Thais, New Trucks living beyond their means help

[CharlieH]

Option 1 

Pay off the loan sell the truck.

Option 2 

He sells the truck, pay off loan, pay off what's left.

Option 3

Give back the truck, pay off what's left.

Option 4 

If he can't pay off what's left and he owns a home they can sell that or any other assets he has to get their money. 

 

My advice, don't get involved.

 

 

[Chazar]

3 hours ago, thaitot said:

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.

ah  ok.

[brokenbone]

2 hours ago, JonnyF said:

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.

????

[henry2109]

5 hours ago, JonnyF said:

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.

 

Good story, which shows how dysfunctional many people here are. 

 

Apropos "Teach him several valuable life lessons", we know both they simply do not learn, but repeat the same mistakes over and over.

[Assurancetourix]

8 hours ago, thaitot said:

 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 think that if he cannot return the vehicle it is because he is effectively under the pressure of loan shark.

In my opinion, it is his problem and not yours.
He must have said ... the  brother in law is American, he lives there, he earns a lot of money ... if I have a problem with reimbursement, he will be the one who will advance me the cash.

If such a thing happened to me, the solution is very simple:
you wanted a nice brand new pickup without having the opportunity to pay for it; it is your problem ....

Thai traditions have got a broad back ......
and strangely when there is no farang in the family they always find a way out.

[seajae]

wifes cousin borrowed 20,000 baht from her to put new wheels/tyres on his pick up, wife had given him a job in the company she manages and he worked well, I even had him help me at a generous hourly rate on weekends. He was paying off the 20,000 with his allowance money from the company, after 6 months and with not much of the money paid back he traded it in on a much newer model he could not really afford, about a month after that he disappeared taking the new truck with him and owing my wife around 15,000 baht. You cannot trust many thais, especially family when they ask for money, 50k is  several missed payments, he obviously is not able to make repayments so it will be lost money with the truck being repo'd anyway when he doesnt make more payments, best off letting him realize his own mistakes and maybe he wont do it again in the future after they take it and sell it off

 

[djayz]

17 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

What damage to you? You didn't take out the loan. If you're worried about her family, fxxx 'em. Let them put their hands in their pockets and stump up for him. He is, after all, their their blood relative. Not yours. 

 

50k sounds WAY too much. My BIL was 3 months behind for his truck and that only came to just under 21,000 in total. I can't help but feel that your BIL is either 1) trying to milk you or 2) up to his neck in debt and the truck isn't his only problem. 

 

 

[Ron jeremy]

Bail him out and guess what will happen again?

bigger truck next time!

[Traubert]

Buy it off him for the arrears sum (obviously paid direct to the loaner, not him), and then rent it back to him for the ongoing monthly payment. First time he defaults, take it off him and sell it. Make sure he and the family know that's the plan and have a replacement lock ready.

 

Good guy/bad guy, shows who the boss is.

[Jeffrey346]

On 12/25/2019 at 6:00 AM, thaitot said:

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.  

If he has a bank loan and defaults, the bank will repo the truck and come after him for the full balance due. 

His credit will be trashed  as well.

[Assurancetourix]

35 minutes ago, Jeffrey346 said:

If he has a bank loan and defaults, the bank will repo the truck and come after him for the full balance due. 

His credit will be trashed  as well.

In Thailand when you go to your bank to buy a vehicle, it does not give you credit;
it is a leasing;
so a contract between the dealer and you and the bank is in the middle. She is in fact the real owner of the vehicle until the rents have been paid.
And in Thailand it can go up to 8 years!
If you do not pay the monthly payments, the bank will come to seize the vehicle and it is she who will seek to find a buyer to finish paying the rents which often run over several years.
There are two winners in this kind of story: the bank of course and the new buyer who will only pay the remaining rents.

and a loser, one who had eyes bigger than his stomach;
he will have paid rents for a few months then will have lost the vehicle ...

[Don Mega]

6 hours ago, Traubert said:

Buy it off him for the arrears sum (obviously paid direct to the loaner, not him), and then rent it back to him for the ongoing monthly payment. First time he defaults, take it off him and sell it. Make sure he and the family know that's the plan and have a replacement lock ready.

