What is the process for selling car thats still on finance?

[davejonesbkk]

I know this question has been asked quite a few times before here and Ive been reading some of those older threads but I still have many questions about this esp. what the exact process is.

 

So I have a car thats actually in my wifes name and still under finance that I want to sell, from my understanding there are two options:

 

1 - Transfer the finance (Thanachart) to the new buyer. Right now Im only talking to Thai buyers so I dont think there should be any problems about WP etc but they will need to pass a credit check right?

 

Do they then take it over at the exact rate Im paying per month now?

 

Approx. how long does this take?

 

2 - Buyer pays off all the finance and the car is transferred to them. My wife has said this is possible and that apparently a lot of people do it in Thailand but Im not clear on what the steps are and when & how payments are made and when actual ownership of the car is transferred over. Ive read 3 days but other people said 14 days? (We are in Bkk which is where the car is registered)

 

How is the actual payment by the buyer made? Are they expected to just pay the finance company in full and then have to wait in good faith for us to transfer it at the government office once the finance has cleared?

 

thanks

[cornishcarlos]

Just out of interest;

 

How old is the car ?

What amount is left on finance ?

How much do you expect to be paid by buyer ?

 

Cheers

[davejonesbkk]

18 minutes ago, cornishcarlos said:

Just out of interest;

 

How old is the car ?

What amount is left on finance ?

How much do you expect to be paid by buyer ?

 

Cheers

I'll PM you details later

[Kwasaki]

23 minutes ago, davejonesbkk said:

1 - Transfer the finance (Thanachart) to the new buyer.

2 - Buyer pays off all the finance and the car is transferred to them.

How is the actual payment by the buyer made? Are they expected to just pay the finance company in full

1.. You will have to go to Thanachart bank and see what arrangements can be made with them.

2.. Buyer pays the balance in full and there maybe some discount, they then own the car and given receipt, they will then have to wait until the car blue book is sent to them.  

 

[davejonesbkk]

1 minute ago, Kwasaki said:

1.. You will have to go to Thanachart bank and see what arrangements can be made with them.

2.. Buyer pays the balance in full and there maybe some discount, they then own the car and given receipt, they will then have to wait until the car blue book is sent to them.  

 

thanks, have you done this before?

 

About #2, my wife said something like that too, any idea how long the payment process takes? Does this mean we don't need to go to the land & transport office to change over the car ownership? When would the keys and the actual car be handed over to the buyer?

[Kwasaki]

1 minute ago, davejonesbkk said:

thanks, have you done this before?

 

About #2, my wife said something like that too, any idea how long the payment process takes? Does this mean we don't need to go to the land & transport office to change over the car ownership? When would the keys and the actual car be handed over to the buyer?

Yes done it once with Thanachart our situation was my wife and buyer went to Thanachart with all the papers for selling, details etc, and paid off the balance they then gave my wife the remainder cash amount of the cars selling price, then we gave them the car. 

They would then have to wait for the blue book to be sent to them by Thanachart, meanwhile they go with paperwork, copy of car blue book and the car for inspection and sort things with DLT.

[davejonesbkk]

4 hours ago, Kwasaki said:

Yes done it once with Thanachart our situation was my wife and buyer went to Thanachart with all the papers for selling, details etc, and paid off the balance they then gave my wife the remainder cash amount of the cars selling price, then we gave them the car. 

They would then have to wait for the blue book to be sent to them by Thanachart, meanwhile they go with paperwork, copy of car blue book and the car for inspection and sort things with DLT.

OK thanks for the extra info, sorry Im still not 100% clear on when owenership of the car is handed over to the buyer though.

 

So after they have paid the full amount to Thanachart on that day plus the rest to the seller, the seller then hands over the keys and the car to them and they then own the car legally correct? So if there is an accident or something the seller is not liable from that point? 

 

Approx. how long does the blue book take to be sent out to the buyer?

 

You mention that they have a copy of the blue book though? But whose name is in that?

[Kwasaki]

1 hour ago, davejonesbkk said:

1..So if there is an accident or something the seller is not liable from that point? 

2..Approx. how long does the blue book take to be sent out to the buyer?

3..You mention that they have a copy of the blue book though? But whose name is in that?

 

Ok from what I know from Thai asking the Mrs..

1. No the seller is not liable the car has been sold,

2. That is not the seller problem, the buyer can still still deal with DLT requirements with just of just a copy of the blue book and papers of sell in his possession.

3..Usually there is no name name is on the book it remains the property of Thanachart until full payment is paid.

 

Edited June 2, 2019 by Kwasaki

[Lacessit]

There is a third option of the seller paying off the loan.

One has to be careful. I received a traffic fine because the buyer of my car had done 137 km/hr in a 90 km/hr zone. The car was still in my name because he had not transferred ownership to his name. Took me a month and several visits to police stations to sort that out.

I really don't understand why anyone would buy a car under finance. Why take on someone else's debt, unless it was at a substantial price discount?

[Muzarella]

Just go with the buyer to the bank with cash. There he will pay the loan balance, pay for you the difference with the selling price, and get the blue book in its name. Only cash. Done.

If the buyer wants to finance the car it will have to shop around with the blue book to get the best finance rate and terms. The same with the insurance.

[davejonesbkk]

On 6/2/2019 at 8:13 PM, Kwasaki said:

Ok from what I know from Thai asking the Mrs..

1. No the seller is not liable the car has been sold,

2. That is not the seller problem, the buyer can still still deal with DLT requirements with just of just a copy of the blue book and papers of sell in his possession.

3..Usually there is no name name is on the book it remains the property of Thanachart until full payment is paid.

 

OK thanks, Ive decided to pay off all the finance myself as non of the interested buyers wanted to close unless I do that

[Kwasaki]

24 minutes ago, davejonesbkk said:

OK thanks, Ive decided to pay off all the finance myself as non of the interested buyers wanted to close unless I do that

Yeah good on ya if you can do that, makes it a bit easier for buyer.