The federal government announced that those residents (both Mexican and foreigners) that own a vehicle that was not legally imported, can regularize its status until December 31 this year.
To those who freaked out, be known that this is not mandatory, but optional. According to our expert in importation of vehicles, once it becomes Mexican you have to buy a Mexican insurance policy as your U.S. / Canadian one will not be valid anymore. Another downside is that it can not be imported back to its original home or become an American/ Canadian vehicle ever again.
Make sure that you know what you want in the future before Mexicanizing your vehicle. If you are still interested, click here to do so online, in Spanish only: https://www.gob.mx/sesnsp/es/articulos/regularizacion-de-vehiculos-usados-de-procedencia-extranjera?idiom=es