I just came to the US from Canada since Sept. 2011 and I bought my first new car at the end of Oct. with 36 months 0.9% car loan. It's an Acura TSX 2011 model with technology package.
It's not an easy process to get a new car in the US without a credit history, even though I have a good credit history in Canada. I did a lot of research myself and my friend had recommended a company to me for newcomer to the US buy/lease cars in the US. http://www.lionleasing.com
However, I didn't use the service provided by lionleasing as I felt it is too expensive. I decided to try something myself. Lionleasing would be my last resort.
Based on my own succeeded experience, I'd like to provide some info to other new comers. My own experience is based on the assumptions below.
1. You are coming to the US for working, with a valid working/TN visa for couple of years.
2. You plan to buy a new vehicle, maybe an older model, like 2011 at the end of the 2011. Usually car dealers would like to clear their inventory at the end of month/year.
3. You can put about 3-5K downpay.
I did the following things to buy the new vehicle. It's all based on my own experience, and there is no guarantee that they will work for you.
1. Get your SSN, social security number. You can get your SSN as you are coming to work here.
2. Have your offer letter/working contract.
3. Contact several of your local friends, with their name, phone number, and addresses ready. They will be your reference.
4. Prepare your paystubs, local bank account statement, phone/utility bill, apartment/house leasing contract.
5. Do your own research on the vehicle, and choose a model/make within your budget.
6. Okay, now you've done all your homework, you are ready to negotiate with dealers.
7. Send Internet quote request via some big websites. I recommend the us news website. http://usnews.rankingsandreviews.com/cars-trucks/. Choose the car and send quote request via the websites. You may choose several dealers to start, either local or not too far dealers.
8. Usually, after you send out your quote request, you will be contacted by dealers via email/phone. Don't answer the phone, just use email to get some quote, the OTD (Out of the Door) price, with specified year/model/color/optional packages. After you got the first round of emails, you just wait and you may send some thank you letter to dealers, to let them know that you are interested in their cars.
9. Dealers will send you follow up emails. You may wait or further clarify some points with them. Like the leasing/loan interest, down pay etc. No need to mention that you are from Out of the Country. They will give you good rate assuming you have a good credit score in the US.
10. Next, you have to be patient. You may reply some email once a week, keep the dealers know that you are still in the market and you may ask for some better price. Usually, after a month or so, dealers may give your some promotion discount. If you feel the price is within your budget, you got to tell them your concern that you were from Canada and you are really interested in buying the car but no credit history, blah, blah. Car dealers now know that you are serious and you tell them you want to close the deal by the of the month.
In this stage, you have to be candid and clarify your concern with dealers. You may make several phone calls with them. Dealers who want to close the deal will work with their financial department or store manager to get you some feedback. Be sure to get the official email telling you that you can get a low rate for a loan/lease.
11. Then, you'd rent a car and drive to the dealership to inspect the car and buy the car. I recommend Friday night, as dealers will be super busy on weekend usually. Once you get there, with all your preparation, you ask them to give whatever they promised. Usually, it is hard to negotiate the price at the dealership, as they know you really want to close the deal there. Since you have already negotiate the price before you go, you are pretty much set on the price.
Then, you get the deal done. If you have no car insurance, you can ask the deal to pick you up on Saturday morning and you can get the insurance on Saturday morning. For extra service package or options, you showed your interest to the financial manager, but you only choose what you want. Once you said, "No. Let me think another night". You will be there on the weekend to pick up the car and buy the extra stuff. The financial manager will give a huge discount on the frills. You decide if you want to buy or not.
12. Okay, on Saturday, the deal salesman will pick you up and you can drive your car home.
Hope my experience will be useful for Canadian buying cars in the US.
