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

[BestB]

36 minutes ago, ExpatOne said:

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

 

 

How are they making it difficult for “us” whoever or whatever “us” means 

[thailand49]

11 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...

I should added more said it in general. There is a loan company I think it is advertised regularly " Cash for Cars "  Two years ago my sister in law came to me to borrow some money since she was a number of months behind payment. After a lengthy conversation I basically got the lies that even if I loaned her the money to make up the back payment her ability to make future payment were going to be tough she purchased the truck for her deadbeat spoiled son and although he works makes no attempt to contribute she was tired and didn't really care if the car got taken back.

In the end, an agreement I would take the truck from her son we all went down to the loan company and after I got a estimate on the value of the truck and the loan amount we got them to allow me and the wife to take over the payments or should I say repurchase the vehicle with a new loan. How it was worked out as they suggested was they would repossess the vehicle and take official ownership then they will basically sell me the vehicle via a loan for the same amount sister-in law owned on the loan prior.

I could have purchased it outright but I didn't want to let them believe I had the cash nor want to give them the impression I could just bail her out anytime my personal choice. Once I got the truck which I had question as to whether I wanted to keep it due to manual transmission but knew I would have no problem selling it to a Thai.

Edited August 15, 2019 by thailand49

[JAS21]

Your first line should have been ... I will be leaving Thailand soon and still have 2 years out of 6 years of a car loan outstanding on my 200? white? Make? ...model? etc. and someone would have probably offered to take the loan over ........... I've seen this sort of advert made quite a few times on this forum   or you could even make a reference to your classified ad ....

[Wake Up]

I would be interested to buy the car legally if that is possible. PM me with details. 

[VBF]

9 hours ago, scorecard said:

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.

In that situation, after a major accident and if the young man had fully comprehensive (UK term) or first class (Thai term) insurance, wouldn't the insurance company pay out the market value of the car?

In UK the finance company would get their "bite" first, then if there was any cash left, the owner would get the balance.

Of course, if only 3rd party insurance was taken, no recompense would be forthcoming if the young man was to blame for the accident.

[LukKrueng]

1 hour ago, thailand49 said:

I should added more said it in general. There is a loan company I think it is advertised regularly " Cash for Cars "  Two years ago my sister in law came to me to borrow some money since she was a number of months behind payment. After a lengthy conversation I basically got the lies that even if I loaned her the money to make up the back payment her ability to make future payment were going to be tough she purchased the truck for her deadbeat spoiled son and although he works makes no attempt to contribute she was tired and didn't really care if the car got taken back.

In the end, an agreement I would take the truck from her son we all went down to the loan company and after I got a estimate on the value of the truck and the loan amount we got them to allow me and the wife to take over the payments or should I say repurchase the vehicle with a new loan. How it was worked out as they suggested was they would repossess the vehicle and take official ownership then they will basically sell me the vehicle via a loan for the same amount sister-in law owned on the loan prior.

I could have purchased it outright but I didn't want to let them believe I had the cash nor want to give them the impression I could just bail her out anytime my personal choice. Once I got the truck which I had question as to whether I wanted to keep it due to manual transmission but knew I would have no problem selling it to a Thai.

so basically as I wrote it.. The original loan is paid off, new loan is taken....

[lensta]

11 hours ago, Satcommlee said:

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..

 

 

"you could get a nasty shock at an immigration counter when you return one day"

 

This has be said before and so far no one has been able to prove this, so I am calling BS on this unless you personally know someone that has been pulled by immigration because of bad debt.

[Greenside]

My wife bought a car from someone in a similar situation to the OP.  Thanachart was the bank providing the original finance and although there was some kind of transfer fee (paid by the seller) they were happy to effectively transfer the outstanding loan after the usual credit check.  It did take a couple of weeks to do it that way so allow enough time.

[Just Weird]

8 hours ago, ExpatOne said:

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.

"I’m going to wait and see if op posts details..."

Really?  Why wait?  Why not PM him?

