How To Sell A Car And Be Sure To Get The Money ?

[North]

Hi all,

Finally I have sold my car ( I mean I hope so )

The case is, that I have agreed to sell the car to a man, that does not have all the money in cash. So he need to borrow some money from a finance company, and now they have agreed to borrow him some money, so that he can buy the car.

The problem as I see it is, that I have been informed by the finance company to go to their office and sign papers with them about transferring the name in the Tabian Rot ( the blue book of the car ) from my name to their name. Then go on to the government office that takes care of this registration and make the transfer.

Then I will get the money from them the next day.

I do not feel good about this, since, - when the name in the book is that of the finance company, they are the owner of the car, and, - at that time I have no paper from them that they will pay me the next day, I just have to believe them, they say, this is the way we do our paperwork !

I need some advice from you about this, because this way of doing the transaction seems very risky to me.

Advice apreciated !

North

[Rimmer]

Same as when you sell a house at the land office. Sign the transfer documents when you have ALL the money either in cash or cashiers cheque or a mixture of both in your hand not before.

I would never deal with anyone that told me to come back the next day to collect the money. 'Er sorry Fred is out', or 'The person that signs the cheques is not here', or more likely 'We are a little over extended right now can you wait for your money for a week or two', (month or two) (year or two).

[thaicbr]

maybe if you name the finance company it would make it easier. eg is it a shop house type place or is it a Bank. but i do agree with Rimmer that you should be receiving a Bankers Chq at the same time as the transfer. it sounds like the company aRE NOT SURE THAT THE TRANSFER WILL BE OK. is the car in a falangs name or Thai.

Allan

[North]

Rimmer,

I have the same opinion, and I did not make this arrangement, my wife did, since she is thai. But I have not agreed to do it this way and I am quite sure I will not, because, - the longer I stay in Thailand the less I trust people when it comes to business and money.

So I think you are right:

"ALL the money either in cash or cashiers cheque or a mixture of both in your hand not before."

That will be the way to do it, unfortunately the finance company insists to do it their way, so probably I will have to find another buyer, but at least I still have the car

North

[North]

maybe if you name the finance company it would make it easier. eg is it a shop house type place or is it a Bank. but i do agree with Rimmer that you should be receiving a Bankers Chq at the same time as the transfer. it sounds like the company aRE NOT SURE THAT THE TRANSFER WILL BE OK. is the car in a falangs name or Thai.

Allan

Hi Allan,

The finance company is a bank too as far as I know, the name is Thanachart ( maybe not correct spelled )

The car is in my name, and I am a foreigner.

North

[denboy]

maybe if you name the finance company it would make it easier. eg is it a shop house type place or is it a Bank. but i do agree with Rimmer that you should be receiving a Bankers Chq at the same time as the transfer. it sounds like the company aRE NOT SURE THAT THE TRANSFER WILL BE OK. is the car in a falangs name or Thai.

Allan

You as the seller only need to sign the papers and the blue book in their presence, the money should be there for you collect at signing. The new owner should do the transfer of the registration at the DMV or alternately give them a 1000 baht do it.

Do not sign any paper without the money up front. I have sold two vehicles and that is the way I was advised to do it.

Good luck.

[thaicbr]

Thanachart are a relatively new bank. i would get the customer service number and give them a call. certainly it should be no problem if you have all the correct paperwork. sounds like the guys at the bank have never done this type of transaction. a falang selling a car thats in his name. and are covering themselves. but yer i still would not do it.

give you an idea how crazy they are. i just brought a 2nd hand truck, got the finance through SCB and i had to sign blank documents because the details are put in later. luckily every thing is correct but shit i would NEVER do that back in the UK, got told by the girlfriend that its normal here. same thing happened when i signed my new work contract. but i at least got the boss to write the salary on it :D

[stingray]

It's theyr way, thei do so. They wil never pay you money up front. Forget it. But there should be no problem with the named finance company. But you'll not get money next day, only after the transfer in the ministery of tranportation is done. Usally between 3 days or a week. Thats normal. As i sayd they do only this way. This way or no sales.

[North]

It's theyr way, thei do so. They wil never pay you money up front. Forget it. But there should be no problem with the named finance company. But you'll not get money next day, only after the transfer in the ministery of tranportation is done. Usally between 3 days or a week. Thats normal. As i sayd they do only this way. This way or no sales.

Hi stingray,

I just talked to the finance company, and they said that when we sign the papers on monday for transfer of the name of the car they will give me a document saying that I will be paid in full the day after.

You think, they will not give me the money the next day, but if they promise me that in writing ?

Well, I don´t really know what to believe in this matter ?

North

[thaicbr]

North if you got something in writing then ok. it is a regulated bank after all. they do do some strange shit here. this is just one of them.

