Buyer beware! Thai man's second-hand truck had 400,000 baht owing on finance

 

Picture: Sanook

 

Sanook reported on the experiences of a Thai man who decided to buy a second-hand pick-up after a friend said that the seller was a good guy with a stable job. 

 

At first the price of 370,000 baht was a bit too high and the buyer offered 340,000 after the seller said there was 80,000 baht outstanding on a hire purchase agreement. 

 

No deal was reached. But later that day - back in September - the seller agreed over the phone to 340,000 and said the sale would be completed if he sent 200,000 immediately by bank transfer. 

 

Anxious to complete the great deal the seller transferred the down payment.

 

He then checked with the finance company and discovered that in reality 400,106 baht was owed on the truck. 

 

The buyer got the truck but is now faced with paying off the finance company as well as what he gave the seller. 

 

The seller said he had spent all the 200,000 baht already. 

 

The matter is in the hands of police. 

 

The seller said that just because someone has a stable job does not make them honest - let that be a warning.

 

Source: Sanook

 

-- © Copyright Thai Visa News 2018-11-28

How stupid, handing over money before checking with the finance company, totally brain dead thing to do.

These days you can trust nobody, check things out before parting with any money.

7 minutes ago, webfact said:

The seller said that just because someone has a stable job does not make them honest

It probably makes them a groom or a jockey.

Future Beware, Thailand’s a real backward country!

 

8 minutes ago, webfact said:

The seller said that just because someone has a stable job does not make them honest - let that be a warning.

Never forgetting that being employed within the police force is about a stable a job as you can get, even when you get caught red handed with your paws in the cookie jar.

How many horses had bolted when he opened the bonnet in future shut the stable door, He is lucky it wasn't a Mustang ????

I always thought that the blue book was in the possession of the finance company until the loan was paid off. If that is correct then how could the vehicle owners name be hanged without the book irrespective of how much money had changed hands?

I thought you didn't hand over cash until at the vehicle registration office with the book.

Let me get this right, buyer thought he is buying one of latest models Mazda truck for 340000? At almost half the going price? 

Edited November 28, 20187 yr by BestB

1 hour ago, colinneil said:

How stupid, handing over money before checking with the finance company, totally brain dead thing to do.

These days you can trust nobody, check things out before parting with any money.

Greed colin,pure greed can fool any Thai.as we know if it sounds to good to be true then it's usually is.when I sit in little Thai mans shop for a quick tin I watch the women come in to buy a broom,rice sithe sort of items.the way the look over them and scrutinise them you would think it was a car they were buying.we tend to think Thais pick on us but I've seen and learned they will do it to each other and some even to family.it all boils down to money and greed.

A grammar police troll post has been removed. 

It isn't only Thais who get out this way. 

And it isn't always Thais who play the con man role. 

1 minute ago, Geordie59 said:

It isn't only Thais who get out this way. 

And it isn't always Thais who play the con man role. 

I do not think it was a con at all. Buyer has not been truthful. Bank will not transfer finance to another person without seeing all the supporting documents to be approved and it’s got to be in person.

 

But even with 200K down and 400k to go is NOT a rip off, certainly not a bargain but not a rip off

So this guy didnt ask to see the blue book etc when inspecting the vehicle?

Surely that step one beforre even checking the vehicle, and then those immortal alarm bell words "transfer money (deposit a large sum)" .........sorry but he deserved everything that followed, how silly can he be !

you cannot buy the car without the blue book which is in the hand of the finance compagny, that's simple as that

4 hours ago, BestB said:

I do not think it was a con at all. Buyer has not been truthful. Bank will not transfer finance to another person without seeing all the supporting documents to be approved and it’s got to be in person.

 

But even with 200K down and 400k to go is NOT a rip off, certainly not a bargain but not a rip off

The seller intentionally misled the buyer by telling him only 80k was outstanding on the truck. Why would he do that? Because he's a cheating con man, that's why.

400k still outstanding + 200k deposit (down the toilet apparently) = 600k for a secondhand/used pickup that is A LOT! Yes, it's a rip off! You can buy 'em brand new, straight off the factory line for that kind of money plus/minus depending on make and model. 

5 hours ago, colinneil said:

How stupid, handing over money before checking with the finance company, totally brain dead thing to do.

