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Is it possible to get finance on a car that is still on finance?


Johnny Mac
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With a different company?

 

Reason I ask is we have a ford everest on a 7 year finance and are about half way through the 7 years, so obviously no blue book. The finance is through Cisco bank., or whatever they are called. A young Thai fella from Muang Capital come to the house the other day asking for bt6,690 that the wife owes on some kind of loan that she hadn't paid, I don't know if that was for 1 month or a few months (she wasn't home at the time and she was out in the everest) He couldn't speak a word of the Queen's English, but he was saying something like they can take car/bike if not paid...but we have an older mazda 2 and a 3 year old honda pcx, so couldn't work out if he was talking abut the everest or the mazda/bike..

 

I had it out with her at the time after he had left empty handed, but she didn't want to say too much, usual story, but before I go into her again just want to do a bit of homework first on it all..

 

Cheers.

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37 minutes ago, CharlieH said:

Sounds like a" Cars for cash"(motorcycles too)  loan, those cash shops are all over the place.

Don't think so as I said in my OP, it was a bonafide company that turned up, Muangthai Capital, not a cash shop or gangsters...

 

I should just ask her but dread what she might say, it's not big money but still BS.

Edited by Johnny Mac
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52 minutes ago, Johnny Mac said:

Don't think so as I said in my OP, it was a bonafide company that turned up, Muangthai Capital, not a cash shop or gangsters...

 

I should just ask her but dread what she might say, it's not big money but still BS.

Yes you can with a copy of the book. 

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17 minutes ago, Kwasaki said:

Yes you can with a copy of the book. 

What book? if you mean blue book, then she won't have it, or a copy, as the car isn't paid for yet, as I said?

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But your wife speaks Thai and presumably English ? Why can't she explain it to you ?

 

Or is this one of those relations where your partner gets loans behind your back ?

 

If I was in a relation like that id get a trusted Thai speaker to contact the guy and get the details and of course get a divorce (if the wife took out a loan without teling me on property i paid for). 

 

Dread what she might say ? What are you worried about ? And no its not big money but if it means you lose a car or bike it might be. But its more that a partner is milking you that is the problem.

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20 minutes ago, Johnny Mac said:

What book? if you mean blue book, then she won't have it, or a copy, as the car isn't paid for yet, as I said?

I give up can't be bothered. 

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Does anyone know what Kwasaki meant by ''the book'' before he got himself all upset and sloped off?

 

I can only think he means the blue book, but I'm quite sure you only get the blue book when the car is fully paid for, or am I missing something??

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3 minutes ago, Johnny Mac said:

Does anyone know what Kwasaki meant by ''the book'' before he got himself all upset and sloped off?

 

I can only think he means the blue book, but I'm quite sure you only get the blue book when the car is fully paid for, or am I missing something??

If you don't get a copy of the blue book, how do you pay the annual tax and insurance?

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6 minutes ago, chickenslegs said:

If you don't get a copy of the blue book, how do you pay the annual tax and insurance?

I've never owned a car here, so my bad I've learnt something.

 

But my question is do you need the original blue book (ie proof the car has been paid for) before you can get finance on said car?

Edited by Johnny Mac
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1 minute ago, Johnny Mac said:

I've never owned a car here, so my bad I've learnt something.

I just did a quick google. Seems that the finance company keeps the original and the owner gets a copy.

Whether or not another finance company will accept a copy as security for a loan - I don't know.

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1 minute ago, chickenslegs said:

I just did a quick google. Seems that the finance company keeps the original and the owner gets a copy.

Whether or not another finance company will accept a copy as security for a loan - I don't know.

Yep as I thought, So my question is do you need the original blue book (ie proof the car has been paid for) before you can get finance on said car? My understanding is yes, as I'm sure I've heard tales before of frightened husbands hiding the blue book, for obvious reasons 🙂

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I'm thinking you would need the original blue book to get finance on your car, otherwise why would a financier give you money using your car as collateral if you don't even own it? Anyone?

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1 hour ago, robblok said:

Or is this one of those relations where your partner gets loans behind your back ?

 

If I was in a relation like that id get a trusted Thai speaker to contact the guy

Why would you stay in such a relationship?

 

Jeez. 

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1 hour ago, Johnny Mac said:

I've never owned a car here, so my bad I've learnt something.

 

But my question is do you need the original blue book (ie proof the car has been paid for) before you can get finance on said car?

No, you can get a second loan. 

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1 hour ago, Neeranam said:

Why would you stay in such a relationship?

 

Jeez. 

I would not but some people seem to think its worth it if the girl is pretty enough. 

 

But seriously, this is something he needs to solve with his wife and if she is not telling him the truth id get someone id trust to find out what is happening. I mean just imagine your wife refinancing stuff you paid for without telling you. 

 

Not sure why he is avoiding the wife and not pushing her for an explanation. 

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3 hours ago, Johnny Mac said:

Does anyone know what Kwasaki meant by ''the book'' before he got himself all upset and sloped off?

 

I can only think he means the blue book, but I'm quite sure you only get the blue book when the car is fully paid for, or am I missing something??

Never upset with sad people like you just fed up.

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No, you can't get finance on a car that's on finance, because the car is owned by the first finance company, you are only renting it.

 

Replace the question with:

Is it possible for me to get finance on my neighbour's car?

Is it possible to get finance on the car which I rented from Sixt/Avis/Hertz?

Obviously not possible.

Edited by jackdd
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16 minutes ago, jackdd said:

No, you can't get finance on a car that's on finance, because the car is owned by the first finance company, you are only renting it.

 

Replace the question with:

Is it possible for me to get finance on my neighbour's car?

Is it possible to get finance on the car which I rented from Sixt/Avis/Hertz?

Obviously not possible.

Loan sharks will lend money against a financed vehicle.

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4 minutes ago, Ralf001 said:

Loan sharks will lend money against a financed vehicle.

They are not actually lending it against the vehicle, because what are they going to do if you don't pay them, steal the vehicle from the finance company?

They are lending money against thin air, and the only threat they have is to beat you up if you don't pay, that's why they charge 5-10% interest per month.

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OP - go to who holds the note, ask them if you can transfer the finance charge from whoever has it now to you.

Ignore all questions and comments re: your wife - gotta nuttin' to do with your OP

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The bigger underlying question for me is whether the "surprise loan" on the car is the only one hidden. The amount on this loan is insignificant but if a straight answer can't be provided then it would not be a surprise if there were others hidden too

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10 hours ago, Kwasaki said:

Never upset with sad people like you just fed up.

I'm sad? You give an incorrect answer then have a semi meltdown when asked about said answer. What happened, was your som tam too spicy?

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1 hour ago, Dan O said:

The bigger underlying question for me is whether the "surprise loan" on the car is the only one hidden. The amount on this loan is insignificant but if a straight answer can't be provided then it would not be a surprise if there were others hidden too

Great work, Columbo.

 

If you had read my OP properly, you would have read that I have not even asked her about the loan.

 

Teachers report: C- Must do better.

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1 hour ago, Ralf001 said:

Loan sharks will lend money against a financed vehicle.

Like I said in my OP it was a legit finance co that turned up, so yea as i thought she can't have got finance on the Everest.

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46 minutes ago, Johnny Mac said:

Like I said in my OP it was a legit finance co that turned up, so yea as i thought she can't have got finance on the Everest.

I know, I read what you posted.

I was replying to someone else.

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