Tips for a Brit buying a (dull) second hand car in US

Tips for a Brit buying a (dull) second hand car in US

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Discussion

Dr JonboyG

2,561 posts

238 months

Friday 14th November 2014
quotequote all
EK993 said:
You need either a US driving license or identity card to register a car in CT. UK driving license won't work.

Matt - the CT DMV states that once you establish residency you have 30 days to obtain a CT driving license. You can drive on a UK license for a year on a visitors visa. A work visa isn't a visitor visa so I don't think she can go that long.

http://www.ct.gov/dmv/cwp/view.asp?a=805&q=244...
She'll also find life miserable without a state-issued ID so it's best to do it promptly. The US tests are waaaaay easier than they are in the UK - none of this reversing around corners or parallel parking.

Odd that she'd get a green card if she's only planning on being there for two years - they have work visas (L1s, H1-Bs, etc) that are specifically for people working over here temporarily, whereas a green card is for people planning on staying permanently (it's called permanent residency) and it's neither cheap nor easy, especially if she's not marrying an American.

EK993

1,925 posts

250 months

Saturday 15th November 2014
quotequote all
sato said:
HSBC - or at least that is what they have told her. Whether it works in practice is yet to be seen.
That's an HSBC premier account - requires equivalent of $100k balance or investments with them in UK and they will open a global account for you. Means you have access to their products in the US - mortgage, personal loan etc using your credit rating from home. Doesn't extended to the credit agencies over here so won't help if applying for non-HSBC products.

unrepentant

21,212 posts

255 months

Saturday 15th November 2014
quotequote all
EK993 said:
sato said:
HSBC - or at least that is what they have told her. Whether it works in practice is yet to be seen.
That's an HSBC premier account - requires equivalent of $100k balance or investments with them in UK and they will open a global account for you. Means you have access to their products in the US - mortgage, personal loan etc using your credit rating from home. Doesn't extended to the credit agencies over here so won't help if applying for non-HSBC products.
I have an HSBC Premier account. You are right, it requires you keep a minimum $100k balance. As for the rest, when I first arrived here and was waiting for my green card they wouldn't even give me a credit card despite having a balance many times that! I only keep it open because I can move money backwards and forwards easily from the UK and at no cost. You're right, it has no effect on a US credit score.

jeff m2

2,060 posts

150 months

Saturday 15th November 2014
quotequote all
100K..ouch
I use TD Bank, no charges on incomings for 2.5K, usual charge round here is 15 - $25 per TT.
Charges still apply for sending, but I seldom do that.

No TDs near you, but I don't think that really matters (anymore)

EK993

1,925 posts

250 months

Saturday 15th November 2014
quotequote all
unrepentant said:
I have an HSBC Premier account. You are right, it requires you keep a minimum $100k balance. As for the rest, when I first arrived here and was waiting for my green card they wouldn't even give me a credit card despite having a balance many times that! I only keep it open because I can move money backwards and forwards easily from the UK and at no cost. You're right, it has no effect on a US credit score.
Strange HSBC wouldn't give you a credit card. They had a US MasterCard waiting for me when I moved here - didn't even have to go into my local branch. The other thing I did was call American Express - they issued me a US card as soon as I arrived as well.

unrepentant

21,212 posts

255 months

Saturday 15th November 2014
quotequote all
EK993 said:
unrepentant said:
I have an HSBC Premier account. You are right, it requires you keep a minimum $100k balance. As for the rest, when I first arrived here and was waiting for my green card they wouldn't even give me a credit card despite having a balance many times that! I only keep it open because I can move money backwards and forwards easily from the UK and at no cost. You're right, it has no effect on a US credit score.
Strange HSBC wouldn't give you a credit card. They had a US MasterCard waiting for me when I moved here - didn't even have to go into my local branch. The other thing I did was call American Express - they issued me a US card as soon as I arrived as well.
It was because when I moved here I didn't have a green card or a job set up (had to get married first). Amex wouldn't touch me either until I built a US credit score despite having had a platinum card in the UK!

I bought a house for cash but the electricity company wanted a deposit before they would turn on the electricity! I also had to give the cell phone provider a deposit. The US credit score system is a blunt instrument that takes no account of assets. Even after a year I was still a ghost as I had no borrowings. I had to take out a small loan on my first Jag just to build a credit score! One year of that and my score was in the mid 700's and no problems.

fivepointnine

708 posts

113 months

Sunday 16th November 2014
quotequote all
unrepentant said:
I didn't even think that HSBC leased cars?

