Mitsubishi Triton Promotion 0.65% Interest!

[Somnambulist]

Version:1.0 StartHTML:0000000167 EndHTML:0000002099 StartFragment:0000000704 EndFragment:0000002083 after a few weeks of intense research, test drives, and changing my mind, I put down a deposit on a brand new pickup truck, a four door Mitsubishi Triton! It costs about a million dollars more than I've ever spent on a car before. Actually, it's 784,000 baht and it's loaded with bling. I'm getting the four door gls plus 2.5L automatic. I'm paying 25% down and will have a 48 month loan at 0.65%(special promotion), so the entire interest will be about 15,000 baht (less than 500 bucks). Nissan offers 2.4% and Toyota a bit under three. I think this promotion ends April 8^th.

This interest rate applies to the 48 month loan. If you put 20% down the interest is 0.9%

The other day I was considering a Toyota “Sure” truck and the interest was 4.2%. On a four year loan on a car under 600,000 baht the interest would have been a bit over 100,000 baht. I'm going to hold the rest of the money owed in gold bullion and sell it as I need to make payments. Mitsubishi is the only truck company in Thailand which gives a 5 year warranty (or 150,000 kilometers).

[MoonRiverOasis]

Nice going there Somnambulist, congrats!

Were you able to negotiate any extras beyond the free 1-year insurance that's included with the current campaign? Just curious as to how much latitude they have to play with during this promotion

[onlooker]

It's a nice truck. I've got one 4 door 4WD 2.5l. Never misses a beat and no complaints. Mines getting on for 3 years old now.

[Nevo]

You also have to pay 7% VAT on top of your repayments. So it is never as cheap as it looks.

I certainly didn't realise this untill I looked the other day closely at my payemnt slip. B 11995.33 interest plus 7% VAT - B 839.67 = B 12835. That means over 48 months I have to pay just over B 40k in VAT on top of interest.

[Somnambulist]

Doh! You're making me regret not going for 4WD, man. But I just couldn't justify the price of auto, four doors jAND 4WD and the former two were the most crucial since it looks like I'll be starting a family soon and will need to secure a baby in the back seat. Still, it's good to hear you've had no trouble with the 4WD because that's everybody's reason for not getting it.

In addition to everything that comes with the GLS 2.5 auto, we got:

1st class insurance

one year tax

Register plate and frame

transfer

window film

floor mats

bed liner

4 point parking sensor

front nudge bar and back bumper

side visors

500 baht of diesel

The only thing they said no to was a sport lid but hey it was worth asking. When we wanted to test drive a Prerunner at Toyota we had to make an appointment for the next day end even then were only allowed to drie it around the parking lot. Isuzu had had a non raised model available for a test drive and we loved it, but at the time we were interested in the HiLander 3.0 with VGS. No have. Nissan said come back next week for a test drive. But when we walked into Mitsubishi yesterday we told told what we wanted and THEY offered US a testdrive right there and then of that exact model. Three weeks ago I already loved the GLS but mistakenly thought there was only one dealership in Chiang Mai, and we weren't impressed with it and could never buy a truck in CM with only one dealer for support. But there are actually three, so no problem. As for extras, I get the feeling they will give you whatever you want within reason. If there's something I forgot to ask for it's my fault. But I am happy. Hey, I've been driving a 16-year-old Honda City so I am grinning from ear to ear. I like the Toyota organization but just don't like how their trucks feel going around curves. Both Toyota and Isuzu make you pay through the nose for what I got. I've heard good things about the Navara but it seems more like a work truck and the interior is even more boring than Toyota and Isuzu. I basically want a car that's fun to drive and can haul small trees and garden supplies because we are about to put in a yard.

It's a nice truck. I've got one 4 door 4WD 2.5l. Never misses a beat and no complaints. Mines getting on for 3 years old now.

