Thais, New Trucks living beyond their means help

[djayz]

1 hour ago, fruitman said:

How is it possible that loads of thai are in Japan or Europe now for a christmas holiday? Of course they can afford that.

Those are a completely different group of people. Those are the ones who pay for the husband's Benz and wife's BMW in a single installment, shop in Europe for original designer handbags and eat fresh sushi in Japan. Not to be confused with those who have to scrape a few thousand together every month to pay off the car. 

[DaRoadrunner]

On 12/25/2019 at 5:49 AM, Matzzon said:

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.

Dealerships do not usually provide loans, there is a finance company or bank behind them, they are the one you need to ask about terminating the loan. Happens all the time in Thailand, Thai takes out loan he cannot afford, eventually truck gets repossessed. You MUST SEE the loan documents and talk to the finance company.

 

He can sell the truck providing he pays off the finance company from the proceeds. (There may be a shortfall).

 

Often a finance company will extend the loan and give more time to pay. They do this as they do not want to repo the truck unless they have to. Negotiate with the finance company.

 

On 12/25/2019 at 6:24 AM, 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

When I took on Lady Roadrunner, I made it clear that I would take care of her, but that I was not taking on the whole tribe.

[thaitot]

First Thanks to everyone for the replies. Yesterday was Christmas so I was not near my computer.

I think i owe some respondents some answers to their questions.

 

We have been away on vacation getting some sun for the last week and will not be back home until

about the First. 

 

With regards to the brother in law asking me for money. I do not speak Thai fluently so he is asking

my wife for money, she will not ask me for money as she has her own.

 

There is no chance she Guaranteed the loan we moved to the usa about 11 years ago and 2 years ago

was the first time that we went back to Thailand the truck was purchased before we went back.

If documents were to have been sent to her I would know about it , I am confident in that statement. 

 

I handle all the finances both hers and mine.  

 

This thread has helped me understand a little more about the truck financing as people have posted

real life experiences that was my hope. 

 

I really do not want to dig into the contract thing to much get a copy translate ect. I just want to know how much his monthly payment is how much he is behind and how much he owes and the length of the contract. If it is way out all I can do is express to my wife the truck is going to be lost and we are just extending that period out another 4 months with money lost.

 

I am going to force my wife to have a conversation with him so he is on notice that the next time it will not be as easy.

 Do I think this will be the last, no. She would just simply send the money.

 

My wife is a little different than some. She has about 25 friends that live in the same city as us,

almost everyone goes back to Thailand every year again 2 years ago was  the last time we have been back in 11 years. My plan was to buy a condo and do the winters in Thailand , but I follow Thai visa pretty close and every day that goes by I realize that is just a bad plan for lots of reasons.

My wife could care less if she ever goes back to Thailand.

 

So I will dig into this a little more when we get back home and be sure that the brother in law realizes 

that asking for a loan will not just be as easy as picking up the phone and making a call. . Ok again I know it is not a loan even in the usa I realize if people are borrowing money and you are providing it there is about a 1% chance it will ever come back I do not loan money to any of my friends that is what banks are for plus it ruins friendships.   

 

We have a bank account in Thailand with little to no money in it maybe 10k I have tried to keep it open 

so when we arrive in Thailand we do not need to walk around with allot of cash, they constantly want to close it so we add 500 baht every so often.

He told her he would pay her back 5k per month until it is payed off. I will see if I can get the online portion working so I can see the account. It is not quite as easy doing it from abroad.

Do i think the payment will be deposited, not a chance in hell. If he can not make the truck payment he will never be able to make that payment plus the 5k. Only thing I can hope for is I can convince my wife that the next time

he asks for a loan is he never paid back the first one.

 

We do not mind helping her family but I feel Thais are like children if they have no boundaries they know no limits.

 

Thanks again to all that have taken the time to read and reply to my post.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Scouse123]

On 12/25/2019 at 6:03 AM, 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. 

Because the finance company hold the main car documents until full payment has been made.

 

If you advertise the car for sale at say for just an example of 500,000 baht and you owe 200,000 baht then you and the buyer go to the dealership together.

 

The dealer gives a written printed balance to pay in full and final settlement.

 

Sometimes a discount for early payment.

 

The buyer draws cash to pay the seller and a certified bank cheque or alternatively  both buyer and seller go to the dealer and pay the outstanding in cash.