 

Good guy/bad guy, shows who the boss is.

Replacement lock ?

[cnx355]

If you still want to pay after all the comments on this post, ask first to see the contract and a copy of the blue book that the bank or finance have.  They always make a photocopy when  you ask so you can keep in the truck as proof of ownership for police. Send only the monthly amount due. You wife can translate the documents as I guess you trust her.

 

Then ask to see the copy of the receipt from the bank or finance company.

 

Repeat every month until he decide that it is too complicated or he is not using the money as he says.

 

They all have smart phones that can scan documents in case he say he can not do it.

Make him < work >to get the money every month. If he is real lazy he will find a way to pay the truck or get rid of it.

 

If you were not in the family he would find a way out. 

 

 

[thailand49]

I read only the first page but when you say "we" is this what your wife wants or you just assuming?

 

Isn't it funny of all the family he comes to you?  He is 50,000 baht behind do the numbers like a loan officer most Thai loans are 7 years? Then look at what he does for a living as you know from your posting he is living beyond his means.

 

You might not think or she hasn't told you but for many reason Thai women have been brainwashed to feel they must take care of the family, you heard it before the boys get a pass, of course I talk in general! Not saying she shouldn't but is she forwarding money to the family?

 

Based on my experience and living with Thais I wouldn't worry too much about the loan or what they will do to him. Whether from a bank or secondary market. He comes to you now because they are close to coming for the truck usually 3 month they are most likely close to finding him to take it back. Regardless, it will just end up at a used car dealership it is more common than you think.

 

As for credit, they don't seem to be able to keep track. I live next door to a family that runs the biggest car driving school. I've seen him get loan after loan for vehicles and then have them taken back. My other neighbor is a cop his side job is to track down the customer take their vehicles he rents a back portion of my lot and parks these vehicles until the owners can pay back the loan after a few months they have a number of freelancers dealership that the vehicle is placed for like consignment?

 

I could write you a lot more as to why Thais do what they do?  Whether you help or not is your decision but I wouldn't worry too much about him being hurt even if he borrow from the mafia as they say! The vehicle is his payment!

[Andyfez]

The chances are that he paid the acceptable minimum deposit.

If he was credit worthy - very little. If he wasn't credit worthy - something like 30-40% of the total value.

Then opted for monthly payments of something like 5,000 to 10,000 Baht a month for a total of 7 years.

If he wants 50,000 the chances are he's 3 months behind, and the car will be repossessed imminently.

The only way to avoid repossession is to get up to date on payments.

If the car is repossessed he or his guarantor (I hope that wasn't your wife on the quiet - it happens) will be legally committed to continue paying. Ask him who guaranteed his loan. Often it's a well off relative or friend who signs it without thinking of the serious consequences.

The only alternative is to sell the car, and get the new owner to take over the loan agreement .

Often Thais in this situation try to make a profit on the deal, and pitch the value too high. Then they can't sell.

He needs to basically give it away at current value, and kiss the payments he's already made goodbye. But he has very little time.

[Seeall]

On 12/25/2019 at 6:22 AM, Chazar said:

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.

Have a thai wife in his country complicates things as she can play up over there.....  otherwise its the "theres the door scenario"

[Aussiepeter]

This is an everyday occurrence in Thailand. My wife's uncle bought a brand new Toyota pickup at the C Mai motor show, then couldn't even make the first payment ! He is a tradesman with a good cashflow, but lives way beyond his means. I needed a vehicle so I paid out the loan and put it in my name. Two weeks later we go to his shop and there is a brand new Mitsubishi 4WD in front. Same deal - he couldn't even make the first payment - they never learn. It was repossessed six weeks later, when I refused to help out. He still talks to me/us just fine. Since we left LOS in 2013, he has somehow managed to buy three more new vehicles - all since repossessed. The used car yards in C Mai are chock full of such vehicles, many with only a few thou kms on the clock. Don't get involved, he will be just fine, but will have to pay the difference owing after it is sold. Doubt he will learn anything though. 

