What are the options and repercussions if family member are now unable to keep up monthly finance payments for a car ?

[generealty]

Due to the recent lockdown a family member has lost their job and now totally reliant on my wife and I to survive. Unfortunately they are now unable to keep up monthly finance on a car. What options do they have and are their any negative repercussions ? They have paid a large deposit and 1 years repayments but still have 3 years left to pay.

[ChipButty]

Get the finance company to defer payments they gave my friend 6 months 

[Pilotman]

try negotiation, a lower payment until things improve, but it may come down to they pay, or you pay, or the car is reposessed.  But do try negotiation first, it may well work at the moment.  The thing not to do, is to stop paying without any agreement on a longer term arrangement.  

Edited April 18, 2020 by Pilotman

[Somtamnication]

Depending on the financing company, they should offer deferred payments. TLT (Toyota) gave me 3. Honda gave my sister in law 6 months. Ask.

[ChipButty]

At the end of the day the finance company want the money not a compound full of repossessed cars they know they will not get their money back

[OneeyedJohn]

5 minutes ago, ChipButty said:

At the end of the day the finance company want the money not a compound full of repossessed cars they know they will not get their money back

You are right.

One has to look at it from their point of view with 1000's upon 1000's of customers defaulting, they will want some money even if it isn't the full amount.

In my youth when I was in debt, there was always a way to negotiate.

[MekkOne]

This teach a lesson: don't buy what you cannot afford... Never bought anything with instalments in my life

[Captain Monday]

34 minutes ago, MekkOne said:

This teach a lesson: don't buy what you cannot afford... Never bought anything with instalments in my life

Real estate is a good investment usually. Cars? Other than a few exotic sports cars, a depreciating asset. Buy used. Only new if you can afford to  pay up front, sell in 3 years with low miles. Hope it does not get damaged in an accident. I have leased a car before one one occasion, a different strategy when could be used as a business expense. If it flies, fornicates, or floats..rent it!

[steve187]

1 hour ago, MekkOne said:

This teach a lesson: don't buy what you cannot afford... Never bought anything with instalments in my life

a very helpful post, self righteousness is not helpful in this matter

its a country where cars are priced way above the limit that most of the working class can afford, thereby making it only possible to own a car by using credit, 

[Moonlover]

2 hours ago, ChipButty said:

At the end of the day the finance company want the money not a compound full of repossessed cars they know they will not get their money back

A very good tip indeed. The repossession compound in Udon Thani was always chock-a-block full even before this lot kicked off.

 

Definitely a good time to 'make them an offer they can't refuse'.

 

 

[BritManToo]

2 hours ago, MekkOne said:

This teach a lesson: don't buy what you cannot afford... Never bought anything with instalments in my life

No house then?

[BritManToo]

1 hour ago, Captain Monday said:

Real estate is a good investment usually.

Only if you're single.

[generealty]

Thank you to all that contributed with constructive advice. I will pass the information over to family member.

One more question is - is it likely that they will be blacklisted and if so would this be considered if they wanted to apply for a visa to visit the UK ?

[Captain Monday]

19 hours ago, steve187 said:

a very helpful post, self righteousness is not helpful in this matter

its a country where cars are priced way above the limit that most of the working class can afford, thereby making it only possible to own a car by using credit, 

Did somebody twist their arms and force them to buy a car? I don't have one Thailand or any other country.

 

Does Thailand have a system of individual credit rating like USA? I would worry it would affect the ability to secure a home loan, which as I said is a good investment.

 

18 hours ago, BritManToo said:

Only if you're single.

Not sure about that. Having at least  small condo in my own country is part of my back-up plan. USA people are paying more than my loan payment to rent a dump, and the rents go up over time. Eventually I can pay it off or sell.  You always need a roof over your head, living in a car is not my idea of fun.

Edited April 19, 2020 by Captain Monday

[ivor bigun]

20 hours ago, MekkOne said:

This teach a lesson: don't buy what you cannot afford... Never bought anything with instalments in my life

not even your house? if you have one 

[generealty]

Captain Monday - How is your comment constructive. Its just bitchy and serves no purpose. I bet you don't have many friends

[The Word]

21 hours ago, MekkOne said:

This teach a lesson: don't buy what you cannot afford... Never bought anything with instalments in my life

Have you ever had a mortgage?