As an HSBC customer I'd be interested to know about this. They have pulled right back from the personal banking sector in the US. I use them purely to move money from the UK to the US.
off topic a little,but I might just get an HSBC account for that same purpose, I am moving to the UK this winter and will need to move currency from US funds to British Pounds Sterling regularly. I actually have to do a large chunk soon because I am buying a car as soon as I land at Heathrow and do not want to pay a large chunk of money to currency conversion fees, etc.

Dr JonboyG

2,561 posts

238 months

Monday 17th November 2014
quotequote all
fivepointnine said:
off topic a little,but I might just get an HSBC account for that same purpose, I am moving to the UK this winter and will need to move currency from US funds to British Pounds Sterling regularly. I actually have to do a large chunk soon because I am buying a car as soon as I land at Heathrow and do not want to pay a large chunk of money to currency conversion fees, etc.
Good luck! Lots of European banks are now refusing to have US citizens as account holders because of FATCA:

http://money.cnn.com/2013/09/15/news/banks-america...
http://www.theguardian.com/money/2014/sep/24/ameri...

fivepointnine

708 posts

113 months

Monday 17th November 2014
quotequote all
oh joy! The articles say that HSBC just wont do wealth management services, investments, etc (or I hope so!) I just need a basic checking account to do a monthly wire transfer to pay bills,etc from my US account.

sato

Original Poster:

580 posts

210 months

Friday 6th March 2015
quotequote all
My sister is out there now and will be taking her US driving test in the next couple of weeks.
We have scrapped the idea of leasing. Probably thinking either a Nissan Versa Note or a Fiesta now.

Two questions, any thoughts on whether to go for manual or automatic? Personally, small engine and auto box is my idea of hell, but I dont know if it will be impossible to sell a manual when the time comes?

Secondly, the big rental companies seem to have a huge source of likely candidates. Usual rental car abuse aside, good or bad idea?



jeff m2

2,060 posts

150 months

Friday 6th March 2015
quotequote all
sato said:
My sister is out there now and will be taking her US driving test in the next couple of weeks.
We have scrapped the idea of leasing. Probably thinking either a Nissan Versa Note or a Fiesta now.

Two questions, any thoughts on whether to go for manual or automatic? Personally, small engine and auto box is my idea of hell, but I dont know if it will be impossible to sell a manual when the time comes?

Secondly, the big rental companies seem to have a huge source of likely candidates. Usual rental car abuse aside, good or bad idea?
Go with an auto.
Is it really necessary to go as small as a Versa or Fiesta, unless of course that's what she wants!

An auto is more forgiving in snow and ice, ease off the gas slightly, it changes up and reduces torque giving better grip.
Not sure if that works for Sisters thoughsmile

Secondhand, female, not car savvy, she could do a lot worse than buying an "off lease" from a main dealer.
3 year old car, 30Kish, and correctly serviced. She will pay full blue book, but worth it. IMO.

unrepentant

21,212 posts

255 months

Friday 6th March 2015
quotequote all
jeff m2 said:
Secondhand, female, not car savvy, she could do a lot worse than buying an "off lease" from a main dealer.
3 year old car, 30Kish, and correctly serviced. She will pay full blue book, but worth it. IMO.
Good advice. She should also get a manufacturers warranty. I'd stick with Hyundai, Kia, Nissan, Toyota, Honda. Good value, loads of choice, last forever, cheap to fix.

fivepointnine

708 posts

113 months

Friday 20th March 2015
quotequote all
Dr JonboyG said:
Good luck! Lots of European banks are now refusing to have US citizens as account holders because of FATCA:

http://money.cnn.com/2013/09/15/news/banks-america...
http://www.theguardian.com/money/2014/sep/24/ameri...
Just to post an update, I was able to get an account with Lloyds, but I had to have a letter from my employer. Mobile phones are an entire other issue though, I'm stuck with pay as you go for the time being.

sato

Original Poster:

580 posts

210 months

Monday 13th April 2015
quotequote all
So at the weekend my sister bought a 2013 Kia Rio. She seems happy enough with it, which is the main thing. Her search was more difficult than it should have been as a suprising number of main dealer low mileage cars turned out to have dents and so on.

