Process to purchase a car that has a current loan.

[SimpleMan555]

Good day,

Currently in the process of purchasing a 2015 pickup that has is under financing from Tisco Asset Management.  

Tisco is telling me it will take 21-25 days for the Green Book to arrive and they will assist me with the registration.

The seller is willing to sign the transfer papers prior to the loan being paid in full by me.

 

The long delay in getting the Green book and transferring to my name is a concern for me, but have checked with other Thai people,
and it is normal with Tisco. It would seem many things could go wrong during this period of time and I could potentially lose the vehicle.

 

Does anyone have 'Direct' experience with this situation, or know if there is a 'Bill of Sale' or another document I could use to compel Tisco to only transfer

the vehicle to me after the loan is paid?  Maybe have a lawyer assist with the purchase?

Thank you.

[transam]

Of course it is up to you but for me I would use a tent that covers all the issues regarding rides that are "bank" owned....We have just bought one...All good...

[SimpleMan555]

43 minutes ago, transam said:

Of course it is up to you but for me I would use a tent that covers all the issues regarding rides that are "bank" owned....We have just bought one...All good...

Thanks, the pickup is local, low kilometers, its history is known with a good sales price. Seller seems ok, but just trying to be careful here.

 

[Kwasaki]

20 minutes ago, SimpleMan555 said:

Thanks, the pickup is local, low kilometers, its history is known with a good sales price. Seller seems ok, but just trying to be careful here.

 

When you pay off the loan you get to have the car and official receipt, then the finance company sends the green book to be registered in your name and address, when they receive the book back they will send it to you. 

Edited December 16, 2018 by Kwasaki

[SimpleMan555]

5 hours ago, Kwasaki said:

When you pay off the loan you get to have the car and official receipt, then the finance company sends the green book to be registered in your name and address, when they receive the book back they will send it to you. 

Thanks Kwasaki,
Is the 'Official Receipt' generated by the bank, and does it include the vehicle ID number etc?

 

[Kwasaki]

6 minutes ago, SimpleMan555 said:

Thanks Kwasaki,
Is the 'Official Receipt' generated by the bank, and does it include the vehicle ID number etc?

 

You should get a copy of the green book with all the details of chassis number and engine number or the guy selling the truck should have one anyway, Tisco will give you the receipt for the money as they finananced the truck and the book is in there name that's why you have to wait until it is changed to have your details before you can have it. 

[stevenl]

Take into account the book will be blue. If you receive a green one, there is something seriously wrong.

 

But otherwise yes, Kwasaki's posts are on the money.

[SimpleMan555]

Thank you for the replies, and in the end, I needed to do a Sales Contract, have the Seller give me Power of Attorney to Transfer the vehicle and a few more docs. Altogether about 50 pages of documents, copies of the same and numerous copies of ID, Tambian, Passport etc...

 

Good fun! 

[whimsicalmike]

I have never bought a car that had finance on it and this makes me curious.

Who do you give the money to. All of it to the finance people i would suspect or just the payout amount and the balance to the seller  ??

 

Edited January 1, 2019 by whimsicalmike