These days you can trust nobody, check things out before parting with any money.

could not agree more with you. if it sounds to good to be true it properly is, but he knows that now , 555

4 hours ago, happy chappie said:

Greed colin,pure greed can fool any Thai.as we know if it sounds to good to be true then it's usually is.when I sit in little Thai mans shop for a quick tin I watch the women come in to buy a broom,rice sithe sort of items.the way the look over them and scrutinise them you would think it was a car they were buying.we tend to think Thais pick on us but I've seen and learned they will do it to each other and some even to family.it all boils down to money and greed.

it all boils down to money and greed.

and stupidity 

4 hours ago, Geordie59 said:

It isn't only Thais who get out this way. 

And it isn't always Thais who play the con man role. 

I didn't know this! Thank you for this illuminating information!!! 

1 hour ago, fitzcaraldo said:

you cannot buy the car without the blue book which is in the hand of the finance compagny, that's simple as that

Wife had a car under finance with Nissan, she had possession of the blue book but Nissan was still the owner in the book. she needed the blue book to pay the tax and get insurance etc.

Edited November 28, 20187 yr by Peterw42

Think the only Latin l know "Caveat Emptor"

49 minutes ago, djayz said:

The seller intentionally misled the buyer by telling him only 80k was outstanding on the truck. Why would he do that? Because he's a cheating con man, that's why.

400k still outstanding + 200k deposit (down the toilet apparently) = 600k for a secondhand/used pickup that is A LOT! Yes, it's a rip off! You can buy 'em brand new, straight off the factory line for that kind of money plus/minus depending on make and model. 

Not too sure where you get your idea on prices but 600K for newish model is hardly A LOT

 

Secondly again, EVEN if assuming buyer is telling the truth, bank would not transfer finance without approving the new owner and new owner would have been made aware of the amount owed

 

You can get Mazda new for 600k? yeah, basic 2 door model and this model does not look as basic, but more like 980 000 baht model

 

Look at the rims and rubber, this alone worth easily 50 000 if not more

Edited November 28, 20187 yr by BestB

43 minutes ago, djayz said:

The seller intentionally misled the buyer by telling him only 80k was outstanding on the truck. Why would he do that? Because he's a cheating con man, that's why.

400k still outstanding + 200k deposit (down the toilet apparently) = 600k for a secondhand/used pickup that is A LOT! Yes, it's a rip off! You can buy 'em brand new, straight off the factory line for that kind of money plus/minus depending on make and model. 

Not too sure where you get your idea on prices but 600K for newish model is hardly A LOT

 

Secondly again, EVEN if assuming buyer is telling the truth, bank would not transfer finance without approving the new owner and new owner would have been made aware of the amount owed

 

You can get Mazda new for 600k? yeah, basic 2 door model and this model does not look as basic, but more like 980 000 baht model

 

Look at the rims and rubber, this alone worth easily 50 000 if not more

24 minutes ago, Peterw42 said:

Wife had a car under finance with Nissan, she had possession of the blue book but Nissan was still the owner in the book. she needed the blue book to pay the tax and get insurance etc.

Normally blue book stays with finance company, but you get copy of pages necessary to do yearly registration.

6 hours ago, BritManToo said:

I thought you didn't hand over cash until at the vehicle registration office with the book.

 

Please state the official name of the "Thailand vehicle registration office".

 

Always so much confusion about this..

 

5 hours ago, happy chappie said:

Greed colin,pure greed can fool any Thai.as we know if it sounds to good to be true then it's usually is.when I sit in little Thai mans shop for a quick tin I watch the women come in to buy a broom,rice sithe sort of items.the way the look over them and scrutinise them you would think it was a car they were buying.we tend to think Thais pick on us but I've seen and learned they will do it to each other and some even to family.it all boils down to money and greed.

 

 

Thanks mate for your post.

 

You have a special life in the "village"

 

Good for you.  

 

Reports on the village are always welcomed.

 

Buyer did not do his homework, and thought he was onto a bargain. It seems dishonesty and greed are everywhere - not just Thailand.

Buyer made the biggest mistake by handing over THB 200,000 cash to hold the vehicle....before running down the paperwork.  Shame on him.  The seller is guilty of false advertising but who’s to prove him wrong?  

 
Please state the official name of the "Thailand vehicle registration office".
 
Always so much confusion about this..
 

Department of Land Transportation.

 
Please state the official name of the "Thailand vehicle registration office".
 
Always so much confusion about this..
 

Department of Land Transportation.