Allan

[North]

North if you got something in writing then ok. it is a regulated bank after all. they do do some strange shit here. this is just one of them.

Allan

As I understood it:

At first they did not want to give me any document on monday apart from a copy of the finance contract between the finance company and the buyer, and in that document my name is not mentioned.

this afternoon I have asked someone familiar with buying/selling cars to help me, and they have made telephone calls to the finance company to explain to them my worries about this deal.

And after that call now the finance company wants to give me the document saying,that the ownership is transferred in connection to a sale to the buyer and that the finance company is financing the deal, and that I will get the money the next day.

I need two payments for the car:

1 payment from the finance company.

And 1 payment from the buyer, - because he have around 50 % of the amount in cash.

So the advice I have been given this afternoon is:

Accept the documents from the finance company that they will pay their part the next day by banker`s cheque.

BUT I must get the 50 % payment from the buyer ( bank draft ) on monday when I sign the documents for transferring ownership.

What would you do now, accept it or not ?

North

[kubota]

It's theyr way, thei do so. They wil never pay you money up front. Forget it. But there should be no problem with the named finance company. But you'll not get money next day, only after the transfer in the ministery of tranportation is done. Usally between 3 days or a week. Thats normal. As i sayd they do only this way. This way or no sales.

Hi stingray,

I just talked to the finance company, and they said that when we sign the papers on monday for transfer of the name of the car they will give me a document saying that I will be paid in full the day after.

You think, they will not give me the money the next day, but if they promise me that in writing ?

Well, I don´t really know what to believe in this matter ?

North

I just bought a car that was still under finance, i paid 90% of the amount cash to be able to take the car with me the same day, and we signed a "buy/sale document" that i believe is a official document.

This document/contract said that i was to pay the rest of the amount when the finance was cleared.

But you should be able to get the amount that the buyer pay in cash the same day, because he can't get finance for the whole amount, normally 20/30% cash

[thaicbr]

Yep ok to take bank draft/chq but i would prefer to get cash. just arrange cash then bank it straight away.

[Rimmer]

North if you got something in writing then ok. it is a regulated bank after all. they do do some strange shit here. this is just one of them.

Allan

So the advice I have been given this afternoon is:

Accept the documents from the finance company that they will pay their part the next day by banker`s cheque.

BUT I must get the 50 % payment from the buyer ( bank draft ) on monday when I sign the documents for transferring ownership.

What would you do now, accept it or not ?

North

I had the same run around during the sale of my house, because the Thai buyer was taking out a bank loan, they would pay me the next day, then when I saw a copy of the banks cashiers cheque it was made out to the buyer not me, no problem says he I will sign it on the back then you can cash it. Duh!!!!

My GF summed it all up she said 'we are not a pawn shop' Get it right. The bank and the purchaser were just being lazy, they wanted to issue one cheque to the buyer and let me wrestle with the name problem. When I told them to get it right or take a hike, the cashiers cheque magically appeared the same day with my name on it.

It takes just five minutes for a bank to issue a cashiers cheque even on a monday morning.

Technically you should get a copy of the cheque before hand then call the bank to confirm it is good. Then call again when you see the cheque but before you sign. If you get the cheque before 11am you can clear it on the same day as long as it is issued on a LOCAL bank. No up country banks please that takes for ever. That's my advice for what it's worth.

[stingray]

North if you got something in writing then ok. it is a regulated bank after all. they do do some strange shit here. this is just one of them.

Allan

As I understood it:

At first they did not want to give me any document on monday apart from a copy of the finance contract between the finance company and the buyer, and in that document my name is not mentioned.

this afternoon I have asked someone familiar with buying/selling cars to help me, and they have made telephone calls to the finance company to explain to them my worries about this deal.

And after that call now the finance company wants to give me the document saying,that the ownership is transferred in connection to a sale to the buyer and that the finance company is financing the deal, and that I will get the money the next day.

I need two payments for the car:

1 payment from the finance company.

And 1 payment from the buyer, - because he have around 50 % of the amount in cash.

So the advice I have been given this afternoon is:

Accept the documents from the finance company that they will pay their part the next day by banker`s cheque.

BUT I must get the 50 % payment from the buyer ( bank draft ) on monday when I sign the documents for transferring ownership.

What would you do now, accept it or not ?

North

That's correct if the buyer have a downpayment. Usally he should pay some money direct to you and the rest goes over the finance. But the named Finance Company (i can not spell correctly their name) should be ok. I't's depend on the region. Sometime maybe in Bangkok they pay the next day. Overhere in Pattaya they don't.

[snowflake]

When I sold my car the buyer had to get 400000 from the bank. she gave me the rest in cash. She got the car when i got the money... I would not part with my money before the buyer give you some the cash he has to put up...

The bank you can trust, the person I would not trust unless you know him/her/ that...