Thais, New Trucks living beyond their means help

[mokwit]

9 minutes ago, jastheace said:

how much you want to donate ? 100k keeps the truck for 5 months... 200k 9 months,

This will be your dilemma - let them repo it after paying 200k? 500k?

[thaitot]

Ok Thanks everyone I understand the 50 leads to 100 100 to 200 again I was just trying to understand the loan thing. on how you get a truck with no credit.

 

[jastheace]

@thaitot remember that you relatives may be affected by recent floods / droughts that have an effect on crops and work related livelihood. there may be loss of a season if not more of harvest. bear that in mind. there may be more hardship should floods reoccur. of drought or whatever. as i said before , not saying you shouldn't help, but bear in mind recent and possible future events, wherever the wife comes from.

[thaitot]

Ok Thanks I have a pretty good idea. I really need to know how much he owes. If it is a small amount .

or a massive amount. I just got the they will not take it back  

[robblok]

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. 

Yes that is exactly what will happen. They hold him accountable for the balance less value of the truck. That is a normal situation. 

[thaitot]

Him and his wife both have jobs they are not farmers or high earners they are asking her for a loan but I know how that works I think the truck was just not thought out

[thaitot]

Robblok That is pretty much what I thought. i am going to tell my wife to ask how much is owed. And that he needs to return the truck. 

[jastheace]

3 minutes ago, robblok said:

Yes that is exactly what will happen. They hold him accountable for the balance less value of the truck. That is a normal situation. 

unlike in some countries, thailand seems to have low depreciation rates. better to sell with outstanding loans, not likely to lose anything

[thaitot]

justahce That was my thought. When I was living in Thailand 11 years ago a used truck was almost the same as a new one but I have also have heard there are lots of used trucks available because of this exact situation 

[robblok]

9 minutes ago, jastheace said:

unlike in some countries, thailand seems to have low depreciation rates. better to sell with outstanding loans, not likely to lose anything

I am not so sure but this of course an option. Why not help the guy sell it and cover the difference. Then at least you know the payment is a one off. If you help now without knowing if he is living above his means it might be an never ending story.

[mokwit]

17 minutes ago, thaitot said:

how you get a truck with no credit

Show enough money going into a bank account for 6 months and/or guarantor.

[robblok]

5 minutes ago, thaitot said:

justahce That was my thought. When I was living in Thailand 11 years ago a used truck was almost the same as a new one but I have also have heard there are lots of used trucks available because of this exact situation 

There is an oversupply of trucks and cars its not as if it will be that easy to sell. But IMHO if he can afford it and you help now he will keep asking for money. 

[jastheace]

7 minutes ago, thaitot said:

justahce That was my thought. When I was living in Thailand 11 years ago a used truck was almost the same as a new one but I have also have heard there are lots of used trucks available because of this exact situation 

glad we agree, bear that in mind on your and your partners decision.

whatever you do, good luck. hope yr wifeys family have better luck soon.

lots of used vehicles for sale yes, price stable, yes

[mokwit]

5 minutes ago, thaitot said:

justahce That was my thought. When I was living in Thailand 11 years ago a used truck was almost the same as a new one but I have also have heard there are lots of used trucks available because of this exact situation 

My understanding is that they are sold at auction or a job lot is sold to a dealer. They are interested in clearing more than getting the best price. Think half sticker price as an estimate of what the money from it being sold by the finance company will be.

[Don Mega]

33 minutes ago, Matzzon said:

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.

The finacne company agreeing to let someone else take over the payments does not change the owner, they own the vehicle (book) until it is paid in full.

[mokwit]

11 minutes ago, mokwit said:

My understanding is that they are sold at auction or a job lot is sold to a dealer. They are interested in clearing more than getting the best price. Think half sticker price as an estimate of what the money from it being sold by the finance company will be.

Also expect all kinds of fees to be tacked on.

[samsensam]

1 hour ago, Chazar said:

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

 

agree, let him deal with the situation as he would if he did not have a foreigner brother in law.

