Lawyer Needed To Buy A Car From A Thai

[nickthebrit]

hi

I have found a thai trader, who will sell me a 2009 car, for 120,000 down and 9k a car over 50 months.... can anyone please recommend me a thai lawyer, that is trustworthy enough to do a contract that is fair to both sides...

is there anyway of checking in thai, if a car has finance on it, been in any accidents etc....

I have suggested, that the lawyer has POA for the dealer, so when i make the last payment, the title transfers to me... and obviously if i miss 2 conseq payments... i lose the car...

I know this maybe fraught with danger... but its a very good deal...

thanks

nick

[LivinginKata]

I would imagine that the car dealer brings in a finance company to supply the loan. The finance company will have their own standard contract and you will have to accept that. The finance company name goes in the registration book, and then when all payments are made then the finance company will arrange transfer of your name into the registration book. I see no need to have the additional expense of involving a Thai lawyer.

[nickthebrit]

I would imagine that the car dealer brings in a finance company to supply the loan. The finance company will have their own standard contract and you will have to accept that. The finance company name goes in the registration book, and then when all payments are made then the finance company will arrange transfer of your name into the registration book. I see no need to have the additional expense of involving a Thai lawyer.

there is no finance involved,

either, the car has finance in the owners name ( so i need to ensure that he maintains the finance on the car)

or

he is privately financing it

this is why i need a lawyer

thanks

[LivinginKata]

I know this maybe fraught with danger...

Sounds like it you might be right ...

[pagallim]

I know this maybe fraught with danger...

Sounds like it you might be right ...

Have you tried going to an actual dealer of the make of car? They are doing lots of good finance offers at the moment (I believe). Must say, what you're describing isn't easy to follow. Is somebody else buying the car on your behalf, you give them the money, and you want to make sure the car becomes yours at the end?

The other thing you need to be sure of is insurance. It is not unusual for people to use agents, and you give them the 'discounted' premium up front, and they take a 'month by month' deal with the actual insurance company, and sometimes forget to pay the monthly payments. Concur, fraught with danger.

[nickthebrit]

i have lived in thai for 10 years.... but i work on web.... i have a non-immi b visa.... no guarantor... so car finance is 50% down... this deal seems cool, in principle... thai is same as dubai.... many expats dumping cars and leaving thai...once they realise... miss bar girl... doesnt really love them!!!!

[oldgeezer]

Due to grey market, black market, previous history, etc, buying a car here is fraught with danger.

Assuming you meant 9k per month, the full price of the car including interest for over four years is 570,000 baht. I can't conceive of a 2009 model car (and are not taking about a pickup truck), selling for such a low price. No finance involved? You don't know how it is being paid for? You are going to depend on him making the payments? This has to be a windup.

[stolidfeline]

I have had quite a few friends and employees falling for this trick over the years. All of them lost their money.

Please, don't touch this offer with a bargepole.

Edited December 19, 2009 by stolidfeline

[LivinLOS]

Private (personal) dealer finance.. every time I heard this it was a scam...

Theres finance companies out there.. Use them..

[katabeachbum]

Even if you use a lawyer, private agreements like these are not valid for more than 36 months. Even within the 36 months I see major risk.

With a finance company its a hire-purchase. If the finance company goes belly up, you loose car even if you have completed all payments. It belongs to them until change of name in reg book. Happened in 1997.

If you are not able to finance in a large finance company (bank), I would rent a similar car at 15 k / month.

[LivinLOS]

Didnt just happen in 97.. My brother missus was paying off some bike up north.. After her 3 or 4 years, wanted the book.. Turns out the dealer had put all the books into a money lender, taken the baht, and run with it.. Then a 2 year fight between 100's of little people and one money lender..

Dont know if she ever actually got the book in the end ?? Lots of promises.

[katabeachbum]

Didnt just happen in 97.. My brother missus was paying off some bike up north.. After her 3 or 4 years, wanted the book.. Turns out the dealer had put all the books into a money lender, taken the baht, and run with it.. Then a 2 year fight between 100's of little people and one money lender..

Dont know if she ever actually got the book in the end ?? Lots of promises.

Scooters are usually financed by the dealer, not a finance company. They make more money on financing(3% a month on initial balance, thats double scooterprice in less than 3 years) than on the sale. Financing like this is very risky for the buyer. Lots of dealers belly up or passing on loans to money lenders who the pss on to another money lender which in turn has no agreement with the scooterbuyer............ Thats why they have no tabien countryside

However we are in a developing country. Banks are now offering scooter loans at 0,99% a month. Much safer and less expensive

[ajahnlau]

Not true. Most dealers have a finance co. do the lending.

[katabeachbum]

Not true. Most dealers have a finance co. do the lending.

Most large finance companies wont touch bikes, so which names? The dealers I know finance themselves using a card to fill in each payment which has to be payed to the dealer, not to an account.

[Spoonman]

If finance companies wont touch scooters why are there so many at the repo auctions, are the dealers repossessing and sending the scoots to the auctions ??

[stuandchris]

Wouldn't touch it with a barge pole my friend.

If a deal seems to good to be then it usually is.

[stuandchris]

True that is!

[MyphuketLife]

even if its not a scam from the get go (to get you 120 deposit)... This has to many risks. What if he does not make the payments to his lender? You may have a contract, but if he does not have the money to repay what good is a contract?