My step daughter has a 4 year old Honda City. Has paid Bht 7200 per month with 27 more payments (Bht 194,000) to go. She is struggling, and I am unable to help.

Can she sell it for say Bht 350,000 and then pay off the finance, or can someone buy it for say Bht 150,000 and they pay off the remaining payments.

What's the most economical way anyone, please

5 minutes ago, KannikaP said:

What's the most economical way anyone, please

tell her to buy a bike instead of a car next time and stop living beyond her means!

 

has she got an iphone 15 pro max yet?

7 minutes ago, bob smith said:

tell her to buy a bike instead of a car next time and stop living beyond her means!

 

has she got an iphone 15 pro max yet?

Typical unhelpful answer.

She has recently been diagnosed with medical problems, works 20 km away, and no, she has a cheap Android phone. Was the bit about the iPhone an after-thought insult?

I saw that you were typing and thought, ah, maybe an intelligent answer from Mr Smith, so un-ignored you. Back you go.

A baiting troll post and replies have been removed

28 minutes ago, KannikaP said:

Can she sell it for say Bht 350,000 and then pay off the finance, or can someone buy it for say Bht 150,000 and they pay off the remaining payments.

I don’t think she can sell it outright considering that the bank is the title holder. She can sell it and the buyer will take over the payments, would perhaps be the easiest method.
Her and the buyer can go to the loan office and pay it off, though have a signed contract/agreement before going to the loan office to complete the transaction.

31 minutes ago, bob smith said:

tell her to buy a bike instead of a car next time and stop living beyond her means!

Perhaps she wasn't living beyond her means when she bought the car which may have been four years ago?

I would contact the bank / finance company first. They have rules, and penalties would be applied, when she want to finish the contract earlier.

 

Find someone who want to buy the car, then go together to the Bank / Finance company.

 

'Find someone who want to take over her contract'.

I would not choose this option myself, as the current 'old owner' would now rely on that the 'new owner' will be able to finish payments according to contract.

Lawyer (Fees) would be needed to set up a contract between old and new owner, if lender would allow this?

Take-over should only be done if bank / finance company will change current contract, make a new contract with the buyers name.

 

an lender suggest a better more economical option?

 

I would rather go to the Honda dealer she bought the car from, and ask to return the car to the store, for Commission Sale. Many potensial future Honda owners would go to a Honda store.

 

Start contact the bank finance company in person, and go from there.

 

 

On 11/2/2023 at 1:26 PM, Shop mak said:

 

I would rather go to the Honda dealer she bought the car from, and ask to return the car to the store, for Commission Sale. 

 

 

I wanted to trade in my previous Honda for a different model and was told they didn't accept part exchange. Rather than spending a million baht with Honda I traded it in with Ford instead. Maybe it was just the two garages I went to, but I was amazed Honda wouldn't accepted a car back that was in great condition. 

i think the best way would be to find a buyer at an agreed final price, and they together with the daughter would go to the finance company and pay the finance outstanding amount and sort out the DLT book, and then pay your daughter the balance,

or i suppose they could with the finance companies agreement take over the remaining payments, with cash payment for balance of the agreed price to your daughter

Have a look at the finance agreement for penalties or other costs. She can’t sell it independently as pointed out since she does not own it yet. A smart buyer would ensure the paperwork is in order before handing out money. I’d ask the finance company to spell out process of selling the car. 

Good luck with you and her endeavor.  Sometimes things happen which takes the future out of our control. It' good that she is regrouping. (I can't get my wife to do those type things).