Change Ownership From Thai To Farang

[Krub]

Hi,

The car is under a Thai name ownership and he is still paying the credit monthly payments (another 2 years to go)

Any way I can 'buy' the car and have the ownership changed from the Thai owner to myself ?

Thanks for any input

[DrFisher]

As long as you pay off the balance on the car or get your own loan you can transfer it to your name, however I would caution you to make sure the car is signed over to you before you pay anything to anyone. A very big scam here is to get someone to pay off a car, house, etc. and then go to the police and show ownership and take it back from you. My wife is an international lawyer and spends many hours trying to fight un-winnable cases like this as Thai law is mostly in the paperwork.

[Krub]

As long as you pay off the balance on the car or get your own loan you can transfer it to your name, however I would caution you to make sure the car is signed over to you before you pay anything to anyone. A very big scam here is to get someone to pay off a car, house, etc. and then go to the police and show ownership and take it back from you. My wife is an international lawyer and spends many hours trying to fight un-winnable cases like this as Thai law is mostly in the paperwork.

Thanks for the warning.

Am I dreaming to think that it would be possible for me to carry on the monthly payments and have the ownership of the car transferred to me (assuming the owner agrees as the payments are killing him and he wants to get rid of the car)

Do I talk to the credit company about this or the car dealer where the car was bought from ? There would be no cash changing hands between me and the owner.

I also have heard it is possible to Thais to borrow money from the credit company after they have completed 1 year of the car monthly payments based on their record of good payment and on the car being in their name. Does it mean the car is the collateral to the cash loan ?

Edited April 8, 2007 by Krub

[ozzydom]

As long as you pay off the balance on the car or get your own loan you can transfer it to your name, however I would caution you to make sure the car is signed over to you before you pay anything to anyone. A very big scam here is to get someone to pay off a car, house, etc. and then go to the police and show ownership and take it back from you. My wife is an international lawyer and spends many hours trying to fight un-winnable cases like this as Thai law is mostly in the paperwork.

Thanks for the warning.

Am I dreaming to think that it would be possible for me to carry on the monthly payments and have the ownership of the car transferred to me (assuming the owner agrees as the payments are killing him and he wants to get rid of the car)

Do I talk to the credit company about this or the car dealer where the car was bought from ? There would be no cash changing hands between me and the owner.

I also have heard it is possible to Thais to borrow money from the credit company after they have completed 1 year of the car monthly payments based on their record of good payment and on the car being in their name. Does it mean the car is the collateral to the cash loan ?

Evidentally car finance here is like a line of credit ,you pay off x amount then you can reborrow that amount,like all finance, it is weighed in favour of the lender,IE. gaurentor,high interest,vehicle in finance coy. name until fully paid for etc.

Pretty sure farang cannot have m/v finance in their own name.(but stand correcting)

[bkk_mike]

Pretty sure farang cannot have m/v finance in their own name.(but stand correcting)

I believe you can get finance if you have a work permit - but the loan would be restricted to being the length of the work permit (i.e. maximum one year).

[Krub]

It looks like the only way to have ownership under my name (farang) would be to pay off the credit first.

Am I right to assume this ?

It looks quite complicated and risky as if I pay the credit on behalve of the owner I am not 100% sure he will pass over the ownership ......

Could I have a 'contract' with the owner to pay off the credit payements in return for using the car ? (this would suit me perfectly) like a rent a car contract...

Would I need to involve a lawyer ?

Edited April 8, 2007 by Krub

[MaiChai]

It would it is much easier to buy a car that has no outstanding credit and then transfer to your name. Sounds to me like you are doing someone a big favour rather than protecting your own interests, and you would be wiser shopping around for the car you want? Alternativly, get him to clear the finance and then buy the car?

[taxexile]

It would it is much easier to buy a car that has no outstanding credit and then transfer to your name. Sounds to me like you are doing someone a big favour rather than protecting your own interests, and you would be wiser shopping around for the car you want? Alternativly, get him to clear the finance and then buy the car?

agreed

It looks quite complicated and risky as if I pay the credit on behalve of the owner I am not 100% sure he will pass over the ownership ......

you have answered your own question.

[stevenl]

Pretty sure farang cannot have m/v finance in their own name.(but stand correcting)

Don't know how it was done, but I have, four year loan.

[Krub]

Pretty sure farang cannot have m/v finance in their own name.(but stand correcting)

Don't know how it was done, but I have, four year loan.

Do you have a work permit ?