 

There would be no violence if he didnt pay. They would repossess and chase any shortfall through pestering and  badgering and through the courts if they thought there were any assets to claim against the shortfall

Edited December 26, 2019 by Scouse123

[Scouse123]

3 hours ago, thaitot said:

First Thanks to everyone for the replies. Yesterday was Christmas so I was not near my computer.

I think i owe some respondents some answers to their questions.

 

We have been away on vacation getting some sun for the last week and will not be back home until

about the First. 

 

With regards to the brother in law asking me for money. I do not speak Thai fluently so he is asking

my wife for money, she will not ask me for money as she has her own.

 

There is no chance she Guaranteed the loan we moved to the usa about 11 years ago and 2 years ago

was the first time that we went back to Thailand the truck was purchased before we went back.

If documents were to have been sent to her I would know about it , I am confident in that statement. 

 

I handle all the finances both hers and mine.  

 

This thread has helped me understand a little more about the truck financing as people have posted

real life experiences that was my hope. 

 

I really do not want to dig into the contract thing to much get a copy translate ect. I just want to know how much his monthly payment is how much he is behind and how much he owes and the length of the contract. If it is way out all I can do is express to my wife the truck is going to be lost and we are just extending that period out another 4 months with money lost.

 

I am going to force my wife to have a conversation with him so he is on notice that the next time it will not be as easy.

 Do I think this will be the last, no. She would just simply send the money.

 

My wife is a little different than some. She has about 25 friends that live in the same city as us,

almost everyone goes back to Thailand every year again 2 years ago was  the last time we have been back in 11 years. My plan was to buy a condo and do the winters in Thailand , but I follow Thai visa pretty close and every day that goes by I realize that is just a bad plan for lots of reasons.

My wife could care less if she ever goes back to Thailand.

 

So I will dig into this a little more when we get back home and be sure that the brother in law realizes 

that asking for a loan will not just be as easy as picking up the phone and making a call. . Ok again I know it is not a loan even in the usa I realize if people are borrowing money and you are providing it there is about a 1% chance it will ever come back I do not loan money to any of my friends that is what banks are for plus it ruins friendships.   

 

We have a bank account in Thailand with little to no money in it maybe 10k I have tried to keep it open 

so when we arrive in Thailand we do not need to walk around with allot of cash, they constantly want to close it so we add 500 baht every so often.

He told her he would pay her back 5k per month until it is payed off. I will see if I can get the online portion working so I can see the account. It is not quite as easy doing it from abroad.

Do i think the payment will be deposited, not a chance in hell. If he can not make the truck payment he will never be able to make that payment plus the 5k. Only thing I can hope for is I can convince my wife that the next time

he asks for a loan is he never paid back the first one.

 

We do not mind helping her family but I feel Thais are like children if they have no boundaries they know no limits.

 

Thanks again to all that have taken the time to read and reply to my post.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

if you wanted to spend winters in Thailand just go out and rent a fully furnished condo in a good place where you want to be for the six months or whatever you are here. Far cheaper than getting involved in buying properties, which very quickly can lose value.

 

Yes, there are certain areas where they go at a premium in parts of Bangkok. Why get involved in any of this when you have a good life. Just rent a high quality place whilst you are here and forget it when you go home to the USA.

 

Loads of people stuck with condos they can't sell in areas that looked OK when they invested but are now ' The pits ' neglected and decaying.

 

If your wife wants to lend him, its up to her I suppose, but if you are married 11 years she knows you, and she knows full well she is saying goodbye to the cash. You and I both know, he won't pay it back. Yes, all guys in his predicament live beyond their means and then bury their head in the sand when it goes tits up. I have a similar Thai family the same as that.

 

Family of eight, father dead, all except one working but the mother thinks she can come and just ask us every time the old bag has a problem, the reason/ because we are nearby and convenient and she knows I have money.

 

They make me puke and I have been here 25 years.

 

You can't educate PORK!

[emptypockets]

12 hours ago, Don Mega said:

pay peanuts get monkeys.

Pay pension get expats.

[emptypockets]

12 hours ago, Don Mega said:

Ohhh you are talking about those not legally employed under the thai labour laws or work for a company where the unions have a foot hold...

 

Sucks to be them.

Where does a union have a foothold anywhere in Thailand?

