owner. Both must sign to transfer ownership. Some details might vary from state to state. That document can also know as a Pink Slip.

Here is a link to some history of that name. 🙂 https://www.caranddriver.com/research/a … -slip-car/

CocoHerActive member22 June 2022 16:40:41

#13

@Aerodex

Yes, the bank is on the title but there was no problem bring the car out of US into Belize and registered in Belize. I am still paying the bank.

AerodexSerial expat23 June 2022 08:15:33

#14

256

@Aerodex
Yes, the bank is on the title but there was no problem bring the car out of US into Belize and registered in Belize. I am still paying the bank.
- @CocoHer

That is interesting. Your bank obviously trusts you.

However I would be surprised to find out many banks/credit unions would knowingly allow an asset to be moved to a country were they could not repo it if the borrower stopped repaying the loan. My last car loan in 2014 through a large credit union had a clause in it I had to initial, disallowing it for example.

Times change, bankers not so much. 😁

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