[moe666]

On 12/25/2019 at 5:50 AM, 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  

The probably do the same in Thailand they would in the states if your vehicle is taken by the loan folks you still are required to make the payments, without the use of your vehicle. If he is behind on the payments now what happens if you loan him the money and then he falls behind again

[wombat]

On 12/25/2019 at 5:39 AM, thaitot said:

he can not return the truck.

the way i hear it not for 2 years.

[CM Dad]

It's Christmas, give him the money, but insist that the truck is transferred to your wife's name so he can't borrow against it.  Then let him drive it until it dies, but let him know there will not be anymore "loans" or trucks from you and your wife.  Melly-Kiss-A-Mutt!

[berrec]

I know after such a lengthy association with your wife you are fully aware that once you marry a Thai you actually marry the immediate and extended family.

 

You see that virtual ATM imprint on your forward; for the Thai relatives your the gift that just keeps on giving!

It's the festive and giving season; forget all the possible ramifications, just dig the guy out of the crapper and your wife will hold you in the highest esteem for helping her family out.

 

 

[djayz]

2 minutes ago, berrec said:

I know after such a lengthy association with your wife you are fully aware that once you marry a Thai you actually marry the immediate and extended family.

 

You see that virtual ATM imprint on your forward; for the Thai relatives your the gift that just keeps on giving!

It's the festive and giving season; forget all the possible ramifications, just dig the guy out of the crapper and your wife will hold you in the highest esteem for helping her family out.

 

 

What a load of trifle!

 

If you lay down some general ground rules at the beginning of the relationship, then everybody knows what's what and you won't run into these "you are the gift giver/ATM" problems so many if you guys talk about. I'll never understand why so many guys bend over just because they're married to a Thai bird. Grow a pair. You wouldn't continuously bail out your deadbeat, useless friends or family back in your home countries, so why do you do it here?

 

Simply mind boggling... 

[mokwit]

Just now, djayz said:

f you lay down some general ground rules at the beginning of the relationship, then everybody knows what's what and you won't run into these "you are the gift giver/ATM" problems so many if you guys talk about.

It's that easy? I assume you are speaking from personal experience.

[mogandave]

If my brother in Texas needed two two thousand dollars I would give it to him. Why would I begrudge my wife giving her brother in Thailand two thousand dollars? 

[malibukid]

and farang no credit card

[Don Mega]

2 minutes ago, malibukid said:

and farang no credit card

Reminds me, I need to go to the bank and update my address so that they can send me my new card when the current one expires in March.

[mogandave]

14 minutes ago, malibukid said:

and farang no credit card

I have two unsecured Thai credit cards. Thai American Express and Citibank VISA.

[mokwit]

2 minutes ago, mogandave said:

I have two unsecured Thai credit cards. Thai American Express and Citibank VISA.

Did you previously hold those cards in your home country - e.g. Amex you are supposed to transfer to Amex Thai and I would guess this is straightforward whereas an actual application from a farang with no Amex in theirhome country might be less simple.

[mogandave]

9 minutes ago, mokwit said:

Did you previously hold those cards in your home country - e.g. Amex you are supposed to transfer to Amex Thai and I would guess this is straightforward whereas an actual application from a farang with no Amex in theirhome country might be less simple.

No. I had a company Amex from the US, but not a personal, .and a personal Visa card from the US. 
 

I got signed up for the Thai Airways Amex at a Thai lounge at Don Moung a long time ago. 
 

I got signed for the Citibank Visa when they came to my office and signed up everyone that wanted one. No idea how many got one. This was a long time ago as well. Every year they raise the limit and waive the fees.

 

Both Amex and Citi waive annual fees, but only if you call. 
 

I also had a Thai Farmer Bank Visa card, and I got that at an office drive as well. 
 

I think you do have to have a work permit and income to get one.

 

[recom273]

The way I look at it, it’s never going to be a loan - it’s a helping hand.

 

In times like this the typical reply from the family, will be, well if you can’t help, then you can’t be in our family. Family is everything in Thailand, right? 
 

So in times like this, I’m prepared to match what the family put in to bail him out.

 

So that’s 25K, not a massive amount - then take that as a line in the sand, no more money is available until the boy pays it back, of course, hell has more of a chance of freezing over and it’s cost you 25K to buy yourself a bit of peace and quiet for 2-3 years until his debt is forgotten about.