Need to stop paying car loan due to returning to my country

[MasterBaker]

I will be leaving Thailand soon and still have 2 years out of 6 years of a car loan. I would like to let bank repo it. Just wondering what could be consequences beside bad credit score if i will decide to come back to Thailand later

 

Thank you

[cleopatra2]

My advice would be to explain the situation to the Finance company and request they take the vehicle as opposed to having it repossesed

 

 

As an alternative have you considered to give / sell the car to someone who is willing to take over the repayments or a dealer

Edited August 14, 2019 by cleopatra2

[Topcroc]

Give vehicle details, somebody on this site may be interested in buying completely or an amount of cash and take over the payments.

[Suradit69]

16 hours ago, MasterBaker said:

Just wondering what could be consequences 

Other farang will find it even harder to get loans.

[thailand49]

10 hours ago, Topcroc said:

Give vehicle details, somebody on this site may be interested in buying completely or an amount of cash and take over the payments.

That is great advice, why hasn't the ops thought about it.  Yes this is Thailand I really wonder if he was in his home country be asking this question basically burning the company leaving for another country?

No matter where "take responsibility"   first try to sell it by pricing it attractively or getting someone to take over the payment he has already paid 4 years yet thinking of walking away, I think you would have a line out your door if you put a sign stating " give me 100,000 baht and take over the rest of the payment!????

[stephehr]

Just get into your little car drive it to the airport and leave it. if you come back then?

[gjoo888]

It's never a good idea to default on a loan or have a car repossessed, your credit will be worthless. Sell the car and pay off the loan.

[LukKrueng]

12 hours ago, cleopatra2 said:

As an alternative have you considered to give / sell the car to someone who is willing to take over the repayments or a dealer

 

10 hours ago, Topcroc said:

Give vehicle details, somebody on this site may be interested in buying completely or an amount of cash and take over the payments.

 

9 minutes ago, thailand49 said:

I think you would have a line out your door if you put a sign stating " give me 100,000 baht and take over the rest of the payment!????

AFAIK it is not possible to OFFICIALLY take over someone else's payment. The correct way is to sell the car and pay the outstanding balance of the loan, then the new owner should ask for a NEW loan against the car. 

Yes, I know people ARE doing it, but when the loan is fully paid, the finance company will transfer the car ownership to the original buyer - the 1 who signed the loan agreement with them, and not the new owner. Also, as the seller never signed the blue book for ownership transfer, the buyer will have a problem transferring ownership this way.

Few days ago there was a news article here on TV of a Thai person who "took over loan payments" of several vehicles only to use them as a collateral for small loans and basically got the seller to default on their loans...

[JaiLai]

It's never a good idea to default on a loan or have a car repossessed, your credit will be worthless. Sell the car and pay off the loan.

Thais do it all the time, almost like a national pass time.

Does matter what you do with it, there will be no reprocussions, especially if you’re not returning.


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[userabcd]

39 minutes ago, stephehr said:

Just get into your little car drive it to the airport and leave it. if you come back then?

The first sentence is terrible advice.

[userabcd]

18 minutes ago, JaiLai said:

 

Thais do it all the time, almost like a national pass time.

Does matter what you do with it, there will be no reprocussions, especially if you’re not returning.


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

 

No personal responsibility?

 

 

[spoon1967]

Sorry MasterBaker, but your proposal doesn't say much for the kind of person you are.   I'm guessing you were all smiles when you wanted the finance, and promised the moon on a stick, not being true to your word doesn't go down well with any decent person.  You also contribute to giving other expats a bad name.  Take the advice of the guys on here, sort it before you leave.  I'm just being honest.

[BestB]

2 hours ago, LukKrueng said:

 

 

AFAIK it is not possible to OFFICIALLY take over someone else's payment. The correct way is to sell the car and pay the outstanding balance of the loan, then the new owner should ask for a NEW loan against the car. 

Yes, I know people ARE doing it, but when the loan is fully paid, the finance company will transfer the car ownership to the original buyer - the 1 who signed the loan agreement with them, and not the new owner. Also, as the seller never signed the blue book for ownership transfer, the buyer will have a problem transferring ownership this way.

Few days ago there was a news article here on TV of a Thai person who "took over loan payments" of several vehicles only to use them as a collateral for small loans and basically got the seller to default on their loans...

That is incorrect . It is indeed possible to let someone else take over the finance . Procedure is both parties must go to the branch and new party must be approved by the bank by passing banks lending criteria. Once buyer is approved finance would be transferred to the buyers name with some fees 

[BestB]

OP, legally there are no consequences besides bad credit. Morally as you can see from the virgin mother Marry’s is a sin.

 

however you might be able to sell it cheap to cover the loan or as said, find someone to take over the loan . 

 

Why do not you let us know what kind of car and repayments on it and it might work out well for you

[Jaxxper]

Sad to see the “dump it and run “ suggestions...bad form !!!

[Satcommlee]

Assuming there is equity in the vehicle, the second hand car dealers know exactly how to buy a car with outstanding finance and will do all the running around for you.

 

There are legal implications on doing a runner and owing money in Thailand, and you could get a nasty shock at an immigration counter when you return one day..