Anyway, one final question:
Despite insurance being a factor of 10 greater than she would probably pay in the UK, the legal cover seems a bit rubbish. Even more so given the litigious nature of the US. Is this just the way it is, or can you/would you buy supplementary cover from somewhere else?

h0b0

7,557 posts

195 months

Monday 13th April 2015
quotequote all
sato said:
Despite insurance being a factor of 10 greater than she would probably pay in the UK, the legal cover seems a bit rubbish. Even more so given the litigious nature of the US. Is this just the way it is, or can you/would you buy supplementary cover from somewhere else?
The way I figure it, UK insurance covers you for everything. US insurance covers you for everything that you may be realistically able to afford but beyond that you are fked. It makes no sense whatsoever. Although, it is justified because of the private health system and the incredible costs associated.

I am sure one of the boxes you have checked was the one that limits your ability to sue in the event of an accident. This means that you will get the value of your car back but if you are seriously injured you can't sue beyond a certain value.

My wife's insurance is a case in point. It limits the amount of money they will pay out to repair a car to $100k. If I hit a Bently I am paying the difference. As it happens, I live in an area where the neibouring town appears to require that you drive a car with a value of over $100k. So, as far as I am concerned I'm effectively uninsured. The next kick in the teeth is the way they calculate discounts. I turned right in NYC 4.5 years ago at a junction that apparently I was not meant to. They randomly apply these rules in NYC and it is not clear as the no right turn sign disappears into the rest of the crap they put up. For the last 4.5 years my insurance has been loaded $200 as a result. Now, insurance in the US is renewed every 6 months so that right turn ticket has cost me $2k!

5ohmustang

2,755 posts

114 months

Sunday 3rd May 2015
quotequote all
My experience was I had a foreign national drivers license before I had my green card and my uk credit rating does not transfer to the u.s. Once I got the green card everything became easier.

BoxheadTim

101 posts

187 months

Thursday 28th May 2015
quotequote all
sato said:
Anyway, one final question:
Despite insurance being a factor of 10 greater than she would probably pay in the UK, the legal cover seems a bit rubbish. Even more so given the litigious nature of the US. Is this just the way it is, or can you/would you buy supplementary cover from somewhere else?
Yes, the cover you get over here is rubbish compared to Europe. We have "good" coverage and that has a third party max liability of $300k per person/$500k per accident...

You can buy supplemental cover here, that's called an "umbrella policy" and will bump up her overall liability cover to at least a million depending on how much cover she buys. That said, the way car insurance here is looked at somewhat differently to Europe, basically you buy enough insurance to cover your net worth - so if you don't own anything and owe every loan shark, you can just get state minimum. If you subsequently mow down a bus stop full of grannies and do a couple millions' worth of damage, well, then you get to meet the bankruptcy trustee.

Polarbert

17,923 posts

230 months

Tuesday 7th July 2015
quotequote all
unrepentant said:
EK993 said:
unrepentant said:
I have an HSBC Premier account. You are right, it requires you keep a minimum $100k balance. As for the rest, when I first arrived here and was waiting for my green card they wouldn't even give me a credit card despite having a balance many times that! I only keep it open because I can move money backwards and forwards easily from the UK and at no cost. You're right, it has no effect on a US credit score.
Strange HSBC wouldn't give you a credit card. They had a US MasterCard waiting for me when I moved here - didn't even have to go into my local branch. The other thing I did was call American Express - they issued me a US card as soon as I arrived as well.
It was because when I moved here I didn't have a green card or a job set up (had to get married first). Amex wouldn't touch me either until I built a US credit score despite having had a platinum card in the UK!

I bought a house for cash but the electricity company wanted a deposit before they would turn on the electricity! I also had to give the cell phone provider a deposit. The US credit score system is a blunt instrument that takes no account of assets. Even after a year I was still a ghost as I had no borrowings. I had to take out a small loan on my first Jag just to build a credit score! One year of that and my score was in the mid 700's and no problems.
I've been finding the same thing recently as well. Going to be purchasing a car in a couple of months to establish credit history (that and the fact I'm going to kill myself if I have to drive a Toyota Camry for much longer)


3xpendable

230 posts

109 months

Wednesday 5th August 2015
quotequote all
I've been reading a lot about the difficulties of starting up in the US while you have no credit rating etc. What if, as in my case, you're spouse is a USC with a good credit rating?

If, for example we were to move there could we use her credit rating to buy a car etc?

h0b0

7,557 posts

195 months

Wednesday 5th August 2015
quotequote all
3xpendable said:
I've been reading a lot about the difficulties of starting up in the US while you have no credit rating etc. What if, as in my case, you're spouse is a USC with a good credit rating?

If, for example we were to move there could we use her credit rating to buy a car etc?
If she has a current credit rating she can ad you to her credit cards. You will over night get a credit rating.This is how I went from having a limit on my card of $250 to $25,000.