How Do They Afford It?

[actiondell4]

travelling thru Issaan areas all last week,I couldnt help but see the amount of wealth.

Late model Isuzu cars,Mercedas benzes etc.

I wondered where the "poor" people are,I thought I must be the only poor one there.

One guy even had the cheek to ask me to buy him something at a food stall last week in Khon Kaen until I saw his late model ute.

How do they afford these late model Isuzus?

They all must have good jobs.

Even the discos last week in Khon Kaen were full,cars in the carpark were all late models.

Im suprised at the wealth of these people.

I have seen more povery in the outback of Australia than in rural Thailand.

[tahaan]

I wouldn't mind betting that a fair few of those motors are only a step away from the "repo man".

Edited to add; I know mine is

Edited April 20, 2008 by tahaan

[Ciaphas]

You can get some very good deal on HP in thailand, will all disappear when the credit crunch hits Asia.

[khunandy]

I wouldn't mind betting that a fair few of those motors are only a step away from the "repo man".

Edited to add; I know mine is

I saw the "brown jackets' down your soi the other day tahaan, if things get too bad you can always find work in Elle's place picking up glasses Might have to elbow the coke salesman out of the way though

[tahaan]

Hey, I picked up a few this evening!

[mahtin]

My secondhand Toyota Tiger pickup is paid for.

I doubt if many of the new ones are.

BTW if you're looking for poor, I know a few, but they don't hang out in the KhonKaen discos.

[tahaan]

My secondhand Toyota Tiger pickup is paid for.

I doubt if many of the new ones are.

BTW if you're looking for poor, I know a few, but they don't hang out in the KhonKaen discos.

Congratulations on the wheels old chap. What's it got to do with KK disco's?

[mahtin]

travelling thru Issaan areas all last week,I couldnt help but see the amount of wealth.

Late model Isuzu cars,Mercedas benzes etc.

I wondered where the "poor" people are,I thought I must be the only poor one there.

One guy even had the cheek to ask me to buy him something at a food stall last week in Khon Kaen until I saw his late model ute.

How do they afford these late model Isuzus?

They all must have good jobs.

Even the discos last week in Khon Kaen were full,cars in the carpark were all late models.

Im suprised at the wealth of these people.

I have seen more povery in the outback of Australia than in rural Thailand.

sorry, this from OP

[cophen]

travelling thru Issaan areas all last week,I couldnt help but see the amount of wealth.

Late model Isuzu cars,Mercedas benzes etc.

I wondered where the "poor" people are,I thought I must be the only poor one there.

The poor people are the ones riding buffaloes

[cophen]

As of 2000 the population of Isaan was just over 20 million. How many Mercedes did you see?

[tahaan]

How many Mercedes did you see?

Far more than you see people riding buffaloes that's for sure, and we're not just talking C class.

[RY12]

I'm suprised to see as many cars as I do in Isaan as well, and there does seem to be a higher proportion of newer ones even compared to where i live in the U.S. maybe big families are pooling their money together?

[ronthompson]

Check the small villages of rural Issan, that is where u will find the poor people. Its the same when I go to Buriram not only are the many new cars, even saw a new BMW or Mercedes sport car the other day.

What I find hard to understand is how Big C is always so packed with people as is Macro and even to old store is full of shoppers. I have gone on different days and times all the same . Packed with shoppers.

[Gary A]

In Loei, I sure don't see many BMW or Mercedes but there are quite a few pickup trucks. New pickups in our village are few and far between. The ones that are here become kind of village taxis. For example, trips to the hospital and back are paid for and trips to buy things that are not available locally are also paid for. Hopefully they collect enough to make their payments. Large families will help out each other if a payment cannot be made.

[Thai at Heart]

travelling thru Issaan areas all last week,I couldnt help but see the amount of wealth.

Late model Isuzu cars,Mercedas benzes etc.

I wondered where the "poor" people are,I thought I must be the only poor one there.

One guy even had the cheek to ask me to buy him something at a food stall last week in Khon Kaen until I saw his late model ute.

How do they afford these late model Isuzus?

They all must have good jobs.

Even the discos last week in Khon Kaen were full,cars in the carpark were all late models.

Im suprised at the wealth of these people.

I have seen more povery in the outback of Australia than in rural Thailand.

Obviously you didn't see the car park at Homepro on the weekend with the repos, or the repo storage just south of KKC.

Most of the high end cars are bought by companies. No benefit in kind on that type of thing, also a great way of minimising profits for taxeable purpose.

KKC doesn't count as poorest Isaan. Drive 1 hour east and go out into the villages and you would see a different story.

[khunandy]

KKC doesn't count as poorest Isaan. Drive 1 hour east and go out into the villages and you would see a different story

.

Not to prey too much on the misfortune of others but does anyone know the process of repossession?

Do the goods go to auction or can you approach the company or holding yard and receive a payout figure.

Might be a cheap source of vehicles and motorcycles.

I used to attend quite a few repo auctions in Australia for wheels.

[TBWG]

travelling thru Issaan areas all last week,I couldnt help but see the amount of wealth.

Late model Isuzu cars,Mercedas benzes etc.

I wondered where the "poor" people are,I thought I must be the only poor one there.

One guy even had the cheek to ask me to buy him something at a food stall last week in Khon Kaen until I saw his late model ute.

