Is This A Good Deal?

[somluck]

Hi,

I am not currently with the prices of cars in Thailand. So see if anyone can offer some advice.

A friend who is 5 months overdue on a 2 year old Toyota Fortuner/Fortuna wants me to take over the car. He paid 1.2 m for it and now there is an outstanding of 700k in instalments. How much of takeover money should i pay him (reasonable to be fair to both sides).

Also the 700k is his loan including interests. Could anyone jsut take over a car loan like that? Or would i (or rather the gf) have to take a new loan? Would there be a revaluation in this case and be peg to prevailing interests rates?

Look forward to hearing your views and many thanks in advance

[moe666]

Just tell him you will take over his payments, he will lose the vehicle any way.

[MikeyIdea]

Just tell him you will take over his payments, he will lose the vehicle any way.

I would do that if I wanted to get rid of the friend but not if I wanted to keep him

I'd check tents (car dealers by the big roads) and this site is good http://www.one2car.com You have to register and the site is in Thai but you'll get the hang of it if you click along. Toyotas keep their value well

People normally take over old loans when buying 2nd hand cars not paid off yet but it may be possible to do it differently, never tried myself. I doubt revaluation, interest rate change etc will be done. You will have to ask the loan company. Normally, the buyer need to be able to guarantee the loan of course (salary) but if buying from a friend, he could continue to guarantee.

[katabeachbum]

Just tell him you will take over his payments, he will lose the vehicle any way.

I would do that if I wanted to get rid of the friend but not if I wanted to keep him

I'd check tents (car dealers by the big roads) and this site is good http://www.one2car.com You have to register and the site is in Thai but you'll get the hang of it if you click along. Toyotas keep their value well

People normally take over old loans when buying 2nd hand cars not paid off yet but it may be possible to do it differently, never tried myself. I doubt revaluation, interest rate change etc will be done. You will have to ask the loan company. Normally, the buyer need to be able to guarantee the loan of course (salary) but if buying from a friend, he could continue to guarantee.

The finance agreement can be transfered. First it must be payed up to date and vehicle carry satisfying insurance. 5000 baht fee to finance company seems normal.

as for the value of this fortuner, i d say 8-900k pending on condition/equipment/model

Tent prices are often very high, for dealer to be able to subsidise interest on finance.

Second hand car finance is rather expensive at 5-6% interest pluss 7%vat. Better to take over existing finance agreement, probably at 2,75-3% interest and Vat is already dealt with.