Buying a car which is on Rent-to-Own/ Hire Purchase

[davehowden]

Looking for advise about the safest way to buy a vehicle from a Thai which is on Rent-to-Own/ Hire Purchase.

 

How does the seller pay off the loan and get ownership via the Blue Book in order to make the DLT transfer without funds from the purchaser, I am assuming here that they don't have sufficient funds of their own.

 

I don't want to be paying off the loan on their behalf to find that they then disappear with the Blue Book.

 

Any actual experience of this type of purchase would be appreciated.

 

Many thanks.

 

 

[canthai55]

Same as a bank/finance company having the blue book.

The vehicle is in the name of whoever holds the paper on the loan/rent to own/hire purchase agreement.

Go see them to determine the amount required to pay off the contract in total.

Come to an agreement with whoever rent/hired the vehicle as to what compensation they want for the money they have already paid.

Both of you meet with the blue book holder, who should go with you to DLT to assist in the paperwork.

When transfer complete, pay the funds.

[davehowden]

10 minutes ago, canthai55 said:

Same as a bank/finance company having the blue book.

The vehicle is in the name of whoever holds the paper on the loan/rent to own/hire purchase agreement.

Go see them to determine the amount required to pay off the contract in total.

Come to an agreement with whoever rent/hired the vehicle as to what compensation they want for the money they have already paid.

Both of you meet with the blue book holder, who should go with you to DLT to assist in the paperwork.

When transfer complete, pay the funds.

canthai55

 

Many thanks for the information.

[DJ54]

Make sure to read the interest rate. These new moto shops in NE at least the one I deal with. If you want to make monthly payments the interest is sky high! You could pay 6-8 mo the before you start paying 

on principal