Family member stood guarantor for friend, now friend has done a runner. I want to go after her.

[RickBlaine]

  On 3/30/2023 at 9:50 AM, yeahbutif said:

Well  even the police get caught..a policeman became gaurentor for his policeman friend.. the policeman friend ended up in monkey house.. can't pay..and the gaurentor policeman lost there house..  as still had to make payments... . So don't become a gaurentor at all..

Expand  

I did wonder what the law is on making a family homeless, whether the finance co can only put a charge against the property (payable when/if it's sold). But if even the police can lose their house, that's a worry. 

[Kwasaki]

  On 3/30/2023 at 8:58 AM, FriendlyFarang said:

Legally it’s the bank’s car, she is just renting it. If she doesn’t pay the rent the bank demands their car back and any outstanding costs. If she doesn’t return the car I’m certain that they will report it as stolen.

Expand  

She has not stolen it she has stopped paying for it. 

[Kwasaki]

  On 3/30/2023 at 8:35 AM, transam said:

An oh too familiar story...

 

The loan company must have the blue book, they are the owners, so the runaway bird can't road tax it.

But if the guarantors don't cough-up they will probably try and locate the ride, sell it on, then pursue their costs and lost money through the courts, something the guarantors signed up to do. ????

Expand  

When buying the blue book is with the finance company but you have a copy of the book so you can tax it with that, you don't need the blue book. 

[Kwasaki]

  On 3/30/2023 at 8:54 AM, RickBlaine said:

Do you know if that's always done? If so, it suggests she's not taxing it, or the company would have her.

We need to talk to a lawyer about options.

Expand  

It's not stolen.

[transam]

  On 3/30/2023 at 11:07 AM, Kwasaki said:

When buying the blue book is with the finance company but you have a copy of the book so you can tax it with that, you don't need the blue book. 

Expand  

I thought the loan company sent you a printout every year at tax renewal time, but at least it cannot be sold on without the book, which has the bank name as the owner until finance completion..

[transam]

  On 3/30/2023 at 11:10 AM, Kwasaki said:

It's not stolen.

Expand  

Perhaps it could be deemed as stolen because the bank is the owner, and the loanee hasn't coughed up any dosh. Perhaps the bank has sent out a notice of reposition but can't find the bird...

[FriendlyFarang]

  On 3/30/2023 at 10:55 AM, RickBlaine said:

The bank can 'demand' all they like, the problem is firstly to find her and the car.

Expand  

That’s the problem of the guarantors, for the bank it’s easier if the guarantors pay instead of repossessing the car and selling it.

 

  On 3/30/2023 at 10:59 AM, Kwasaki said:

She has not stolen it she has stopped paying for it. 

Expand  

Stolen might not be the right term, yes.

I think it’s embezzlement, she is in possession of somebody else’s property and refuses to return it.

[Kwasaki]

  On 3/30/2023 at 11:11 AM, transam said:

I thought the loan company sent you a printout every year at tax renewal time, but at least it cannot be sold on without the book, which has the bank name as the owner until finance completion..

Expand  

Cannot be sold but very useful if bought for parts. ????

[BritManToo]

  On 3/30/2023 at 7:22 AM, RickBlaine said:

Any thoughts, anyone been involved in something like this before? 

Expand  

Transfer properties to another family member is the obvious answer. 

[Andre0720]

In Thailand, I have a few rules regarding money, all that I need.

1.- "You can borrow an amount of money from me, as long as it is an amount that I am ready to lose".

2.- "You cannot borrow money from me, if you have not reimbursed a previous loan".

And I am always happy when a friend borrows a few thousand bahts from me hehe.

 

I am ready to lose that, and I will not loan more money to that person.

No exceptions...

Guarantor, no different than borrowing money...

 

[Kwasaki]

  On 3/30/2023 at 11:13 AM, transam said:

Perhaps it could be deemed as stolen because the bank is the owner, and the loanee hasn't coughed up any dosh. Perhaps the bank has sent out a notice of reposition but can't find the bird...

Expand  

Up to now it's not been paid so the finance company will be going through the motions by contacting who guaranteed the loan. 

[Kwasaki]

  On 3/30/2023 at 11:16 AM, BritManToo said:

Transfer properties to another family member is the obvious answer. 

Expand  

Too late. 

[transam]

  On 3/30/2023 at 11:24 AM, Kwasaki said:

Up to now it's not been paid so the finance company will be going through the motions by contacting who guaranteed the loan. 

Expand  

Some time ago I recall someone we know, being I think 3 months behind on a car loan payment, a car with 4 people got out with clip boards in hand, they were, I was told, talking driving the car away, but I think something was sorted to delay the removal....

[connda]

  On 3/30/2023 at 7:22 AM, RickBlaine said:

My Thai sister-in-law stood guarantor for a 'good friend' (as she thought). There were 2 other guarantors, for a 1.2M baht SUV.

Expand  

Don't co-sign loans for anyone who isn't immediate family.  Co-signing for a 'friend?'  The is the quintessential definition of 'stupid.'  Why?  The OP is living out the reason why.

[brianthainess]

  On 3/30/2023 at 7:22 AM, RickBlaine said:

Unfortunately said 'friend' has stopped making payments and done a runner, they think with the vehicle and boyfriend.

Expand  

Maybe at her Mums, does no one know where their friend comes from originally?, 

was she working for anyone? 

any kids at school?

[Kwasaki]

  On 3/30/2023 at 11:29 AM, transam said:

Some time ago I recall someone we know, being I think 3 months behind on a car loan payment, a car with 4 people got out with clip boards in hand, they were, I was told, talking driving the car away, but I think something was sorted to delay the removal....

