Can I have a car as a falang in finance?

[ryanhull]

Hi, I’m being offered a good deal on a new car from a Thai, the deal is I pay her 40k deposit cash and I can then pay 8k a month to take over the finance. She says all I need is my passport and a proof of residence cert and I am able to take over the payments.

 

Now I am just here on a holiday visa, and I only have a uk liscence and just rent a condo, seems a bit too good to be true this? Surely they don’t lend to any old falang, I’m good for it but how are they so sure that’s all I need?

 

Thanks

 

 

[Kwasaki]

Sounds very dodgy to me, you finish paying for her car and then she decides she wants it back. 

[NanLaew]

Foreigners can have car notes in their name. Usually they need a 'long-term' visa or an extension of same (one-year validity and/or 90-days maximum single stay). Some if not all will insist on having a Thai Work permit unless you're retired and can place a larger deposit or have current financing in good stead. AFAIK, the notion of having good credit isn't the same in Thailand where there's no credit history database. If one has had a previous loan and paid it off without penalty, it doesn't make any difference to a subsequent, new credit application unless possibly with the same finance company.

 

Talk to the finance company directly and don't simply take over the payments because someone says it's OK. At the end of the day, the contract is between the finance company and the person named in the loan agreement. They don't care who ultimately paid for it or who claims ownership.

[new2here]

AFAIK, the notion of having good credit isn't the same in Thailand where there's no credit history database.

There is the National Credit Bureau established by the Credit Business Information Act, to which I recall most all Thai banks are members - on a required basis.

I know all my Thai bank issued credit cards appear on my file (using my passport as the primary search filter as opposed to Thai national ID) and my colleagues auto loan (he as a single/unmarried person) also appears on his NCB file as well.

I also receive a yearly printed "report" or statement from each creditor, that shows, by month, what data was reported during the calendar year.

https://www.ncb.co.th


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[Crash999]

Yes you can take over finance payments. It's one of the smoothest ways to purchase a car. But you'll need to be approved by the finance company as the financing (and risk) becomes yours. Don't make payments without financing having moved over to your name as you'll essentially be making payments on her behalf and she'd be able to sell the car to someone else. 

[NanLaew]

8 hours ago, new2here said:

 

There is the National Credit Bureau established by the Credit Business Information Act, to which I recall most all Thai banks are members - on a required basis.

I know all my Thai bank issued credit cards appear on my file (using my passport as the primary search filter as opposed to Thai national ID) and my colleagues auto loan (he as a single/unmarried person) also appears on his NCB file as well.

I also receive a yearly printed "report" or statement from each creditor, that shows, by month, what data was reported during the calendar year.

https://www.ncb.co.th


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

 

 

Good to know. Thanks for the correct  information.

[Satcommlee]

Confirmed.... There is a National credit Bureaux, my bank sends me a letter occasionally with updates to my credit file.

 

 

[dotpoom]

Can you expect to get a "residency" cert....when you are not a resident here?

[wazzupnow]

i think you must be over 18

at this age u should no longer believe in fairytales

this fairy is offering u a probably stolen car 

or she can no longer make her payments

any way you be going down for what ever u give her

and the finance company will seize the car

[thaibreaker]

1 hour ago, wazzupnow said:

i think you must be over 18

at this age u should no longer believe in fairytales

this fairy is offering u a probably stolen car 

or she can no longer make her payments

any way you be going down for what ever u give her

and the finance company will seize the car

That`s why he must sort this out with the finance company first, and make his first payment after the company has confirmed and changed names. This is no problem, if he can get his proof of residence.

[NanLaew]

21 hours ago, dotpoom said:

Can you expect to get a "residency" cert....when you are not a resident here?

You can get one pretty much anywhere except Chiang Mai.

[stevenl]

22 hours ago, wazzupnow said:

i think you must be over 18

at this age u should no longer believe in fairytales

this fairy is offering u a probably stolen car 

or she can no longer make her payments

any way you be going down for what ever u give her

and the finance company will seize the car

Needless distrust of somebody you don't even know.

[NanLaew]

3 hours ago, stevenl said:

Needless distrust of somebody you don't even know.

By the same token, the OP's own admission that it seems "too good to be true" should not be dismissed either.

 

I worked with a young Thai guy in China in the 1980's who wanted to leave his Alfa Romeo at my house in Pattaya and I was free to drive it if I wanted. As a youngish bloke in Pattaya at that time, it was a hugely attractive offer. Didn't dawn on me that he was just trying to hide it from the Bangkok repo men until he wanted to sell it to me and the 'ownership' trail became very murky.