Toyota Financing issues

[timberpond]

We own a small fleet of rental cars and mostly financed by Toyota. After 2.5 years the business finally is cashing out on its investment.

Today I cleared the first financed car with a balance of 6 installments and learnt that I have to wait 30 days for the blue book.

Buyer had been setup and now I can't sell it because Toyota thinks it's right to hold on to our property(blue book) for another 30 days.

 

The car have a monthly installment of 11,941 baht per month and the full settlement is 71,342 after interest rebate of 2.4% p.a. The interest rebate is only 304 baht 555.

They proudly told me that Toyota does not take early settlement fee but there's a administrative fee of 1,500 baht LMFAO.

 

Lastly, the staff came to my office to collect paper work to start the process of releasing blue book. Last year we made some adjustment of company shareholder's percentage, and now they are saying that I have to go DBD to get new paperwork(Ngan Se Lap Long) done. We are not applying for new loan for god sake. The car is now fully paid and fully own by us. Can I call the police? Joking...

 

By the end of this year, I have another 8 cars selling and this is the first LOL. Luckily we had already stop expending our car rental business and ventured into Machinery rental.

2 years of torture until the last car is back in 2021 August. Anyone's car is under financing and planning to sell, do know that you need the blue book to make transfer to new owner and that will take you 30 days. Good luck to finding a buyer that is willing to wait 30 days. THAILAND 4.0!!!   

[FritsSikkink]

So after 2.5 years in business you were able to find out that the blue book takes a month, why not ask when you take the loan.

[Don Mega]

Yeah from memory both cars I financed it took about a month to get the books, I asked them though when I decided I would sell them so was able to forewarn any buyers.

 

But if the business cashed out why did it not payout the vehicles then and there instead of waiting for the buyer to stump up the cash ?

Edited February 19, 2020 by Don Mega

[timberpond]

2 hours ago, FritsSikkink said:

So after 2.5 years in business you were able to find out that the blue book takes a month, why not ask when you take the loan.

The first 7-8 cars we paid cash and there after then we started loan. This is the first car that we decided to early settlement since buyer show up with good offer. So you mean you did ask how long to get the blue book in case you settled early in your home country?

[timberpond]

2 hours ago, Don Mega said:

Yeah from memory both cars I financed it took about a month to get the books, I asked them though when I decided I would sell them so was able to forewarn any buyers.

 

But if the business cashed out why did it not payout the vehicles then and there instead of waiting for the buyer to stump up the cash ?

As explained earlier, the car came back for a few days and customer is driving a standby car. Someone saw it, look at the mileage, test drive a bit and made an offer which is very fair. Since our contract is ending soon and car financing left not much I figured let the customer continue with the standby car for few more months while we sell this car. 

[steve187]

30 days is the norm, if buying a new car there is a wait for the blue book in excess of that 30 days

[FritsSikkink]

19 hours ago, timberpond said:

The first 7-8 cars we paid cash and there after then we started loan. This is the first car that we decided to early settlement since buyer show up with good offer. So you mean you did ask how long to get the blue book in case you settled early in your home country?

I don't have a loan and am not going back to my home country.

[timberpond]

2 hours ago, FritsSikkink said:

I don't have a loan and am not going back to my home country.

Then I don’t see why you are participating on a car financing topics. Anyway thanks for your input. Have a good evening.