Great point. I have been amazed to see so many recently repo'ed cars for sale in Chiang Mai.
Then I read this... "According to data from the National Credit Bureau (NCB), as of the first quarter of 2024, non-performing auto loans—defined as loans overdue by more than 90 days—reached 238 billion baht, marking a 32% increase compared to the same period in the previous year.
Additionally, delinquent loans (overdue by up to 90 days) totaled 200 billion baht, with another 39 billion baht in auto loans under restructuring. This indicates that a significant portion of car buyers are either falling behind or at risk of defaulting on their payments.
The frequency of these non-performing loans is particularly pronounced among certain demographics, notably Generation Y (born roughly between 1981 and 1996), which accounts for a large share of troubled auto loans. The NCB reported that this group held 415,000 NPL auto loan contracts worth 28 billion baht and 298,000 delinquent contracts worth 114 billion baht, totaling 713,000 accounts with a combined value of 240 billion baht. This suggests that younger borrowers, possibly due to lower income stability or higher debt burdens, are disproportionately struggling to meet their car payment obligations.
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