In the US there is a market for taking over car payments and lease payments on higher end cars (even exotics). Does anyone know if this is also done in Thailand?

The person taking over the car payment (as new owner) needs to be able to show a solid credit story to the finance company. That process can take a week or so.

 

Obviously the previous owner has to come along to the finance company with you to sign the relevant documents.

11 minutes ago, Eleftheros said:

The person taking over the car payment (as new owner) needs to be able to show a solid credit story to the finance company. That process can take a week or so.

 

Obviously the previous owner has to come along to the finance company with you to sign the relevant documents.

Is USA credit history considered?

1 hour ago, Hal65 said:

Is USA credit history considered?

Probably not, but it will vary from one finance company to another, I expect.

AFAIK you don't "take over" loan, but actually pay off the original and take a new one. Usually a loan for 2nd hand car is more expensive than for me out of the dealership.

Credit history out of Thailand means nothing as they can't really verify it.

5 hours ago, LukKrueng said:

AFAIK you don't "take over" loan, but actually pay off the original and take a new one. Usually a loan for 2nd hand car is more expensive than for me out of the dealership.

Credit history out of Thailand means nothing as they can't really verify it.

In the US it is legal to conduct a sale "subject to existing financing." The seller's recourse if you default is the purchase/sale reverses without compensation for payments made thus far.

 

So it sounds like it's either that or nothing as I have 0 credit here.

10 hours ago, Hal65 said:

In the US it is legal to conduct a sale "subject to existing financing." The seller's recourse if you default is the purchase/sale reverses without compensation for payments made thus far.

 

So it sounds like it's either that or nothing as I have 0 credit here.

Not entirely true... neither party can benefit unduly from a finance contract... for example... if one makes a down payment of 50% of purchase price and something goes wrong and they cannot fulfill the rest of the contract, they will only be out the difference between  the recoverable value of the vehicle vs the down payment vs the remaining value of the contract

On 7/22/2023 at 9:56 PM, Hal65 said:

In the US it is legal

In the US they also drive on the other side of the road. How's that relevant?