Buying A car from a Thai that has a loan

[atpeace]

Assume I go to the bank with the owner and payoff the loan.  We will need a purchase contract and ID's.  The Thai seems like a nice guy but with too many cars 😉 He is a little clueless so I want make sure I get it right on my end.  

 

I live in Ubon and the car is in Sri Racha which means I will have to catch a flight and don't want to spend days finalizing this ownership transfer.  I have another flight to America later this week.  

 

Does the bank send the updated car book to me after paying it off?

I will get the appropriate docs from the seller to switch provinces.  Sales contract, copies of house book, ID, and seller power of attorney.  Am I missing something?

 

Thanks

[Henryford]

Don't do it. Only buy a car with a clean title.

[Ralf001]

find out the payout amount.

go to bank and get a cheque for that amount.

go to finance company with seller and settle the account.

give finance company your documents.

finance company wil provide book in your name.. process take 2 to 4 weeks.

pay seller the outstanding purchase price amount.

[SAFETY FIRST]

41 minutes ago, atpeace said:

Assume I go to the bank with the owner and payoff the loan.  We will need a purchase contract and ID's.  The Thai seems like a nice guy but with too many cars 😉 He is a little clueless so I want make sure I get it right on my end.  

 

I live in Ubon and the car is in Sri Racha which means I will have to catch a flight and don't want to spend days finalizing this ownership transfer.  I have another flight to America later this week.  

 

Does the bank send the updated car book to me after paying it off?

I will get the appropriate docs from the seller to switch provinces.  Sales contract, copies of house book, ID, and seller power of attorney.  Am I missing something?

 

Thanks

The finance company will have the blue book. 

You will have to go together to the finance company pay off the loan but then you'll need to go to the DLT and change names in the book. 

 

Are registered with immigration in Ubon, you will need a CofR. 

 

Lots of problems and challenges, I'd avoid the experience unless it's a great buy. 

 

Look at one2car for similar cars and pricing 

 

Edited September 24 by SAFETY FIRST

[atpeace]

1 hour ago, SAFETY FIRST said:

The finance company will have the blue book. 

You will have to go together to the finance company pay off the loan but then you'll need to go to the DLT and change names in the book. 

 

Are registered with immigration in Ubon, you will need a CofR. 

 

Lots of problems and challenges, I'd avoid the experience unless it's a great buy. 

 

Look at one2car for similar cars and pricing 

 

Thanks.  It is a good buy and I have the CoR but I think I can do it without the seller.  I just need a sales contract, copies of his ID, and power of attorney.  I don't want to register in Chon Buri but I can if I have no other choice.  Not even sure if I can register in Chon Buri my immigration office is in Ubon.  You're right this is confusing...

[atpeace]

1 hour ago, Ralf001 said:

find out the payout amount.

go to bank and get a cheque for that amount.

go to finance company with seller and settle the account.

give finance company your documents.

finance company wil provide book in your name.. process take 2 to 4 weeks.

pay seller the outstanding purchase price amount.

That seems easy enough and the same as in America.

Steps:

1- get check from my bank for payoff amount

2-go to bank with seller with above check and payoff  loan

3-the finance bank in Sri Racha will send the book in 2-4 weeks

 

Do I need a sales contract?

[4MyEgo]

7 minutes ago, atpeace said:

Thanks.  It is a good buy and I have the CoR but I think I can do it without the seller.  I just need a sales contract, copies of his ID, and power of attorney.  I don't want to register in Chon Buri but I can if I have no other choice.  Not even sure if I can register in Chon Buri my immigration office is in Ubon.  You're right this is confusing...

 

When I 1st came here 10 years ago, I was going to buy a 2nd hand car, lucky I didn't, as I have heard other farangs that I know, say the odometer on their car was turned back 150,000km's as a minimum, (bought from a dealer). There was money outstanding on the car that they didn't know about, (private) one guys motor blew up 3 months after he had it, (bought from a dealer).

 

I purchased a new car, have had it for 9 + years, my advice is, if you can buy 2nd hand  from a farang, you have a better chance it's legit.

 

 

[atpeace]

13 minutes ago, 4MyEgo said:

 

When I 1st came here 10 years ago, I was going to buy a 2nd hand car, lucky I didn't, as I have heard other farangs that I know, say the odometer on their car was turned back 150,000km's as a minimum, (bought from a dealer). There was money outstanding on the car that they didn't know about, (private) one guys motor blew up 3 months after he had it, (bought from a dealer).

 

I purchased a new car, have had it for 9 + years, my advice is, if you can buy 2nd hand  from a farang, you have a better chance it's legit.

 

 

I understand the worry but have had incredibly good experiences buying 5 used cars here in the last 25 years.  You just need to do a little research and run away from anything sketchy.  The best part is if you do get a lemon which has never happened in my case, it is incredibly cheap to fix here vs the west.

 

Just my opinion and get where you are coming from 🙂

[brianthainess]

3 hours ago, atpeace said:

I will get the appropriate docs from the seller to switch provinces.