[mokwit]

Just now, samsensam said:

 

agree, let him deal with the situation as he would if he did not have a foreigner brother in law.

So long as OP's wife isn't the guarantor for the loan...........................

[thaitot]

No there wold be no guarantor. For sure not my wife. 

Thanks again for the replies. Happy holidays

[farmerjo]

Does he have top class insurance on it.

[brokenbone]

contrary to popular belief, borrow money does not translate

to yum tang, it translate to hai ngun (give money)

its never going to come back to the owner

[Don Mega]

1 minute ago, brokenbone said:

contrary to popular belief, borrow money does not translate

to yum tang, it translate to hai ngun (give money)

its never going to come back to the owner

It is popular belief the money is a gift, everyone knows it aint coming back.

[mauGR1]

In the last 10 years or so, having seen brand new cars mushrooming on Thai roads, i wonder how many are in the same situation as described in this topic.

As the economy appears to be stalling, i am a bit worried of what the future may bring for many people in this country.

I have no advice for the OP, i would not like to be in the same dilemma.

[JonnyF]

He can hand back the truck and gradually pay off whatever else is owed on it, that will teach him several valuable life lessons. If the family never talk to you again, I'd consider that a massive bonus.

 

I haven't seen my gf's family since I gave her sister an old car to sell, worth around 60,000 Baht and she could keep whatever she got for it. Instead of saying thanks, she asked if I could just give her the 60,000 Baht and sell it myself. All the family (with the exception of my gf) agreed that it wasn't very kind of me to let her do the work of selling the car and I should just hand over the cash instead. Obviously I refused to do this and I later found out that she sold the car to a dealer for 30,000 Baht the very next day but never got back to me to transfer the book into the buyers name so it was driven around for 6 years in my name. When we asked for the sister to help me find the new owner she ignored the calls so I had to track down the new owner myself and transfer it into their name a couple of years ago, it was months of hassle.

 

It was all worth it though, as I have the perfect excuse to never speak to, or have anything to do with the family again and I haven't seen them for 8 years which suits me perfectly as "helping each other" was always me helping them.

 

[PatOngo]

No doubt he is Buddhist......give him a lesson:

The quality of our lives is conditioned by the quality of our actions.

[soalbundy]

2 hours 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

Your wife can say she is willing but that you aren't, worked for me, she is still good with the family but you are blacklisted, who cares, no skin off your nose and they will never ask again. 

[Matzzon]

1 hour ago, Don Mega said:

The finacne company agreeing to let someone else take over the payments does not change the owner, they own the vehicle (book) until it is paid in full.

Where did I post that somebody else should take over the payment? Please read and understand, before you post.

[Don Mega]

6 minutes ago, Matzzon said:

Where did I post that somebody else should take over the payment? Please read and understand, before you post.

The part were you said payment as far as I know means payment..... if you meant paying out the finance maybe you should have said that..... please understand English before you post.

[thaitot]

My wife and I keep separate bank accounts. She shares the bills for the most part and has a good savings so it is not my money that will be lost. If my family needed money I would help them but they have no financial issues.

i would not ask her permission to send money to them. I was just trying to gather some info on how these thai loans are possible with no credit so no accountability. All I can do is try and guide her to help keep the monetary losses to a minimum, that was my goal

[Matzzon]

2 hours ago, Matzzon said:

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.

 

1 hour ago, Don Mega said:

The finacne company agreeing to let someone else take over the payments does not change the owner, they own the vehicle (book) until it is paid in full.

 

16 minutes ago, Don Mega said:

The part were you said payment as far as I know means payment..... if you meant paying out the finance maybe you should have said that..... please understand English before you post.

Look at my original post at the top, and then we can start about who does not understand english. Wgat it stands in my post is that you make an agreement with the finance company, to recieve the payment of the sale from the new buyer directly. After that the car would be sold and they have their money, hence they can make the arrangement with the ownership change. never posted anywhere that another person should take over any monthly payments.