[Somnambulist]

Forgot to add - the only other automatic we test drove was the 2.7L Vigo that runs on gasohol. Believe me, the Mitsu diesel experience is fun, the gasohol not. Before I started my truck research I thought the Troton was butt ugly. If it was a dog I'd have shaved it's rear and made it walk backwards. But as soon as I learned how it felt behind the wheel it began to morph in my mind into a thing of beauty. That's how my mind works anyway.

[Somnambulist]

Nevo,

Doh! Completely slipped my mind, too. I'll consider it as payment for using thailand's roads. That'll make me feel better. Wish the wife had thought of it but it wouldn't have changed our decision. Oh, another thing - Yesterday they said we could pick up the truck today (no pun intended, really) but they called today to say it'll take a couple of days to get the loan approved and we need to go in again today with our bank books I.D., and her tabien baan. TiT.

You also have to pay 7% VAT on top of your repayments. So it is never as cheap as it looks.

I certainly didn't realise this untill I looked the other day closely at my payemnt slip. B 11995.33 interest plus 7% VAT - B 839.67 = B 12835. That means over 48 months I have to pay just over B 40k in VAT on top of interest.

[katabeachbum]

You also have to pay 7% VAT on top of your repayments. So it is never as cheap as it looks.

I certainly didn't realise this untill I looked the other day closely at my payemnt slip. B 11995.33 interest plus 7% VAT - B 839.67 = B 12835. That means over 48 months I have to pay just over B 40k in VAT on top of interest.

finance company deducts 7% vat when they purchse the vehicle and then ad 7% on your monthly rents/repayments. over 48 months vat=vat no more or less

[Nevo]

Oh I see. Thanks for that. Strange way of doing it mind.

[aussiebebe]

This interest rate applies to the 48 month loan. If you put 20% down the interest is 0.9%

The other day I was considering a Toyota “Sure” truck and the interest was 4.2%. On a four year loan on a car under 600,000 baht the interest would have been a bit over 100,000 baht. I'm going to hold the rest of the money owed in gold bullion and sell it as I need to make payments. Mitsubishi is the only truck company in Thailand which gives a 5 year warranty (or 150,000 kilometers).

I think the OP got a fair deal on a great truck; 2WD should be adequate for his needs, don't sweat the small stuff! You did well to avoid second-hand - interest rates are always higher. Just two things; holding gold bullion is physically and fiscally unsafe; home insurance policies won't cover theft and the market may move against you; you may be better keeping it in a Thai bank account. Secondly, I think the Triton is the way to go, but notably with Chevrolet trucks you could have bought an extended warranty, Patinum, 5-years, 250,000km. Just thought I'd mention it in case others are weighing up their options these days. Chevy Colorados rolling out of the Rayong plant and into Thai showrooms aren't the same quality as the ones destined for export, sure, but Chevy are also offering attractive trade-in promotions http://www.chevrolet.co.th/content_data/AP...olet/index.html

[Somnambulist]

I guess they are doing the interest differently now. The VAT is included in the list price of 784,000 baht. The cost of the loan amounts to 15,000 baht and some change so the monthly payment for 48 months will be 12,569 baht.

I did consider a Chevy briefly but their being part of GM, which is bankrupt, is a worry. Also, they seem to depreciate very rapidly from what I gathered. That warranty sounds good though. As for physical gold, I don't keep any at home. It's in a safe place. I see no way out of the fiat currency mess caused by the U.S. Once they reneged on Bretton Woods it was only a matter of time. I own physical because it's the only form that is not anyone else's liability. I've read that around the globe there is roughly 85 times as much paper supposedly backed by gold as there is actual gold in the world and someday the tide will go out and we'll see who's been swimming naked. I see my gold not as a way to quick riches but rather as insurance against the irresponsibility of governments. As the old saying goes, it's the only investment one buys and hopes it doesn't go up.But I see no way it can't go up considerably from here. BTW, this Mitsubishi promotion goes through April 8th. I was at Carrefour today and they were there with some Tritons and Lancers and if you only need one year financing the interest rate is ZERO%. I'm putting the truck in my wife's name so they advised us to put 30% down but politely insisted on 25%. Will find out Monday what they decide.