You don't HAVE to switch it to your province, which would mean even more paperwork to get new plates, and that is a process that takes days to get the new plates. But if that's what you want to do fair play, but completely unnecessary.

[SAFETY FIRST]

1 hour ago, atpeace said:

Thanks.  It is a good buy and I have the CoR but I think I can do it without the seller.  I just need a sales contract, copies of his ID, and power of attorney.  I don't want to register in Chon Buri but I can if I have no other choice.  Not even sure if I can register in Chon Buri my immigration office is in Ubon.  You're right this is confusing...

To save yourself a possible headache and trauma, once you pay the finance company hold on to the blue book, it's what you are buying. 

Go straight to the Chonburi DLT with the seller, car and book, do the transfer in Chonburi, then once the book is in your name pay the balance if any. 

 

I'm sure your Ubon CofR can be used in other province (Chonburi). 

 

Edited September 24 by SAFETY FIRST

[Gottfrid]

2 hours ago, Ralf001 said:

find out the payout amount.

go to bank and get a cheque for that amount.

go to finance company with seller and settle the account.

give finance company your documents.

finance company wil provide book in your name.. process take 2 to 4 weeks.

pay seller the outstanding purchase price amount.

That idea sounded super safe! 🤣

[Jerzy Swirski]

I had no problem registering a car in another province.

No questions were asked

I liked the old number and didn't want to change it.

 

I have also renewed the tax using my local DLT

Again no problems

[atpeace]

22 minutes ago, brianthainess said:

You don't HAVE to switch it to your province, which would mean even more paperwork to get new plates, and that is a process that takes days to get the new plates. But if that's what you want to do fair play, but completely unnecessary.

Interesting and does sound easier.  The seller is talking to his bank now.  He want's to payoff and do next week but I'll be in America - 555. It seems we could just go to the bank together tomorrow and have the bank send the book when it is ready to my address. Confusing...

[brianthainess]

2 minutes ago, atpeace said:

Interesting and does sound easier.  The seller is talking to his bank now.  He want's to payoff and do next week but I'll be in America - 555. It seems we could just go to the bank together tomorrow and have the bank send the book when it is ready to my address. Confusing...

He will need a copy of your passport with a valid visa/extension in it. I once had a Problem registering a car, because by the time I got my act together the guy had left and his visa was out of date, Luckily it was a Falang and when he got back 3 moths later he gave me new copies, up to then I had been driving it in his name.

[atpeace]

21 minutes ago, SAFETY FIRST said:

To save yourself a possible headache and trauma, once you pay the finance company hold on to the blue book, it's what you are buying. 

Go straight to the Chonburi DLT with the seller, car and book, do the transfer in Chonburi, then once the book is in your name pay the balance if any. 

 

I'm sure your Ubon CofR can be used in other province (Chonburi). 

 

The problem is that the finance companies don't give you the book.   They file the paperwork and send the book to the new owner in usually a few weeks. 

 

I'm fine with this process but need the sellers bank to agree.  They seem to want to send the book to the current owner and then I would need to register at DLT.  Too many steps.  This is the sellers first time selling a car with a loan so they think, I hope in error, that the ownership can't be filed at the bank.  

[SAFETY FIRST]

8 minutes ago, atpeace said:

The problem is that the finance companies don't give you the book.   They file the paperwork and send the book to the new owner in usually a few weeks. 

 

I'm fine with this process but need the sellers bank to agree.  They seem to want to send the book to the current owner and then I would need to register at DLT.  Too many steps.  This is the sellers first time selling a car with a loan so they think, I hope in error, that the ownership can't be filed at the bank.  

No, that is not true. 

If cash is paid, the blue book can be released the same day. Call them in advance (give them a few days notice), they will be prepared. 

 

Do Not Hand Over Any Cash Without Blue Book Possession. 

 

 

Edited September 24 by SAFETY FIRST

[atpeace]

4 minutes ago, brianthainess said:

He will need a copy of your passport with a valid visa/extension in it. I once had a Problem registering a car, because by the time I got my act together the guy had left and his visa was out of date, Luckily it was a Falang and when he got back 3 moths later he gave me new copies, up to then I had been driving it in his name.

This is getting more complicated.  I have CoR dated September 10  but as of a week ago I'm on a tourist visa.  Upon returning from America in November. I will be applying for a retirement visa. 

[brianthainess]

On a side note I brought a car (for the missus in my name) and it still has Chonburi plates, we were over in Trat from Koh Chang where we both live, stopped at a 7/11 to buy somethings, a Cop who was in the shop asked her where we were going, my missus thinking it might be illigal with those plates, told him we were going for a holiday on Koh Chang LMAO...... . On the other hand I brought my car in BKK with Chiang Ria plates, and didn't want to be associated with a known drug smuggling province and being possibly stopped everywhere I go, so I did change the plates to TRAT it took nearly a week to get the new plates with hours spent at the LTO and only they were allowed to fit them.

