Quote:
Originally Posted by Winsor_Pilates
We get a ton of Chinese coming to Vancouver and buying their cars here, because it's cheaper to do that and import it into China than buy there local.
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It's actually becoming a huge problem as well, that Permanent Residents have been taking out loans on high end cars, a couple months before they plan to go home for good, shipping the cars, and then stiffing the banks. And usually Chinese people have phenomenal credit, so they have no issues getting approved.
One of my bank reps says one dealer had 4 in one month... when they dug into it, it was the same family, same address.
And because their North American credit bureau is completely worthless and unrecognised in China, they don't care, especially if they never plan to come back. And the stupid thing is, the banks just shrug and write them off.... they have no way to enforce it. This isn't just a Chinese thing though. A lot go to the middle east.
Also another interesting 'industry stat' I heard, is it is believed, up to 30% of the cars in Russia are black market vehicles, that have been stolen out of North America, and if your car is 'professionally' stolen... (ie, not a joy ride... it just vanishes.) the odds of it going to Russia are close to 50%. It is almost impossible for the stats to be properly verified though, because the whole system is so incredibly corrupt in there.