[transam]

On 4/18/2020 at 5:24 PM, MekkOne said:

This teach a lesson: don't buy what you cannot afford... Never bought anything with instalments in my life

Silver Spoon.....?  ????

[transam]

On 4/18/2020 at 6:08 PM, Captain Monday said:

Real estate is a good investment usually. Cars? Other than a few exotic sports cars, a depreciating asset. Buy used. Only new if you can afford to  pay up front, sell in 3 years with low miles. Hope it does not get damaged in an accident. I have leased a car before one one occasion, a different strategy when could be used as a business expense. If it flies, fornicates, or floats..rent it!

I am sure the OP is ecstatic reading your life story.......????

[Grumpy one]

On 4/18/2020 at 5:24 PM, MekkOne said:

This teach a lesson: don't buy what you cannot afford... Never bought anything with instalments in my life

So you never got married?

[transam]

53 minutes ago, Grumpy one said:

So you never got married?

Or done anifink...

[Captain Monday]

On 4/19/2020 at 4:20 PM, generealty said:

Captain Monday - How is your comment constructive. Its just bitchy and serves no purpose. I bet you don't have many friends

In case anybody wants cares "bitchy" is an Americanism. It went out in the 1980s

and is considered misogynistic. A man who is bitchy will be called "assertive".

Those unfortunates buying  cars and assuming debt do so not because they are stupid,

but mostly because they make rash decisions driven by trends and advertisements and have followed bad examples of other indebted people. 

 

 

 

[transam]

3 minutes ago, Captain Monday said:

In case anybody wants cares "bitchy" is an Americanism. It went out in the 1980s

and is considered misogynistic. A man who is bitchy will be called "assertive".

Those unfortunates buying  cars and assuming debt do so not because they are stupid,

but mostly because they make rash decisions driven by trends and advertisements and have followed bad examples of other indebted people. 

 

 

 

I thought they were called a "tosser", but then again I am from River Thames London....????

[Surasak]

On 4/18/2020 at 5:24 PM, MekkOne said:

This teach a lesson: don't buy what you cannot afford... Never bought anything with instalments in my life

I've got a box of medals somewhere in my workshop. You can come and help yourself any time.

[xtrnuno41]

As i understood in Thailand you cant have a loan without a guarantor. IF you cant pay, then they go to guarantor.

So lots of problems. Try negotiating, but  otherwise you ll loose y the car, i guess.

[Captain Monday]

1 hour ago, transam said:

I thought they were called a "tosser", but then again I am from River Thames London....????

River Thames Eh? Sounds quite posh. Tosser is British English. Is a tosser the same as a <deleted> or a prat?

[sometimewoodworker]

On 4/19/2020 at 9:40 AM, generealty said:

Thank you to all that contributed with constructive advice. I will pass the information over to family member.

One more question is - is it likely that they will be blacklisted and if so would this be considered if they wanted to apply for a visa to visit the UK ?

They would go onto the credit “blacklist” for 5 years after the matter is settled, note that is not 5 years from today, it can take some time.
 

They may have to inform the U.K. officer that that has happened, it certainly could have an influence in judging if they are likely to return to Thailand after a visit.
 

They should follow the advice given here to talk to the finance company first as even if the final choice is to give up on repayments they will almost certainly be in a better position than to just stop with no notice.

Edited April 21, 2020 by sometimewoodworker

[transam]

1 hour ago, Captain Monday said:

River Thames Eh? Sounds quite posh. Tosser is British English. Is a tosser the same as a <deleted> or a prat?

Has many uses, including a bitchy bloke.....????

PS. My aunt lives in London, Ohio..... 

Edited April 21, 2020 by transam

[Deerculler]

On 4/18/2020 at 5:24 PM, MekkOne said:

This teach a lesson: don't buy what you cannot afford... Never bought anything with instalments in my life

The Saint.

[transam]

1 minute ago, Deerculler said:

The Saint.

A Saint...........