Hi to all,
I have Brand new Rav4 Limited 2014 AWD in USA just purchased 2months back on loan Toyota TFS for 5years 0% apr total value $28500 USD.
I don't have any assets so that is $0.
But my Car loan still going on for $26500 CAD dollars (if I count in CAD$ at present).
Now my question is I have proof of funds for 4 applicants USD $27000 total Cash in Bank. Any issue if I show car as my Liabilities loan of $26500.
Still my POF will count for $27000 or it will be for example : my POF - my Loan that is Liabilities, if that than CIC will count just $500 for 4 applicants?? :'(
Please suggest...
(If I got PR I will export this car definitely)..
It is not possible that you have zero assets. You have the two cars, those are assets. You have at least CAD$27,000 in cash, that is an asset. You might have other assets such as investments or retirement accounts?
You must list any liabilities you have including the car loans. I would explain what they are. They are not subtracted from your settlement funds.
It is not possible that you have zero assets. You have the two cars, those are assets. You have at least CAD$27,000 in cash, that is an asset. You might have other assets such as investments or retirement accounts?
You must list any liabilities you have including the car loans. I would explain what they are. They are not subtracted from your settlement funds.
Current car value (price) = asset
Current unpaid amount (your debt) = liability
Total funds = assets - liabilities, thus it is nearly impossible that you have negative balance here... if only you have not wracked your car so far, of course
Current car value (price) = asset
Current unpaid amount (your debt) = liability
Total funds = assets - liabilities, thus it is nearly impossible that you have negative balance here... if only you have not wracked your car so far, of course
Current car value (price) = asset
Current unpaid amount (your debt) = liability
Total funds = assets - liabilities, thus it is nearly impossible that you have negative balance here... if only you have not wracked your car so far, of course
It is not true that settlement funds = assets minus liabilities. They are different concepts. Settlement funds is some subset of your assets that are liquid and unencumbered and can help support you when you first get to Canada. Just because you have liabilities doesn't mean your liquid assets are encumbered. If he fails to pay his car loan they can take back his car but they can't raid his bank account and take the cash.
Let's take the example provided by the OP and assume that what he listed is a complete picture of his financial situation, he has nothing else but what he wrote. In his case,
Assets = $55,500 ($28,500 car value plus $27,000 cash)
Liabilities = $26,500 (amount of car loan)
Settlement funds = $27,000 (the portion of his assets that are liquid and unencumbered)