How do they afford these late model Isuzus?

They all must have good jobs.

Even the discos last week in Khon Kaen were full,cars in the carpark were all late models.

Im suprised at the wealth of these people.

I have seen more povery in the outback of Australia than in rural Thailand.

Hi All

I have just finished reading an article in the Bangkok Post about a 16 year old who crashed his new Toyota Camry into a large lorry after being chased by an irate motorist who objected to having an egg throw at his car by the Camry occupants.

The picture shows the damaged Toyota still on red plates. The 16 yo driver who was also unlicensed had managed to turn over the lorry with the force of the collision. He also seemed to make a habit of careering around Bangkok with a car full of yobs dispersing eggs amongst the mobile masses.

Now when I was 16 I was riding a 30 quid secondhand Vespa around the UK scarcely able to afford the petrol much less any eggs to be distributed at will!

My question is ...How can a 16 year old get a new car especially without a licence. I suspect I know the answer a'la Irate Merc driver and bus queue. So I suppose the real question is how can his parents who are obviously intelligent to be wealthy be so bloody stoopid!!

TBWG

[oceanrover]

I have also wondered how on earth so many people afford new/newer trucks in Isaan. My sister-in-law recently purchased a brand new Toyota Vigo Pre-runner 4 door like you see all over. It was like $20k USD. In the states that is a bargain, but there are still payments to be made regardless of purchase price. She works in a government office making less than 60% of the payment required to the bank. It seems to me that the banks in Thailand are headed down a path to failure. The banks in the U.S. are not the best at assessing one's ability to repay a loan, but debt to income ratio, ect are always considered. Just the fact that she makes less than her payment baffles me, let alone fuel and all the other requirements to live. All it took was a simple explanation when she applied for the loan that others would help her (while standing next to my wife and farang/Thai daughter of course.) At least I have a nice reliable vehicle to use when I am in country.

Mike in Seattle

[chuckd]

Not to prey too much on the misfortune of others but does anyone know the process of repossession?

Do the goods go to auction or can you approach the company or holding yard and receive a payout figure.

Might be a cheap source of vehicles and motorcycles.

I used to attend quite a few repo auctions in Australia for wheels.

If anybody knows the answer to Andy's questions, I would like to know them as well.

Anybody???

[ozzydom]

The banks try to cover themselves by insisting on one or multiple garuntors (sp) for any loans.

I regularly have offers to take over finance on trucks where people cant meet the payments, trouble is ,the total interest is added on when they sign the contract so a 800k truck purchaser is then indebted to the lender for up to 2 mill,and that is what the lender wants to recoup.

Vehicles are also registered in the lenders name and they retain the book until the whole debt is paid off.

Hire purchase agreements here are not like say Oz where lenders and borrowers have the protection of legislation, Loans here are much like lines of credit, if you repay x amount from your loan you can then borrow that amount again.

[feffejonsson]

I´ll have to second Tahaan. The repoman is hiding in the bushes. Usually you van get a new car if you pay about 40000 baht cash upfront and then you´ll get someone employed by the government to guarantee your ability to pay the rest of the morgage. The car is also put as security. If you can´t pay they´ll repo the car and the the one that guaranteed the buyer has to put up the money the dealership will lose when selling the car.

[coventry]

Isaan people live on credit. No credit ratings here. If the car gets reprosest then go out and get another one. Life in Isaan is based on borrowing.

[jumnien]

One has to remember that there is an enormous amount of wealth in Isaan and yes many people loan money to people to buy things. They charge interest which creates even more wealth in Isaan.

[coventry]

I live in rural Isaan, please tell me where the wealth is as I'd like to tap into it

[feffejonsson]

Coventry! First you´ll have to become a thai national and then become a politician!

[coventry]

Coventry! First you´ll have to become a thai national and then become a politician!

Hang on. Why aren't all Thais, rich politicians if it's that easy ?

[WARNING]

Every household in issan has at least 1 farang taking care as the girls like to put it,some have a lot more than one,i have girlfriends in pattaya who tell em they have atleast 20 plus farang sending them money monthly..straight to western union and the money is forwarded to issan for trucks,land and lending,then its back to whisky n gambling until the next shipment of cash from a nice so called good hearted farang arrives,if he only knew where is money went..

[feffejonsson]

Coventry! First you´ll have to become a thai national and then become a politician!

Hang on. Why aren't all Thais, rich politicians if it's that easy ?

Haven´t you noticed that almost no one in Thailand transcends the class boundaries. It´s frowned upon. Once a farmer. Always a farmer. It´s sad. I would like to see more thais challenge the corrupt leaders and wealthy families of the country!

[Dave the Dude]

Every household in issan has at least 1 farang taking care as the girls like to put it,some have a lot more than one,i have girlfriends in pattaya who tell em they have atleast 20 plus farang sending them money monthly..straight to western union and the money is forwarded to issan for trucks,land and lending,then its back to whisky n gambling until the next shipment of cash from a nice so called good hearted farang arrives,if he only knew where is money went..

WARNING ! MIND YOUR HEAD UNDER THE BRIDGE !

[coventry]

I would like to see more thais challenge the corrupt leaders and wealthy families of the country!

You wont because they deliberately keep the lower classes poor and ignorant to further their own ends, which is to get wealthier.

Edited May 7, 2008 by coventry