purchasing a used car with installments left

[Zacuzzi]

Hello, 

 

Can a foreigner purchase a used car with installments left (to be paid for a bit more than a year)?

If I can purchase it, is it gonna be that I pay the down-payment to the owner, and pay the monthly installments as it is (in the same way that the original Thai owner would pay)?

 

Because I am a relatively new foreigner here with Residence certificate, I am wondering if the government allows me to take the rest of the installments, when the ownership of the vehicle is moved to me.

 

Any answers, suggestions are greatly appreciated.

 

Regards.

[Gulfsailor]

That’s not up to the government, but the finance company. Without proof of employment in Thailand it’s unlikely though that you’ll qualify. Unless the finance company is a bank and you are willing to place the outstanding amount in a fixed deposit as a guarantee. But in that case it’s probably cheaper to just pay off the loan all at once and take ownership immediately in stead of waiting a year. 

[Kenny202]

When you say you will pay the owner, be very careful here as the car is on hire purchase, and the legal owner is the finance company. For all you know the current owner of the vehicle maybe in arrears for the last 6 months and its about to be repossessed. I doubt very much the bank or finance company would give you a loan or transfer the loan to you without work or assets, but TIT and stranger things happen. If theres no much owing maybe the bank happy to take the vehicle as security, or maybe your wifes land. The only way to do it would be to go and sit down with the current owner and the financier and se what can be done

[Crossy]

Agree ^^^, risky.

 

What you might try would be to "rent" the car for the value of the installments and then complete the purchase when the loan is paid off.

 

Probably a non-starter as the current "owner" probably needs the $$$ urgently, but if you don't ask ...  

[jackdd]

Contact the finance/company bank who currently owns the vehicle about how to purchase the vehicle from them.

If you don't work here they won't offer you finance.

[seedy]

46 minutes ago, jackdd said:

If you don't work here they won't offer you finance.

I have never worked here, have had finance 3 times.

So not scribed in stone, depends on circumstances

[jackdd]

14 minutes ago, seedy said:

I have never worked here, have had finance 3 times.

So not scribed in stone, depends on circumstances

And the finance was solely in your name? Not cosigned by the wife or whoever?

[seedy]

7 minutes ago, jackdd said:

And the finance was solely in your name? Not cosigned by the wife or whoever?

Yes