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motorbike financepayments


Frycook

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Hey guys.

 

I'm writing because my girlfriend has a PCX on finance that she pays 3450 baht on a month. This month she has trouble finding the money for it, because she just spend 6000 baht repairing something on the bike. (I can't help her, because of my Covid work situation)

 

I told her to call the finance company and see if she could set up a deal where she pays this month's installment over the next two months.(march and April) on top of her regular installments.

 

She doesn't believe she can do that, but I find it weird if they wouldn't do that, as it would be more costly for them to not to take the deal.

 

Do any of you have experience with that kind of thing?

 

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Interest on bikes in Thailand is insanely expensive but even so 3450 a month is nuts for a PCX150.  That's a one on every street corner cheap bike.  Ask her for more detail on the exact terms of the deal.

 

And 6000 for a repair bill.  What the hell accounted for that.  A major engine blow up might explain it but highly unlikely on what must be a fairly new bike given that it is financed.  A fairly big crash could explain it.  Maybe a shop that ripped her off?

 

I think you need to ask your GF some very specific questions.  And certainly don't throw money at this situation.  You would get more satisfaction burning it. 

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Sounds to me to be around the usual 2% per month x 24/36 payments. Or thereabouts.

 

Thai people generally take no notice of % interest the way western people do. All they see is the monthly right now.

 

As for doing a deal, it aint going to happen, usually these sales deals are done by the shop owner and they'll just take the bike and sell it on if she doesnt pay after a few months.

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Well I was there when we bought it, and I think it was 3 year payment plan.  it was 90000 or 100000 baht cash price before interests.

It wasn't a crash it was something in the engine.

 

It's just a month's payment she'll miss, I just can't see the reason why they wouldn't let her pay extra the next two months, since it'll be more expensive for them to reprocess it.

 

It's a relatively expensive bike, since the smaller normal scooters with the 125 cc engines was for sale at about 20000 baht

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8 minutes ago, Frycook said:

Well I was there when we bought it, and I think it was 3 year payment plan.  it was 90000 or 100000 baht cash price before interests.

It wasn't a crash it was something in the engine.

 

It's just a month's payment she'll miss, I just can't see the reason why they wouldn't let her pay extra the next two months, since it'll be more expensive for them to reprocess it.

 

It's a relatively expensive bike, since the smaller normal scooters with the 125 cc engines was for sale at about 20000 baht

 

 

Last time I looked Honda warranty was three years or 100K whichever comes sooner.  Given the bike is on 3 year finance why aren't Honda picking up the repair bill?

 

125cc Hondas start at about 55K new.

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Financing a small bike is very expensive, so the monthly rate is no surprise. People usually pay about twice the cash price through finance. Considering a cash price of 90k for the PCX, something in the region of 3500 per month over 48 months (about 170k total) is a realistic figure. Thais just can't resist showing off to their friends with their shiny new bike (and of course a new iPhone which they finance for another 1k+ per month), and they don't understand how expensive financing is.

 

6000 for a repair (especially because the engine could still be under warranty, as another poster pointed out) sounds odd. I guess she was either taken out by the shop, or doesn't tell you the truth about it.

 

In generally finance companies are flexible, they want money, they don't want the bike. So something like what you have in your mind might be accepted by them, but your girlfriend does of course need to contact them. If she seems very reluctant to follow your advice and at least try to contact them, I would get suspicious if she really is in need, or just hopes for some extra money from you.

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To be honest I just don't think she understand what warranty is. She got it fixed in her village, so I'm not sure she got done by the mechanic, but it's hard to find out since I'm currently on the other side of the world and she doesn't know anything about engines and I'm no expert either.

 

But she gotta try to contact them or else, she'll have to find a solution herself.

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3450 a month x 12 months x 3 years = 124.2k

(Usually zero down payment or a few thousand only.)

 

That is a normal financing term here for 100k new bike...

 

Honda is terrible on warranty, 3 years are only certain things, other things are 1 year and I was told by Honda some other ones only 6 months...., this bike could have passed 1 year, has it ...? 

 

Saying that the 6k repair on a new bike is too much, maybe it's inflated a bit...! 😜

 

Finance companies don't reposes after one month non-payment, I think it's in the contract, I think you get a warning and need to pay asap, most likely after 2 or 3 payment failures they come after you, must check the contract, it's there ...

 

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15 hours ago, CharlieH said:

As for doing a deal, it aint going to happen, usually these sales deals are done by the shop owner and they'll just take the bike and sell it on if she doesnt pay after a few months.

 

 

First they have to find the bike.     555

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They won't repossess after missing one months payment. Either she is several months behind, or she's just finding an excuse to get some money out of you for something else.

 

The 6000 Baht repair bill is also highly suspicious on a new Honda scooter that's under warranty. I've got an old Yamaha scooter than I generally abuse, it's 14 years old with over 30,000 kms on it and it never needed anything like that amount spent on it. 

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She haven't talked about it getting repossessed, she's got worried about missing the payment. We've had it for 2 years and t

his is the first payment that's being missed.

 

I really don't know anything about the prices but I say on facetime that the bike about taken quite s bit apart.

.

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This wont be a problem. Thais miss payments all the time. Just get het to keep the shop informed of the current situation. Many will be in the same position. Then she can pay the 50% extra over the next 2 months , as you said. The shop may apply a small extra charge because of this , but they will be most concerned /relieved they are still getting paid. Thai finance is not good value. They wont re-possess the bike quickly.

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