[Somnambulist]

One correction - We're only getting two sensors for the rear, none for the front. Oh well, the back is where I need them.

[MoonRiverOasis]

You also have to pay 7% VAT on top of your repayments. So it is never as cheap as it looks.

finance company deducts 7% vat when they purchse the vehicle and then ad 7% on your monthly rents/repayments. over 48 months vat=vat no more or less

Correct - for new vehicle finance, the finance company is able to claim tax credits for the 7% VAT, so the net result is you don't end up paying it. However, tax credits can not be claimed for finance on used vehicles - no matter what finance deal you get when buying a used vehicle, you'll be paying an additional 7% VAT on every repayment you make.

[Somnambulist]

Our loan application was turned down, no reason given, but it's not rocket science. Neither of us earns a wage. I have assets but foreigners can and do skip the country and use their Thai wives as proxies to do nefarious deeds. I could show them a pile of gold bars and it wouldn't matter. I offered to show them the balance of my foreign trading account but they don't know what a trading account is.

Anyway, plan B. My wife's family has a long relationship with someone at Kasikorn Bank so we've made an appointment to have a chat. We have a piece of property to use as collateral worth at least 2m baht and have been told we could get a 1m baht loan with that, which is far more than we need, unless I decide to do a little speculation with it. So the remaining question is what percent will they give us. Sure wish I could move the cursor back so I could edit my typos. Oh well. Will let you know what I find out. In the meantime, Mitsubishi will hold the truck for a total of 15 days after which time they'll refund my 5,000 baht cash deposit if I can't come up with a loan.

Edited March 24, 2010 by Somnambulist

[MoonRiverOasis]

Our loan application was turned down, no reason given, but it's not rocket science. Neither of us earns a wage. I have assets but foreigners can and do skip the country and use their Thai wives as proxies to do nefarious deeds. I could show them a pile of gold bars and it wouldn't matter. I offered to show them the balance of my foreign trading account but they don't know what a trading account is.

Anyway, plan B. My wife's family has a long relationship with someone at Kasikorn Bank so we've made an appointment to have a chat. We have a piece of property to use as collateral worth at least 2m baht and have been told we could get a 1m baht loan with that, which is far more than we need, unless I decide to do a little speculation with it. So the remaining question is what percent will they give us. Sure wish I could move the cursor back so I could edit my typos. Oh well. Will let you know what I find out. In the meantime, Mitsubishi will hold the truck for a total of 15 days after which time they'll refund my 5,000 baht cash deposit if I can't come up with a loan.

Collateral alone is usually not enough to secure finance in Thailand - while you're correct that it provides security against finance, the reality is that what the finance company wants is your money, not more of your assets (they have plenty of repossesed stock as it is), so you have to provide them with at least anecdotal evidence of income OR have another, 3rd party Thai citizen act as a guarantor for your wife.

I say anecdotal because there are ways of doing this without actually having a regular income, but if you've already submitted an application that states you don't have a regular income, it's a little hard to an about-face on that now

[Big Guy]

or perhaps put down a larger deposit like 50%

[katabeachbum]

Our loan application was turned down, no reason given, but it's not rocket science. Neither of us earns a wage. I have assets but foreigners can and do skip the country and use their Thai wives as proxies to do nefarious deeds. I could show them a pile of gold bars and it wouldn't matter. I offered to show them the balance of my foreign trading account but they don't know what a trading account is.