 

 

[Don Mega]

Am in the market for a vehicle, what is it and location ?

[steve73]

Thailand (in common with much of the rest of the world) is becoming awash with 2ndhand vehicles, and in many cases the value is insufficient to cover outstanding finance payments.  If you trawl through the ads, there are plenty who simply want to "give their car away" and discharge the loan.

 

Advice to the OP is to try to sell it privately - even if he has to "pay" someone a little to take it off his hands, or failing that to arrange for the finance co. to take it off his hands, although that may require an even larger payment.

 

It's a sign of the global enveloping credit crisis unfortunately, although for buyers with ready cash, there are some great bargains to be had (just as long as you won't need to sell it again...).

[scorecard]

44 minutes ago, Jaxxper said:

Sad to see the “dump it and run “ suggestions...bad form !!!

Another version (In OZ, not in Thailand), young man takes loan from a hire purchase company to buy a car, makes a few payments then has a major accident, his fault then stops payments say that he doesn't have to make any more payments because the car can't be used. Ends up in court and the magistrate had to explain the situation in diagrams to get the borrower to understand that he is still responsible to pay off the loan he took. This is a long time back, community attitude was that the young man was correct - he didn't need to make any further payments. The Finance company concerned suffered (unfairly) in that it was seen by the community as tricky and dishonest. Took many years for the community to realize that the finance company wasn't being tricky / unethical.

[LukKrueng]

1 hour ago, BestB said:

That is incorrect . It is indeed possible to let someone else take over the finance . Procedure is both parties must go to the branch and new party must be approved by the bank by passing banks lending criteria. Once buyer is approved finance would be transferred to the buyers name with some fees 

which is basically what I wrote in the first paragraph... 

[Topcroc]

Would help a lot if we knew the brand of car, model, klm's and the actual amount outstanding. Until these facts are known commenting is a waste of time.

[JaiLai]

Sad to see the “dump it and run “ suggestions...bad form !!!

When in Rome...


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[transam]

If you go to a "high end" tent they may cut you a deal. Many tents get their stock from banks etc...

[Just Weird]

4 hours ago, BestB said:

OP, legally there are no consequences besides bad credit. Morally as you can see from the virgin mother Marry’s is a sin.

 

however you might be able to sell it cheap to cover the loan or as said, find someone to take over the loan . 

 

Why do not you let us know what kind of car and repayments on it and it might work out well for you

Why would he waste his time divulging information unnecessarily to amuse posters here when not one poster* who has suggested what you are has so far indicated that they are in the market for a car? 

 

I guarantee that no one on this forum will be genuinely interested in buying it, but it will give a few posters something to do for a few hours dragging this thread out.  If I'm wrong I'll apologise to you and the member who buys it if it is confirmed properly here.

 

Edit:  *Apart from Don Mega.

Edited August 15, 2019 by Just Weird

[crazykopite]

Contact the hire company get a statement of early payment put on a bit more to cover what you think it’s worth and advertise on Thai visa or Baht&sold making sure you pay off the balance with the new owner being present or the other option is to advertise taking over the payments but this would have to be sorted with the finance company I think the first option is the best even if you only get the amount of money owed to the finance company because if as you said you dumped it you would be gaining anything at leat you know if you ever came back your not going to be hauled in by the IO because your name is on the wanted list .

Edited August 15, 2019 by crazykopite

[Caine]

You give car me, I will keep up payment and if you come back Thailand I give you car back. Me very honest man honestly. Yours Honestly Somcai

[mikecha]

5 hours ago, spoon1967 said:

Sorry MasterBaker, but your proposal doesn't say much for the kind of person you are.   I'm guessing you were all smiles when you wanted the finance, and promised the moon on a stick, not being true to your word doesn't go down well with any decent person.  You also contribute to giving other expats a bad name.  Take the advice of the guys on here, sort it before you leave.  I'm just being honest.

correct  advise

[ExpatOne]

This is exactly why they are making it difficult for us here.  

 

 

Edited August 15, 2019 by ExpatOne

[ExpatOne]

2 hours ago, Just Weird said:

Why would he waste his time divulging information unnecessarily to amuse posters here when not one poster* who has suggested what you are has so far indicated that they are in the market for a car? 

 

I guarantee that no one on this forum will be genuinely interested in buying it, but it will give a few posters something to do for a few hours dragging this thread out.  If I'm wrong I'll apologise to you and the member who buys it if it is confirmed properly here.

 

Edit:  *Apart from Don Mega.

I’m literally grabbing coffee right now on a break from looking at cars to buy. I’m going to wait and see if op posts details because I may be interested.

[BestB]

3 hours ago, Just Weird said:

Why would he waste his time divulging information unnecessarily to amuse posters here when not one poster* who has suggested what you are has so far indicated that they are in the market for a car? 

 

I guarantee that no one on this forum will be genuinely interested in buying it, but it will give a few posters something to do for a few hours dragging this thread out.  If I'm wrong I'll apologise to you and the member who buys it if it is confirmed properly here.

 

Edit:  *Apart from Don Mega.

Seriously , Is there no hole you will not crawl into just to troll?