Where and When to Buy Repo Car?

[Banana7]

Looking to buy a repossessed car, preferably an Corolla Altis. I have emailed bank leasing/finance companies but no response.

When will the banks, finance or leasing companies start repossessing vehicles and where and how do they sell them?

News is full of people losing jobs and lots of unemployment. How many payments have to be missed before creditors take action?

[scubascuba3]

Look for the auctions, need a thai

[DrTuner]

In Pattaya they have an auction every now and then at the parking lot on BigC Sukhumvit. At least used to have. Easiest to ask the bank itself.

 

I don't think I'd buy one from there though. People who can't take care of their finances aren't likely to take care of their cars.

Edited August 16, 2020 by DrTuner

[tlandtday]

I think there is a current moratorium on defaults.  Best wait to the banks actually start repossessing again.

[Banana7]

2 hours ago, tlandtday said:

I think there is a current moratorium on defaults.  Best wait to the banks actually start repossessing again.

One seller told me she got the car she was selling from a bank because the guy couldn't keep up with the payments. I think there was a request by the Bank of Thailand to banks to provide flexibility on loans to SMEs until about Sept. 1. I didn't hear anything about personal loans.

 

Any idea when the banks will start mass repossessions?

[jackdd]

I think it will take some more time. People lose their job and at first they will use savings to pay for it, maybe agreeing on reduced monthly payments with the bank (the banks make money from interest payments, not from repossessing cars, so they will try to avoid it if they see a chance that they get paid). Then after a further few months they can't pay anymore and default on the vehice. Then it takes a further few months until the cars are repossesed and show up on auctions.

I think starting next year we will see the number of second hand cars increasing, but could also be as late as middle of next year.

[RichCor]

Google Search it, or even better do the same search in thai text. Lots of search results.

 

thailand bank vehicle auction (english text)

repossessed cars thailand (english text)

 

bank repossessed car auctions (thai text)

[Big Joke]

https://mottoauction.com

 

Next auction 19 August 2020 On Nut Bangkok.

 

Entertaining to view the salvage sales.

[Banana7]

Thanks to all of the replies. Here are 2 recent auction price lists from SCB.

car-150863.pdf car-160863.pdf

[Banana7]

8 hours ago, Big Joke said:

https://mottoauction.com

 

Next auction 19 August 2020 On Nut Bangkok.

 

Entertaining to view the salvage sales.

Can you provide a link to the vehicles being auctioned? The above link just describes their business, no links/pages to the auction.

Edited August 17, 2020 by Banana7

[Big Joke]

13 hours ago, Banana7 said:

Can you provide a link to the vehicles being auctioned? The above link just describes their business, no links/pages to the auction.

Click on "Auctions" logo then click on the calendar.

[Thailand]

Many old cars and prices quite high for an auction.

[murraynz]

There are several people on 'Bahtsold' who sell cars that they buy from their bank 'contact'..repossesions.

I bought one recently,only 13 mths old. 18,000kms..good buy.

The lady did all the work witj trsnsfET of ownetship and registration etc..

[misterphil]

I bought a scooter that was repossessed years ago. As brand new with 100km on the clock and 10,000 baht cheaper than a new one. Great deal and still have it today. 

[zaZa9]

A 2017 Revo Smart Cab Prerunner at 280k ( see pdf 1 )  seems like a very  good deal to me . Ive been to the auctions near the Laos Embassy in Bkk , and  you would definitely need a Thai  that is quick witted ... and another with some mechanical know-how.

[paulbrow]

19 hours ago, Banana7 said:

Can you provide a link to the vehicles being auctioned? The above link just describes their business, no links/pages to the auction.

https://www.mottoauction.com/auction/calendar

[sanuk711]

I have brought at the auctions--(twice) I think the posters that are saying wait a bit, are probably correct, Take note that they do not Auction the car in the area that it was repossessed (for obvious reasons)  Making BKK a place for a lot of country cars, Korat/Udon Thani etc  good places to buy. You do need a Thai with you, its 10,000 baht deposit to bid--refundable.

 

Face Book etc may be an option while your waiting some owners who have lost jobs etc , want you to take over payments--they usually want something for themselves as well (as they put a deposit) but their not in a strong position , depending on how far they are behind in payments. Re taking over payments..........Caveat emptor....

 

 

Edited August 18, 2020 by sanuk711

[Banana7]

7 hours ago, murraynz said:

There are several people on 'Bahtsold' who sell cars that they buy from their bank 'contact'..repossesions.

I bought one recently,only 13 mths old. 18,000kms..good buy.

The lady did all the work witj trsnsfET of ownetship and registration etc..

Was the lady's name May?

[steelepulse]

19 hours ago, sanuk711 said:

I have brought at the auctions--(twice) I think the posters that are saying wait a bit, are probably correct, Take note that they do not Auction the car in the area that it was repossessed (for obvious reasons)  Making BKK a place for a lot of country cars, Korat/Udon Thani etc  good places to buy. You do need a Thai with you, its 10,000 baht deposit to bid--refundable.

 

Face Book etc may be an option while your waiting some owners who have lost jobs etc , want you to take over payments--they usually want something for themselves as well (as they put a deposit) but their not in a strong position , depending on how far they are behind in payments. Re taking over payments..........Caveat emptor....

 

 

Any idea of savings ( if any) over a non auction car of similar mileage and age?

[ChipButty]

Used to be a few Facebook groups 

[tlandtday]

On 8/19/2020 at 7:51 AM, steelepulse said:

Any idea of savings ( if any) over a non auction car of similar mileage and age?

I wouldn't get too excited about these auctions.  I have been to a few and the problem is no one knows the real history of the vehicle and you can't take it for a spin.  I believe in Thailand odometer tampering is very common.  I think if you are persistent and watch the internet sites you can do as well or better buying privately and you will be able to check it out.