Anyway, plan B. My wife's family has a long relationship with someone at Kasikorn Bank so we've made an appointment to have a chat. We have a piece of property to use as collateral worth at least 2m baht and have been told we could get a 1m baht loan with that, which is far more than we need, unless I decide to do a little speculation with it. So the remaining question is what percent will they give us. Sure wish I could move the cursor back so I could edit my typos. Oh well. Will let you know what I find out. In the meantime, Mitsubishi will hold the truck for a total of 15 days after which time they'll refund my 5,000 baht cash deposit if I can't come up with a loan.

Collateral alone is usually not enough to secure finance in Thailand - while you're correct that it provides security against finance, the reality is that what the finance company wants is your money, not more of your assets (they have plenty of repossesed stock as it is), so you have to provide them with at least anecdotal evidence of income OR have another, 3rd party Thai citizen act as a guarantor for your wife.

I say anecdotal because there are ways of doing this without actually having a regular income, but if you've already submitted an application that states you don't have a regular income, it's a little hard to an about-face on that now

having financed 3 cars in my own name, my experince is what they want to see is good cash flow in bank statement. they dont care how you make the money or if you have a workpermit, as long as 100k or preferably a million or 3 is flowing through each and every month for a while. They also want to see assets in LOS, but this is more to ensure your stability.

A friend took delivery today 950k Vigo, 50% down, no guarantor, no income, no workpermit, some assets and more than 100k cashflow a month. Tanachart, 2,3% on 36 months.

[MoonRiverOasis]

having financed 3 cars in my own name, my experince is what they want to see is good cash flow in bank statement. they dont care how you make the money...

That's it, precisely.

[Somnambulist]

We got a surprising phone call today from the manager of the Mitsubishi dealership. He called Kasikorn Bank (this is just a coincidence, nothing to do with my wife's family's contact) and set up a meeting for us. A representative of K. Bank is coming to our house way out in Mae Rim the day after tomorrow. He said if we get approved the interest rate will probably be half a percent higher than the promotion rate. If this goes through I'll be just as suprised as the rest of you. I am willing to increase the down payment up to 50% but didn't have a chance to mention this to the original loan company because they stopped returning our calls once they denied us. They are connected ultimately to GE.

[Makyai]

Some interesting information on this topic. Does anyone own or tested the petrol triton? We like the triton and may buy one later this year, but was thinking about buying the petrol model with the idea of converting it to LPG later. No sure if this is a good idea or not so thought that maybe some experts could shed some light on this.

Thanks

[MoonRiverOasis]

Some interesting information on this topic. Does anyone own or tested the petrol triton? We like the triton and may buy one later this year, but was thinking about buying the petrol model with the idea of converting it to LPG later. No sure if this is a good idea or not so thought that maybe some experts could shed some light on this.

Thanks

Looks like you may not have to convert yourself - Mitsubishi have just announced two new Triton models with factory fitted NGV - details here

[Somnambulist]

Version:1.0 StartHTML:0000000167 EndHTML:0000001385 StartFragment:0000000708 EndFragment:0000001369 The bank guy came over today and it was encouraging. As has been said on this thread, you need significant cash flow whether you're Thai or foreign. Fortunately, my wife until recently worked for an American man who used her bank account to move significant amounts of money into Thailand. That ended a few months ago but it looks like that will work. I'm sure that it helps that Mitsubishi called them for us. Next time I'll be better prepared. I'm going to start moving money around from account to account so I'll have some "flow".

Edited March 26, 2010 by Somnambulist

[Somnambulist]

Hey, we got the loan. Yesterday we had to meet the bank guy at a coffee shop to give him six photos of the house we're using for collateral and to sign a couple more things and off he went. A couple of hours later we got the call saying we got the loan. But it was the Mitsubishi dealership manager who called us, not the bank. Very impressive how he followed through on this. We can take possession tomorrow. Interest rate - .68%.

[johnbarpic]

Hello

was the Mitsubishi dealership manager who purchsed from in Pattaya or BKK. I am very intrested how you have sorted this one as am looking to purchse the same vehilce if you could IM me with which Dealer & bank I would be very interested.

Regards

John B-P