@Simran, I am sure you will have to apply for the return visa if you visa already expired, regardless of I20 situation. There is no way that those arrogant dumb SOB's at the border will allow you back with an expired visa.

@Jacksparrow, If you have valid Canada visa, valid return document to the US, a valid driving license and rental car company allowing the border crossing, then I don't know why you even need to ask the question. Just because you are in F1, the rules are no different for you.