Thais, New Trucks living beyond their means help

[thaitot]

Looking for some who has some experience with this situation.

 

i am married to a Thai lady. We have been married for 11 years we live in the USA. 

We visit Thailand every 2 years. last time we were there her brother who is about 30

showed up with a very nice truck. I am not 100 percent sure it was new but it was pretty close 

if not. This brings me to today. He is asking to borrow money to pay on this truck as he is behind.

We have the means to help but just throwing money at this may not be the best Idea in my opinion.

Some time back he said it was taking all his money just to keep this truck, I knew when we visited 

this was way to much truck for a person of his means.

Evidently credit worthiness has nothing to do with a truck loan in Thailand.

We told him to take the truck back and take his licks. In the USA that would mean your credit is trashed

and you may get your wages tapped. He said he can not return the truck.

 

I know there may be many variables but I understand there are allot of poor rice farmers

that a few years back were driving fancy trucks they never were going to be able to afford. 

 

So how can he get out of this loan, return the truck.

My fear is this is not going to end anytime soon. He has had the truck for at least 2 years.

We are not going provide financial payments to him to continue driving a truck he never should have gotten.

 

Any advice would be greatly appreciated.

[faraday]

Ask to see the loan agreement. If he can't find it, then don't help him.

 

How much does he want?

[Matzzon]

One thing that you have to understand, is that this is possible because there is no thing called credit worthiness in Thailand. Here people have to make an initial payment, and after that can get a loan on the rest. I will assume that the dealership made this deal with him.

The only way you can get him out of this without financial help to pay the truck for him, is that you and your wife convince him to sell the truck and pay off the loan with the money if possible.

I can guarantee that the contract will state that he can not return the car if the dealership do not agree with that, which means he is stuck with the car and the payments.

[thaitot]

He wants 50k To answer your question. I know the Thai way and how this all works with the family wanting money as i have lived in thailand  and have been married for 11 years. But what I am trying to dig into is if he does not pay for this truck and they come get it or he surrenders the truck what can they do. Stong arm him into paying take all his possessions his life. If need be I will request a copy of the loan agreement but for some reason I am thinking this may be a very common situation in Thailand  

[ezzra]

There were similar topics recently on the same subject, this is the case you're damned if you do and damned if you don't...the thing is if you help and give, than pretty much kiss that money goodby, if you don't, you are risking alienating yourself to the missus and her family, marrying into a Thai family's tradition and culture you take the bad with little bit of good and ultimately it's your decision that will from your future with the wife and her family...

[thaitot]

Ezzra I completely understand the Thai way, again I did not just Mary a bar girl yesterday and am just now being told I will be building a new house in Issan. I am just trying to understand is this like a loan shark situation where they just put so much pressure on you that you will find the money. I guess what are they holding over his head to force him to pay.  

[Don Mega]

finance company will repo it and sell it, he will be on the hook for the shortfall but given he would have had to stump up a 20% deposit it may not be too bad.... no idea how they come after him for the money though.

[thaitot]

It would seem like the loan company would take the truck back and still hold him accountable for the balance less value of the truck. I am not sure how you can sell a truck you do not own. 

[thaitot]

Thanks Don That is the way I thought it would work. Anyone with some direct experience with this situation.

[scubascuba3]

Let him lose the truck, maybe he'll learn a lesson? doubt it though.

 

and it's not a loan, you wouldn't see the money again

Edited December 24, 2019 by scubascuba3

[Chazar]

Give him NOTHING, worked for  me over 15  years with my Wifes  family,  bonus is  youll never  see them again, win  win

[Don Mega]

13 minutes ago, thaitot said:

It would seem like the loan company would take the truck back and still hold him accountable for the balance less value of the truck. I am not sure how you can sell a truck you do not own. 

I sold my last car that was financed.

 

Buyer paid out the loan and gave me the  balance of sale price, finance company  gave him the book in his name.

 

 

 

[Chazar]

31 minutes ago, thaitot said:

He wants 50k To answer your question. I know the Thai way and how this all works with the family wanting money as i have lived in thailand  and have been married for 11 years. But what I am trying to dig into is if he does not pay for this truck and they come get it or he surrenders the truck what can they do. Stong arm him into paying take all his possessions his life. If need be I will request a copy of the loan agreement but for some reason I am thinking this may be a very common situation in Thailand  

Why even bother? by asking for the agreement  its showing  him how  weak you are and are thinking of helping him...a  mistake, I dont even  understand why you are interested in this scenario.

Edited December 24, 2019 by Chazar

[thaitot]

I understand it is not a loan money always only goes one way Just trying to mitigate the damage to myself and my wife

[Chazar]

31 minutes ago, ezzra said:

There were similar topics recently on the same subject, this is the case you're damned if you do and damned if you don't...the thing is if you help and give, than pretty much kiss that money goodby, if you don't, you are risking alienating yourself to the missus and her family, marrying into a Thai family's tradition and culture you take the bad with little bit of good and ultimately it's your decision that will from your future with the wife and her family...

