No longer being able to afford car repayments

[Kwasaki]

2 hours ago, KamnanT said:

The OP could certainly attempt to locate a buyer but s/he cannot transfer ownership of a vehicle s/he does not own.

Correct sir but you can still sell the vehicle by getting a settlement figure from the finance company then hope to get a buyer.

[Kwasaki]

1 minute ago, Keyser Soze666 said:

I assume the finance co won't care who the money comes from, ie the new buyer?

Not in the least as long as they get their money they just get it arranged and have the book sent to the new owner.

There stingy with the settlement figure and not negotiable though but better than the repossession route.

[Keyser Soze666]

5 minutes ago, Kwasaki said:

Not in the least as long as they get their money they just get it arranged and have the book sent to the new owner.

There stingy with the settlement figure and not negotiable though but better than the repossession route.

Ok cheers. Even better if the blue book goes direct to the new owner.

[Don Mega]

3 minutes ago, Keyser Soze666 said:

Ok cheers. Even better if the blue book goes direct to the new owner.

Yeah when I sold my car new buyer came with me to Tisco, they paid out Tisco and the balance to me... tisco arranged the book to be in buyers name and sent it direct to them.

 

Have done this twice.

[Keyser Soze666]

1 minute ago, Don Mega said:

Yeah when I sold my car new buyer came with me to Tisco, they paid out Tisco and the balance to me... tisco arranged the book to be in buyers name and sent it direct to them.

 

Have done this twice.

Cool. Tisco is our FC too. But again, hoping it don't come to that as 'er indoors won't be too happy ????

[Don Mega]

Just now, Keyser Soze666 said:

Cool. Tisco is our FC too. But again, hoping it don't come to that as 'er indoors won't be too happy ????

Selling it on has got to be better than Tisco coming round to collect the keys.

[Keyser Soze666]

5 minutes ago, Don Mega said:

Selling it on has got to be better than Tisco coming round to collect the keys.

Definitely.

[Sujo]

Op, you can ask a lawyer for best advice. I dont know the specific law in thailand but in many places it is illegal for a finance company to keep any surplus of the sale. The surplus must be returned to you. They can keep what is owed to them.

 

Best you get professional advice though. Or call the finance company and ask.

[Jeffrey346]

17 hours ago, Keyser Soze666 said:

The wife's, of course. That isn't important though, just generally trying to find out how it works.

If you miss 2 payments, they will repossess the car. They will send a letter demanding the full amount owed. If not paid, they will sue for the balance owed. 

[Mattd]

You have 3 viable options open to you.

 

1. Contact Tisco and explain the situation and ask to renegotiate the loan period, if this helps you by lowering the monthly payment.

2. Try to sell the car privately, be honest with the potential purchasers about the loan status and get the buyer to pay off the outstanding balance directly to Tisco, with any additional funds to you (if there are any!)

3. Default on the loan and let Tisco repossess the car, note if you took this route that Tisco would sell the vehicle for whatever they are owed, they are under no obligation to sell at market value and your wife would now have a major black mark on her credit history, which could bite you both where it hurts later in life.

 

The blue book will have Tisco as the owner under the finance agreement and your wife named on the next page, this is how the fines etc. get to the driver!

 

Tisco will likely be open to negotiation rather than the hassle of repossession.

Edited July 2, 2020 by Mattd

[natway09]

After selling the car & taking everything that they can (& they are good at it anywhere in the world)

you will get paid out the residual after reminding them 2 or 5 times 555

[innosiem]

just curious
what car ?
how much is left to be paid ?

[Sujo]

Dont know about in thailand but they cannot just sell it at any price. It must be reasonable. Yes any extra goes back to you. They can only keep what is legally owed to them.

 

[Pilotman]

7 minutes ago, Sujo said:

Dont know about in thailand but they cannot just sell it at any price. It must be reasonable. Yes any extra goes back to you. They can only keep what is legally owed to them.

 

haha good one. Its their car, they can do what they like with it.  The 'renter' has no rights in that situation. Any extra goes to the owner, the finance company. The 'renter' never 'owned' the car at any point. 

[KKr]

19 hours ago, Keyser Soze666 said:

I know that, same as a house with a mortgage, why i said 'on paper

it is not the same.
a movable property will usually be in ownership of the Lender, with the borrower having the right to take the ownership after full payment. (Hence the jobs of reposession guys.)
In the case of an immovable property, i.e. real estate or a ship, the borrower is the owner but the lender has preferential rights in case of an ownership transfer, and can go to court to enforce auction to serve the loan.

