Quote:
Originally Posted by pylon
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.
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I'm sorry, can you explain this? Is it this easy to get loans in Canada now? Also don't permanent residents have houses, other assets in Canada? So they just abandon all of their assets? And usually if people from China get permanent resident status they want to keep it. This just doesn't make sense to me.