[Just Weird]

7 hours ago, BestB said:

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

I'm right, though, and you know it.   Do you have no other response to anything except "you're trolling"?

[wisperone]

How bout this? Sell the car and pay the loan off. Sorry but going to another country and racking up debt and leaving is a pretty low thing to do. And asking for advice on a public forum and having no shame about it.... pretty bad on your part. I can only imagine the other things you have done in your life and to other people. No sympathy from this corner.

[scorecard]

14 hours ago, LukKrueng said:

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

Agreed.

[scorecard]

4 hours ago, lensta said:

"you could get a nasty shock at an immigration counter when you return one day"

 

This has be said before and so far no one has been able to prove this, so I am calling BS on this unless you personally know someone that has been pulled by immigration because of bad debt.

 

[BestB]

4 hours ago, Just Weird said:

I'm right, though, and you know it.   Do you have no other response to anything except "you're trolling"?

Case in point and No you not right

[Toosetinmyways]

If you have a loan you must have a guarantor.  Have you discussed this with them?

[JaiLai]

If you have a loan you must have a guarantor.  Have you discussed this with them?

Not true


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[Toosetinmyways]

True

 

I will rephrase my question to the OP. If you have a guarantor have you consulated with them.

[Handsome Gardener]

On ‎8‎/‎15‎/‎2019 at 1:49 AM, 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. 

 

Completely wrong - taking over car finance payments from someone else is a common thing here and there is an actual fee to do it (from memory about 3,500 baht).

 

The problem with that though is interest charges are loaded up front here (like they were in the UK before the finance houses got their wrists slapped) - so if you take over the payments (and attached interest) - you will often find you will get a far better deal armed with the cash for a similar car. 

[Handsome Gardener]

22 hours ago, Caine said:

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

Tragic

[Handsome Gardener]

4 hours ago, Toosetinmyways said:

If you have a loan you must have a guarantor.  Have you discussed this with them?

Eh ? Why ?

 

Guarantor's are only involved for someone who has bad credit and cannot get the loan on their own

[Mattd]

11 minutes ago, Handsome Gardener said:

Eh ? Why ?

 

Guarantor's are only involved for someone who has bad credit and cannot get the loan on their own

Wrong!

A lot of finance companies / banks here require a guarantor, especially for a foreigner, credit rating has nothing to do with it.

I have financed several cars here and had to provide a guarantor before, if you increase the percentage of deposit, then the requirement can go away.

 

OP, your post makes little sense, why walk away from the car / loan, which is immoral, you can sell the vehicle, even if it only pays off the finance, although TBH taking a loan of 6 years duration for a car is not a good idea and suggests that the monthly loan payments needed to be low and therefore there may not be any equity in the car.

[looking for LIFE insurance]

19 hours ago, BestB said:

  23 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.

To OP.

 

     PM me and I'll give you the name & number of my car guy.  He will sell it, at an agreed upon price that you confirm.  He will charge you a commission.  You take whatever equity is in the car and go.

     I have used him for 5 or 6 vehicles.

 

    

[JaiLai]

2 hours ago, Toosetinmyways said:

True

 

I will rephrase my question to the OP. If you have a guarantor have you consulated with them.

Not true.

[LukKrueng]

3 hours ago, Handsome Gardener said:

Completely wrong - taking over car finance payments from someone else is a common thing here and there is an actual fee to do it (from memory about 3,500 baht).

 

The problem with that though is interest charges are loaded up front here (like they were in the UK before the finance houses got their wrists slapped) - so if you take over the payments (and attached interest) - you will often find you will get a far better deal armed with the cash for a similar car. 

I already answered another reply so let me make my point clearer. You don't really take over the payments. You actually pay of the original loan and take out another after/if the credit company/bank approves your loan request.

anyway, this is a 4 pages long thread started nearly 3 days ago and the op never bothered to answer/reply any of the questions and suggestions directed at him. So either he's left Thailand already or could it be just a troll?