[atpeace]

8 minutes ago, SAFETY FIRST said:

No, that is not true. 

If cash is paid, the blue book can be released the same day. Call them in advance (give them a few days notice), they will be prepared. 

 

Do Not Hand Over Any Cash Without Blue Book Possession. 

 

 

That is how a friend did it before but understand your reservations.  It seems his bank doesn't do this anyhow so it isn't an option.  I trust banks but won't pay the seller even with a sales contract if I don't have the book.  Deal is dead at this point which is probably a good thing.  My flight out of Thailand is in a week and too rushed.

[brianthainess]

10 minutes ago, atpeace said:

This is getting more complicated.  I have CoR dated September 10  but as of a week ago I'm on a tourist visa.  Upon returning from America in November. I will be applying for a retirement visa. 

I would forget about buying that car and wait until you have your retirement visa, how long are you away ?, he might still want to sell it when you get back. 

[atpeace]

Just now, brianthainess said:

I would forget about buying that car and wait until you have your retirement visa, how long are you away ?, he might still want to sell it when you get back. 

That is what I just told the seller.  I will be in America for at least a month and then was going to get a 60 day on arriving.  Might be leaving for America again soon after so it might be 6 months. 

 

Might just put it in my wife's (not legally married ) name like everything else -555.  Hmm, why am I putting this in my name? Think I'm overcomplicating this purchase  The process is much easier if done in her name.  Maybe I can convince the wife to take care of this purchase with my money and she does have rentals in Chon Buri. She should go checkup on the one that is  not rented- yah I like that idea. Done rambling...

[brianthainess]

Just now, atpeace said:

That is what I just told the seller.  I will be in America for at least a month and then was going to get a 60 day on arriving.  Might be leaving for America again soon after so it might be 6 months. 

 

Might just put it in my wife's (not legally married ) name like everything else -555.  Hmm, why am I putting this in my name? Think I'm overcomplicating this purchase  The process is much easier if done in her name.  Maybe I can convince the wife to take care of this purchase with my money and she does have rentals in Chon Buri. She should go checkup on the one that is  not rented- yah I like that idea. Done rambling...

I put my car in my wife's name first, as it was 'To hard' for the dealer, but then we went along to LTO and we got it changed into my name she had agreed to do it at the time of purchase. 

[jippytum]

The loan company retain the registration book. 

Only consider buying a loan  car if you can deal directly with the loan company who will transfer the registration book when you complete the transaction. 

under no cicumstances part with any cash without access to ownership documents. 

[connda]

How many cars in Thailand are for sale and have clean titles - and you subject yourself to this? 

Your next post next month will be how your got scammed. 
Walk away, find a different car.

[brianthainess]

7 minutes ago, connda said:

How many cars in Thailand are for sale and have clean titles - and you subject yourself to this? 

Millions.  And all because it's Cheaper. 

Edited September 24 by brianthainess

[Andycoops]

Don't under any circumstances 

[atpeace]

6 hours ago, jippytum said:

The loan company retain the registration book. 

Only consider buying a loan  car if you can deal directly with the loan company who will transfer the registration book when you complete the transaction. 

under no cicumstances part with any cash without access to ownership documents. 

That is what I intended. Most Thais are familiar with the process but this guy wasn't so couldn't close the deal.  He was a nice guy but just didn't understand that the bank would transfer the ownership. 

[harryviking]

11 hours ago, atpeace said:

Assume I go to the bank with the owner and payoff the loan.  We will need a purchase contract and ID's.  The Thai seems like a nice guy but with too many cars 😉 He is a little clueless so I want make sure I get it right on my end.  

 

I live in Ubon and the car is in Sri Racha which means I will have to catch a flight and don't want to spend days finalizing this ownership transfer.  I have another flight to America later this week.  

 

Does the bank send the updated car book to me after paying it off?

I will get the appropriate docs from the seller to switch provinces.  Sales contract, copies of house book, ID, and seller power of attorney.  Am I missing something?

 

Thanks

Get the green book or stay away!!

[atpeace]

5 hours ago, connda said:

How many cars in Thailand are for sale and have clean titles - and you subject yourself to this? 

Your next post next month will be how your got scammed. 
Walk away, find a different car.

The last 5 that I've purchased without any issues the last 25 years.  Common sense goes a long ways 🙂 

[atpeace]

8 hours ago, SAFETY FIRST said:

No, that is not true. 

If cash is paid, the blue book can be released the same day. Call them in advance (give them a few days notice), they will be prepared. 

 

Do Not Hand Over Any Cash Without Blue Book Possession. 

 

 

I think it is true. 

 

The finance company in Thailand is the owner.  The bank finance company isn't  going to go with me to the land transfer office.  This is how it works here and I can't change the laws.  In America the owner of the car keeps the title with the lien listed on the title.  Here the bank keeps the title and is listed on the title as the owner/lien holder.  The bank is the only party that can release the lien and this needs to be filed with the appropriate agencies. This can take weeks but the process works.