Car (Red Plate) Ownership Transfer on Finance

[IsaanFam]

I have a car which is still on red plate (province plates) although it could be that the white plates (BKK plates) are already at the dealer. The car is bought on 60% finance around 1-2 months ago. Now, I want to just pay the full loan (which is in my Thai wife's name) amount (and my guess is I have to pay the 150,000 THB interest on 5 year payment plan) and transfer the car ownership to my name. 

 

Is it possible to get out of the loan deal without paying the full interest amount?

 

What documents are needed for the car ownership transfer to my name? (I read about NON-O visa as req. which I have + a certificate of residency from the local immigration which I do not have yet)

 

How do I transfer the car ownership, do I go to the DMV at the local province or BKK? Or does that even the dealer do? 

 

Would it be a good idea to try and get another bank to take over the loan? However, as stated, the current loan isn't in my name. 

[richard_smith237]

If I'm not mistaken you (& your wife) are tied into the loan for the full term....  unless there is an early repayment clause which is rare (and unlikely in Thailand).

 

You can own the car on any visa or visa exempt stamp. You simply need to show an Affirmation of Address (in Thailand - or work permit, or other means of proving your address in Thailand.. i.e. Certificate of Residence from Immigration (if you have recently done a 90 day report)).

 

You will arrange with the finance company how much is remaining, prepare a cashiers check and arrange to have the car transferred into your name on said date. I believe a visit to the DLT while accompanied with your Wife's finance rep will be required.

 

OR... if as you stated you wanted to transfer the loan into your name (with another bank) you have a whole new process to go through. 

Edited May 28, 2018 by richard_smith237

[bluesofa]

1 hour ago, richard_smith237 said:

If I'm not mistaken you (& your wife) are tied into the loan for the full term....  unless there is an early repayment clause which is rare (and unlikely in Thailand).

 

You can own the car on any visa or visa exempt stamp. You simply need to show an Affirmation of Address (in Thailand - or work permit, or other means of proving your address in Thailand.. i.e. Certificate of Residence from Immigration (if you have recently done a 90 day report)).

 

You will arrange with the finance company how much is remaining, prepare a cashiers check and arrange to have the car transferred into your name on said date. I believe a visit to the DLT while accompanied with your Wife's finance rep will be required.

 

OR... if as you stated you wanted to transfer the loan into your name (with another bank) you have a whole new process to go through. 

See this as well, if you still have a red plate: 

 

[stevenl]

Talk to the finance company, getting a 50% reduction on outstanding interest is quite common.

[jimster]

On 5/28/2018 at 10:49 PM, richard_smith237 said:

If I'm not mistaken you (& your wife) are tied into the loan for the full term....  unless there is an early repayment clause which is rare (and unlikely in Thailand).

 

You can own the car on any visa or visa exempt stamp. You simply need to show an Affirmation of Address (in Thailand - or work permit, or other means of proving your address in Thailand.. i.e. Certificate of Residence from Immigration (if you have recently done a 90 day report)).

 

You will arrange with the finance company how much is remaining, prepare a cashiers check and arrange to have the car transferred into your name on said date. I believe a visit to the DLT while accompanied with your Wife's finance rep will be required.

 

OR... if as you stated you wanted to transfer the loan into your name (with another bank) you have a whole new process to go through. 

You can repay the loan anytime you like and get a discount on the interest owed. I did it very easily just over a year into a 5-year loan term. I was able to save 25,000 Baht in interest and have a car that I could finally drive to neighboring countries where I have business interests. That was one of the main reasons for paying off the loan early, but also, transferring money from abroad every month and the uncertainty in exchange rates means I likely saved far more money than just 25,000 Baht. Also, I like being debt-free.