Expand  

My wife's family here have been through the courts and stuff and her brother is paying out for a car bought by a family member he guaranteed who disappeared of the face of Thailand and the 4 year old car was never found. 

[3NUMBAS]

  On 3/30/2023 at 7:56 AM, Regyai said:

It's just the monotonously repetitive cycle of life in Thailand were each successive generation does the same old idiotic thing.

 

Despite the never ending telling of these situations, people are content with the delusional notion that standing as guarantor has no repercussions.

Expand  

like gary glitters guarantors .he fluffed it again .loud mirth

[BE88]

  On 3/30/2023 at 11:35 AM, Kwasaki said:

My wife's family here have been through the courts and stuff and her brother is paying out for a car bought by a family member he guaranteed who disappeared of the face of Thailand and the 4 year old car was never found. 

Expand  

It seems to be a well calculated blow from the start, I doubt that the SUV is still whole but well in spare parts as you rightly say, recovering perhaps a maximum of half a million. It will be impossible to sell it on the official market therefore the way of spare parts is the most probable, a real pity this loss of confidence among the Thai people, many people do not have enough money and therefore they turn to crime.

 

[Kwasaki]

  On 3/30/2023 at 12:08 PM, BE88 said:

It seems to be a well calculated blow from the start, I doubt that the SUV is still whole but well in spare parts as you rightly say, recovering perhaps a maximum of half a million. It will be impossible to sell it on the official market therefore the way of spare parts is the most probable, a real pity this loss of confidence among the Thai people, many people do not have enough money and therefore they turn to crime.

 

Expand  

It does happen a lot but not in the Thai media that much. 

My wife help her brother when summon to court, it was a dam shame he got scammed by family.

 

It gets a bit personal to me so I don't want to discuss my families situation in any detail.

[Ralf001]

Car is probably in a neighboring country with its new owner.

[BE88]

  On 3/30/2023 at 12:32 PM, Ralf001 said:

Car is probably in a neighboring country with its new owner.

Expand  

Left hand drive not many but in England maybe ????

[Adumbration]

OP has not been in Thailand very long by the sounds of things.

 

Start distancing yourself from the Sister in Law right now.  She is done for.  And so are the other two guarantors.

 

I have a Thai friend.  She is a lawyer.  She went guarantor for a motorbike for her father on finance.

 

Father lent the bike to someone in the village.  And that was the last that was seen of it.

 

Finance company came after my friend for the balance of the full repayment amount.

 

Cost her 55K baht.  

[Kwasaki]

  On 3/30/2023 at 12:34 PM, BE88 said:

After ten years of dictatorship where the country has been governed by incompetent people to say the least, the economic situation is very difficult in the country and this logically the government does not tolerate any criticism of the real situation and consequently the families which are the basis of companies increasingly enter into economic conflict.

 

Or strong doubts if the other corrupt politicians return to power or some other hologarchic billionaire the situation improves. It's a real shame to see Thailand sinking into poverty with few oligarchs, unfortunately we westerners are in the same way.

Expand  

I don't see it like that at all do you really think democracy makes things any better, I've lived long enough to see it doesn't. 

[Kwasaki]

  On 3/30/2023 at 12:36 PM, BE88 said:

Left hand drive not many but in England maybe ????

Expand  

Sell a late or new SUV as Spare parts in Thailand no problem.

[Kwasaki]

  On 3/30/2023 at 12:49 PM, Adumbration said:

OP has not been in Thailand very long by the sounds of things.

 

Start distancing yourself from the Sister in Law right now.  She is done for.  And so are the other two guarantors.

 

I have a Thai friend.  She is a lawyer.  She went guarantor for a motorbike for her father on finance.

 

Father lent the bike to someone in the village.  And that was the last that was seen of it.

 

Finance company came after my friend for the balance of the full repayment amount.

 

Cost her 55K baht.  

Expand  

Distance yourself from your Thai family ???? you have not been here long here either by the sounds of it. ????

[Liverpool Lou]

  On 3/30/2023 at 8:51 AM, RickBlaine said:

I did wonder why the finance co haven't already looked for the car (maybe they have). I guess it's cheaper and easier to go after the guarantors.

Expand  

"I did wonder why the finance co haven't already looked for the car..."

Because that's not the way it works, there's no point in having guarantors if their first course of action is to repossess the vehicle.   Finance companies make their money by lending money, they have no interest in trading vehicles.

[Liverpool Lou]

  On 3/30/2023 at 8:54 AM, RickBlaine said:

  On 3/30/2023 at 8:50 AM, FriendlyFarang said:

They probably reported the car as stolen, so if she tries to pay tax it will be flagged.

Expand  

Do you know if that's always done?

Expand  

No, that is not the way finance companies work, the vehicle cannot be reported stolen as it is not stolen, it is "owned" under finance by the keeper who just hasn't paid what's due, the finance company has to take civil action to recover the debt.

[Liverpool Lou]

  On 3/30/2023 at 8:58 AM, FriendlyFarang said:

If she doesn’t return the car I’m certain that they will report it as stolen.

Expand  

No, they will not, they have three guarantors to pursue and they cannot report a car stolen that has not been stolen.

[steven100]

  On 3/30/2023 at 7:22 AM, RickBlaine said:

I can't believe she would do that to her friends.

Expand  

geeeze .......  welcome to Thailand ... they do it all the time.

[MrJ2U]

  On 3/30/2023 at 7:22 AM, RickBlaine said:

but this cannot be right.

Expand  

It is. 

 

They guarantee the loan if the car owners do a runner.

 

They are liable for the payments.