[mommysboy]

19 hours ago, Keyser Soze666 said:

The wife's, of course. That isn't important though, just generally trying to find out how it works.

You mean your friend's wife, right?

 

 

[steven100]

14 minutes ago, Sujo said:

Dont know about in thailand but they cannot just sell it at any price. It must be reasonable. Yes any extra goes back to you. They can only keep what is legally owed to them.

 

sorry .... your info is incorrect.  The FC own the car ,  not the ' payer or renter '

 

[varun]

The real question is if the friend should pay the remainder of the debt.

If he doesn't have the cash, he doesn't have the cash.

How is the friend's relationship with the wife?

If it is less than stellar, let the wife deal with the headache - it is in her name, after all.

 

[Bob A Kneale]

20 hours ago, steven100 said:

Then, if that's not sufficient, they will auction what other assets you may have to get the money owed back.  

I don't think so!

[Darkside Gray]

19 hours ago, Keyser Soze666 said:

The wife's, of course. That isn't important though, just generally trying to find out how it works.

Why not just sell the car and pay out the lease?

[Pilotman]

I guess what amazes me about this subject,  is how uninformed some people are in regards to 'agreements' that they voluntarily enter into, like the post not long ago of some chap who was defaulting on his credit card bill, or people caught up in Nigerian scams.  Thank goodness I educated my kids to understand what they were getting into with 'agreements' and what rights, or no rights, they had in certain circumstances, that they should avoid. 

[Mattd]

30 minutes ago, mommysboy said:

You mean your friend's wife, right?

24 minutes ago, varun said:

The real question is if the friend should pay the remainder of the debt.

If he doesn't have the cash, he doesn't have the cash.

How is the friend's relationship with the wife?

If it is less than stellar, let the wife deal with the headache - it is in her name, after all.

 

20 hours ago, Keyser Soze666 said:

Asking for myself NOT a friend.

OP made it quite clear he was NOT asking for a friend!

[ronaldo0]

In some cases they will reduce the monthly payments so they get paid and you get to keep the car . They up the interest a bit on it though .

[Don Mega]

3 hours ago, mommysboy said:

You mean your friend's wife, right?

 

 

The car is under a hire purchase contract with Tisco,

 

The friend's wife name is Tisco.

[Artben]

Sell the car if,it is worth more than you owe, and keep the difference.

[murraynz]

On 7/1/2020 at 8:37 PM, robblok said:

Its best to try to sell the car with finance. This can be done at times. That way you can maybe get some of the profit your way. The finance company has to agree to this. Also the other buyer must be checked. 

 

Its not easy but it can be done. 

 

*edit*

 

But 2 year old car just paid of 500K not sure how much you could sell it for in the current market. So maybe there is no profit at all. Maybe even an extra loss. 

Buying a brand new car,is always the best way to loose money.

They depreciate hugely,as soon as they leave dealers yard.

Ive just bought a 13mth old car,which was repossesed by bank,only 18,000kms,nearly half original sale price.

Still has warranty...why buy new ?

Many people especialy thais,buy new,because they can get low,or no deposit and very low intetest rates.

[murraynz]

In thailand,if a car is under finance,it remains in sellers name,until loan is paid in full.

[maprao]

On 7/1/2020 at 4:15 PM, steven100 said:

The Bank or finance company will want to recover the total amount owing which is the payout figure.

If you owe 500K still then the bank or FC will take court action to recover the amount owed.

The LED ( legal execution dept')  will auction the car and the amount will be deducted from the final payout figure that's required. Then, if that's not sufficient, they will auction what other assets you may have to get the money owed back.  

Maybe in our or your home countries / country . From what I have seen here it is a little different.

They repossess the car and then the people who should not have bought  it in the first place, because they could not afford it,  have no vehicle. They have nothing else. They can never get credit to buy another one but then one of the other people from the multitude of people (extended family) sharing the same house buys another car on credit later down the road. wash rinse and repeat.

 

A car loan is a never a "secured loan" especially against property.

 

But I am willing to eat humble pie with references.

[mommysboy]

4 hours ago, Mattd said:

OP made it quite clear he was NOT asking for a friend!

Ok. Sorry OP and forum members.

[Jenkins9039]

On 7/1/2020 at 8:29 PM, Keyser Soze666 said:

If that is the case then fine, just want to know.

Sell it privately, and never enter into a finance agreement in Thailand again, if you can't afford to clear the sum in full at a minutes notice, this is not the west....

 

In Dubai you'd be off to prison, here you could find yourself in a very difficult position.