[Damrongsak]

My sis-in-law and her husband bought a truck some years ago, still have a payment of about 10,000 Baht/mo. for the next 12 months. Due to her health and their economic situation, they asked my wife if we wanted to buy a share of the truck.  We could use it anytime we visited from the U.S..  Yeah, right...  So I worked out a face-saving compromise (I think).  They have and do care for our house and compound across the street.  Bro-in-law would do a lot to help my wife when she was there for a 2 year period, with no real compensation.  So I allowed as how we should pay them 3,000 Baht/mo for mowing the lawn, watering, feeding the chickens and just watching after the house.  Another 3,000/mo will be a "loan" (555).  Half that comes from payments on a tiny lot we sold to another relative (at a profit).  The "loan" half comes from the residual of a loan repayment from another sister who is in the U.S. 

 

I married in to this family 41 years ago.  We've helped on occasion with chump-change contributions (though we did build a house for her Mom years and years ago, which we've been somewhat compensated for).   As the old man of the family, I'll occasionally help if I'm not taken advantage of.  My wife's siblings that we sponsored to come to the U.S.  are doing well and help me a lot.  Mow and rake leaves in my lawn, fix my cars, move furniture and that sort of thing.  So occasionally things work out.  It does take the vigilance of a cheap <deleted> like me to make it happen.  ????

[Don Mega]

3 hours ago, emptypockets said:

Where does a union have a foothold anywhere in Thailand?

At both my current place of employment and the previous one.

[Don Mega]

4 hours ago, Scouse123 said:

Because the finance company hold the main car documents until full payment has been made.

 

If you advertise the car for sale at say for just an example of 500,000 baht and you owe 200,000 baht then you and the buyer go to the dealership together.

 

The dealer gives a written printed balance to pay in full and final settlement.

 

 

for the 3 vehicles Ive financed I had to go to the finance company/bank... not car dealership to pay the balance of the loan.

 

Have ever financed a car in Thailand ?

Edited December 26, 2019 by Don Mega

[Scouse123]

8 hours ago, Don Mega said:

for the 3 vehicles Ive financed I had to go to the finance company/bank... not car dealership to pay the balance of the loan.

 

Have ever financed a car in Thailand ?

 

Yes I have or I would not have written the post.

 

I used Toyota finance direct through the Toyota dealership.

 

 

 

Edited December 27, 2019 by Scouse123

[Don Mega]

5 minutes ago, Scouse123 said:

 

Yes I have or I would not have written the post.

 

I used Toyota finance direct through the Toyota dealership.

 

 

 

Righto, so you dealt with the finance company and not the dealership.

 

Thanks for confirming my post.

[Scouse123]

1 minute ago, Don Mega said:

Righto, so you dealt with the finance company and not the dealership.

 

Thanks for confirming my post.

 

Splitting hairs. You know what I meant.

 

Maybe I cleared the finance company but it was all done at the dealership as I previously stated. I went to the dealership, they contacted the finance company, I got a printed statement saying how much to clear. They worked hand in hand.

 

What I didn't do was go to banks or finance houses offices.

[BTB1977]

I stay out of all money matters of my wife's family. I will help out her mother and father for health issues and some basic support. But as for the brothers and sister's they are all grown ups and make their own money mistakes.  Up to them what they do. Your wife has to tell the brother to deal with it himself. This is not a life or death problem he created.  There has to be a line in the sand that the siblings do not cross.

[varun]

Your question is irrelevant - why do want to know the nuts and bolts of this loan agreements?

If the loan agreement looks credible, will you give him the money?

Don't be a stupid farang ATM - refuse any loans.

 

The more important question is are you sure this person is really your wife's "brother"? 

[fhickson]

im from the usa as well and i have a sister who pulls this routine regularly with family.

 

this stuff is human nature and you can throw the usual thai cultural excuses out if it makes things easier for you.

 

any loans will result in more requests in the future, unless its a true emergency (ie shelter or food), and the more gifts you give the more likely you will give in the future and believe the excuses fed to you.

 

end story: the truck is new. he sells it and gets an old used truck that barely runs before you consider any possibility of a loan.

 

if he cant sell the truck at all and have title transfered, then he just bites the bullitt and the truck gets taken and he buys something used without financing.

 

remember this is a grown man, not a child. you may want to even consider letting him man up and learn a lesson from it on his own and just decline the loan. what your wife does is her own decision and its best to not try to control what she does or you become part of the problem.

 

 

Edited December 31, 2019 by fhickson