I disagree  you will find that this person has asked EVERYONE  he  knows for  money and he  wont be the first or  last person thats  been asked

[Chazar]

Just now, thaitot said:

I understand it is not a loan money always only goes one way Just trying to mitigate the damage to myself and my wife

Mitigate it 100%  then.....................

"Id  really  like to help you but its very difficult for us  now" etc etc Thais are  full of BS  like this and thats what you should  say to him

[thaitot]

Ok my question was more of the nuts and bolts of how these loans work and accountability.

How to handle any Thai family is a work in progress so thanks on that front.

[Don Mega]

9 minutes ago, thaitot said:

I understand it is not a loan money always only goes one way Just trying to mitigate the damage to myself and my wife

What damage to you and wife ?

[bwpage3]

51 minutes ago, thaitot said:

He wants 50k To answer your question. I know the Thai way and how this all works with the family wanting money as i have lived in thailand  and have been married for 11 years. But what I am trying to dig into is if he does not pay for this truck and they come get it or he surrenders the truck what can they do. Stong arm him into paying take all his possessions his life. If need be I will request a copy of the loan agreement but for some reason I am thinking this may be a very common situation in Thailand  

50K baht to pay it off?

 

Pay it off and get it in your wife's name.

 

Used trucks still carry a high value.

 

We just got back to the USA from Isaan.

 

Paid off the brother in laws truck as a christmas present.

 

He has been going to Sweden picking berries every year and did a good job of paying most of it off himself.

 

 

[jastheace]

26 minutes ago, Don Mega said:

I sold my last car that was financed.

 

Buyer paid out the loan and gave me the  balance of sale price, finance company  gave him the book in his name.

 

 

 

thats the way to go sorry to say. he neeeds to sell it with remaining finance. not a lot to gain if anything, hopefully not a lot to lose if its that side of the line. you help today, expect to help tomorrow.....ad infinitum

[thaitot]

No bwpage3 if it was 50k payoff that would be one thing I think it is 50k to get caught up on payments.

I 

[bwpage3]

2 minutes ago, thaitot said:

No bwpage3 if it was 50k payoff that would be one thing I think it is 50k to get caught up on payments.

I 

You need to get the facts of what is owed and what is in arrears. 

[jastheace]

1 minute ago, thaitot said:

No bwpage3 if it was 50k payoff that would be one thing I think it is 50k to get caught up on payments.

I 

50k sound like catch up payments. 3 months ? then there will be more.... the guy needs to sell. he's asking you to help 'til paid off, start with the 50k. i seen it before...

[Nero Dog]

Do not pay him. 

This would only be the start. 

Next, medical bills, house repairs, etc. 

Believe me the family has zero respect for you. 

Tell your wife to say No. 

You married her not her bludgering family. 

Had the same problem. Never ending "borrowing" money for this or that. Never say one baht back. 

Wife gets a monthly allowance, she can help them but once the allowance is gone she has to wait for pension day. 

Just told them no! 

Never seen them again. 

[thaitot]

Jastheace that is exactly what i am trying to eliminate. We have been together for 11 years and really have done well with her family and money. I would help my family to the bitter end so I can not really take a difference stance. She has her own money and is not asking me to help i am just trying to keep  everything in check so she does not get taken advantage of

[mike787]

May I ask are legally bound to help in any way?  If you are WHY?  Since when are his problems yours?  Are you married to this person?  These are simple YES/NO q's. 

[baansgr]

50k is probably at least four months payments in arrears already. 

[jastheace]

1 minute ago, thaitot said:

Jastheace that is exactly what i am trying to eliminate. We have been together for 11 years and really have done well with her family and money. I would help my family to the bitter end so I can not really take a difference stance. She has her own money and is not asking me to help i am just trying to keep  everything in check so she does not get taken advantage of

thaitot,  you know what is happening.

50k is the beginning, family are having a hard time. your choice if the wife helps, but expect more requests. if the truck is no longer paying for itself.... well, you know, i know you know. you are between a rock and a hard place. i understand. what i would do ? i seen this before, and many tales along the same lines... 

how much you want to donate ? 100k keeps the truck for 5 months... 200k 9 months, there are default payments and charges on top if its at the begging stage. sorry, but i do understand how it works. the guy will not be in too much trouble in a few years re credit history, plenty money in thailand for new borrowers without proof of income...

[mokwit]

I don't know all the ins and outs but you need to ascertain if someone signed as a guarantor - if it was someone very close to you it is still your problem, secondly the 'Kaa dtit thaam' penalty costs accrue at an alarming rate - I think it is Btt500 per time they call and they call several times a week.

[Matzzon]

1 hour ago, thaitot said:

It would seem like the loan company would take the truck back and still hold him accountable for the balance less value of the truck. I am not sure how you can sell a truck you do not own. 

You can sell it by making that agreement with the finance company. You agree to let the payment go to them, and they change the owner name of the veichle as well as return the money left after work and expenses if any to the brother.