snoop1130 Posted June 2, 2021 Share Posted June 2, 2021 BANGKOK (NNT) - The Bank of Thailand (BoT) has implemented a new auto loan debt mediation program, aiming to help 100,000 borrowers ease their debt burden during the COVID-19 pandemic. The BoT and auto loan creditors plan to offer the scheme until July 31st. BoT assistant governor Thanyanit Niyomkarn said the scheme covers borrowers whose debt is not classified as non-performing and their cars have not been seized, those who have had their cars seized, but the vehicles have not yet been sent to auction and those whose cars have been repossessed and sold, leaving a debt balance outstanding. There are 12 car loan providers joining the mediation program, representing 65% of total outstanding auto loans the country. The BoT expects some 100,000 auto loan accounts, or 38 billion baht worth of outstanding debt, to participate in the program. Mrs. Thanyanit said the central bank is also considering adjusting some car auction rules, to ensure fairer treatment of borrowers, and has also talked to loan providers about offering a debt haircut to borrowers after car auctions. -- © Copyright NNT 2021-06-02 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates Link to comment Share on other sites More sharing options...
Popular Post RubbaJohnny Posted June 2, 2021 Popular Post Share Posted June 2, 2021 BANKS OFFLOAD RISK TO TAXPAYER BEING A BETTER DESCRIPTION OF CARCRASH CREDIT RATINGS. 4 Link to comment Share on other sites More sharing options...
Popular Post Justgrazing Posted June 2, 2021 Popular Post Share Posted June 2, 2021 1 hour ago, snoop1130 said: and has also talked to loan providers about offering a debt haircut to borrowers after car auctions. Surely if they have problems paying for a motor on the never , never , then getting strapped up for a short , back and sides is courting trouble .. It was inevitable that the number of people defaulting on motor loans was going to increase .. getting strapped for 5 yrs min' to have the latest pickup truck outside to impress the neighbors is only viable when you got regular money coming in .. there will be a glut of repossessed motors passing through auctions over the next few mths as it becomes clear there is no quick fix in sight .. 5 Link to comment Share on other sites More sharing options...
RobMuir Posted June 2, 2021 Share Posted June 2, 2021 Good plan to tide people over until this B117 Alpha wave passes. They are already doing it for housing and business loans. Clever compromise. 2 Link to comment Share on other sites More sharing options...
itsari Posted June 3, 2021 Share Posted June 3, 2021 11 hours ago, Justgrazing said: Surely if they have problems paying for a motor on the never , never , then getting strapped up for a short , back and sides is courting trouble .. It was inevitable that the number of people defaulting on motor loans was going to increase .. getting strapped for 5 yrs min' to have the latest pickup truck outside to impress the neighbors is only viable when you got regular money coming in .. there will be a glut of repossessed motors passing through auctions over the next few mths as it becomes clear there is no quick fix in sight .. Mediation program is to avoid a crash in used vehicle prices at auction . Banks can avoid showing the real situation on there loans . It is a quick fix for the inevitable crash . 2 Link to comment Share on other sites More sharing options...
Cake Monster Posted June 3, 2021 Share Posted June 3, 2021 An easier fix is to never lend the Money in the first instance. But new car sales figure have to be met, as do Bank Loan to Book ratios. Link to comment Share on other sites More sharing options...
mbenson Posted June 3, 2021 Share Posted June 3, 2021 I saw someone mention Yingluck's car loan program. I was out of the loop when that happened. Can someone explain that a little bit? Would this be covering those loans too? Or did that money come from somewhere else. Last time I was in Thailand, I was amazed to see that pretty humble folks, such as shop girls and factory workers, had cars. I wonder if that is because of Yingluck's scheme. When I lived in Thailand in the mid-80's cars were far out of reach for many folks who were even better well-off. Link to comment Share on other sites More sharing options...
Mickeem Posted June 3, 2021 Share Posted June 3, 2021 I suspect that 100,000 'borrowers' is just the tip of the iceberg .. Link to comment Share on other sites More sharing options...
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