Pajero Finance Refused

[rizla]

I read this on an older post...

Another way to go about it, is to have a floating transfer of car form signed by the GF whose car is under her name. Get all official copies of contract AND official registration of the car......end quote.

Right, i know i will be slammed for this, but i am thinking of getting the pajero finance in my g/f`s name with ME as guarentee on the papers, my local garage is looking into this for 25% down....

BUT, BUT ,BUT i will only do this if i`m safe, i`ve spoken to 2 lawyers" isaan lawyers " and what they have done before and recommend is an agreement contract signed by me and the gf that when the finance is settled, normal or early wether she is alive, dead or estranged the name on the finance green book will be change over to me.........whats your input and have you seen this before......????????

[Digitalbanana]

Oh, sorry to hear that. Looks like cash.

Have the cash, but want hedge against the baht dropping, their foriegn cash reserves wont last for ever...i hope

Why would you think the baht is going to fall vs the pound? Besides if you have the cash why not use it instead of giving large amounts to a finance company? If you want a new car, buy one you can afford upfront, and write it off, besides the value will plummet as soon as it leaves the showroom. You're right about getting slammed for suggesting putting it a GF's name as well, but I suppose you could cut your losses doing a runner at any stage down the line as the only benefit, if you can do that at all.

[rizla]

Oh, sorry to hear that. Looks like cash.

Have the cash, but want hedge against the baht dropping, their foriegn cash reserves wont last for ever...i hope

Why would you think the baht is going to fall vs the pound? Besides if you have the cash why not use it instead of giving large amounts to a finance company? If you want a new car, buy one you can afford upfront, and write it off, besides the value will plummet as soon as it leaves the showroom. You're right about getting slammed for suggesting putting it a GF's name as well, but I suppose you could cut your losses doing a runner at any stage down the line as the only benefit, if you can do that at all.

Like i stated before, i have the cash in the bank, i just want to keep as much in there getting intrest (tax free), i dont see other people being slammed for taking finance out in their name, you see the only issue is the name thing and that cant be done on a retirement visa only a WP...which is so crazy...

[MrLaoKao]

I also visited the local Mitsubishi store a few days ago and testdrove the 3.2 Pajero Sport. It was instant love.

Unfortunately they wanted a 50% instant payment which I with the current excange rate find not that appealing.

Bought an Isuzu pickup instead. 30% will be payed tomorrow as I'll get it from the store. 2,35% intrest for 5 years. The idea is as the tread creator said to hedge against currency fluctuations.

Considering the fluctuations with the small european currency I am paying with the intrestrate is a small price to pay. In one year the value of my currency has dropped nearly 20% and will sooner or later change to the better. This way I can have a better control of when to do the exchange. If the exchange rate drops a further 20% I'll just sell the car and cut my losses.

[rizla]

I also visited the local Mitsubishi store a few days ago and testdrove the 3.2 Pajero Sport. It was instant love.

Unfortunately they wanted a 50% instant payment which I with the current excange rate find not that appealing.

Bought an Isuzu pickup instead. 30% will be payed tomorrow as I'll get it from the store. 2,35% intrest for 5 years. The idea is as the tread creator said to hedge against currency fluctuations.

Considering the fluctuations with the small european currency I am paying with the intrestrate is a small price to pay. In one year the value of my currency has dropped nearly 20% and will sooner or later change to the better. This way I can have a better control of when to do the exchange. If the exchange rate drops a further 20% I'll just sell the car and cut my losses.

You state 50% deposit for the mitsubishi, was that finance in your name and what visa do you have...thanks

[basjke]

Oh, sorry to hear that. Looks like cash.

Have the cash, but want hedge against the baht dropping, their foriegn cash reserves wont last for ever...i hope

Why would you think the baht is going to fall vs the pound? Besides if you have the cash why not use it instead of giving large amounts to a finance company? If you want a new car, buy one you can afford upfront, and write it off, besides the value will plummet as soon as it leaves the showroom. You're right about getting slammed for suggesting putting it a GF's name as well, but I suppose you could cut your losses doing a runner at any stage down the line as the only benefit, if you can do that at all.

Like i stated before, i have the cash in the bank, i just want to keep as much in there getting intrest (tax free), i dont see other people being slammed for taking finance out in their name, you see the only issue is the name thing and that cant be done on a retirement visa only a WP...which is so crazy...

What are you talking the name thing can't be done on a retirement visa.I have own now my 7th car in Thailand and from the first to the last were in my name.First on a tourist visa,later on a Non-B and now on a retirement visa.Finance also in my name.

[phutoie2]

What are you talking the name thing can't be done on a retirement visa.I have own now my 7th car in Thailand and from the first to the last were in my name.First on a tourist visa,later on a Non-B and now on a retirement visa.Finance also in my name.

Posts like this are really helpful, are they not?

There is a particular type of farang in this country who belongs to the " I have lived here XXX number of years and this has never happened to me!"club.

Let me hazard a guess where you reside, Patts/Pooket/HH ??, all so easy for me.

Well lets provide some more information for TV members instead of bragging about how many vehicles you have owned.

I particulary would like to know your approach in regards to provincial dealerships.

Despite all my best efforts our pickup/3 mo-cycles and two tractors are all in my wifes name!

[JohnLeech]

Just a thought, as I feel out of place among all the financial wizards who are busy borrowing money to buy an asset that will depreciate by around 20% when they drive out of the showroom, but it could be a good idea to read the thread entitled "Settling The Bill With The Finance Company After Car Theft" to discover what actually happens if the new love of your life is stolen or written off, or if you try to pay off your loan early to make the most of the exchange rate.

Kiss (Keep It Simple, St...id)

[rizla]

What are you talking the name thing can't be done on a retirement visa.I have own now my 7th car in Thailand and from the first to the last were in my name.First on a tourist visa,later on a Non-B and now on a retirement visa.Finance also in my name.

Posts like this are really helpful, are they not?

There is a particular type of farang in this country who belongs to the " I have lived here XXX number of years and this has never happened to me!"club.

Let me hazard a guess where you reside, Patts/Pooket/HH ??, all so easy for me.

Well lets provide some more information for TV members instead of bragging about how many vehicles you have owned.

I particulary would like to know your approach in regards to provincial dealerships.

Despite all my best efforts our pickup/3 mo-cycles and two tractors are all in my wifes name!

Thankyou for your support phutoie2, i to would like to see how it`s done, maybe it`s a , mine`s bigger than your`s thing i don`t know...

or it`s my ball and you can`t play with it thing?

Anyway i have two big bikes in my name..so there..but i had to pay cash for the privillage..

I even tried two mitsubishi dealers, Tanachart finance, and contacted TIM at expat motors (who was sure like our friend above, hey no problem he thought on a retirement visa) BUT guess what, no way on a retirment visa was Tims Reply, they are tightening up...

Ok, lucky if you can do it, but i presume it is because you have had finance in your name before and in thailand that helps them accept you more easly there after, and you got your credit rating before they tighened the rules......BUT , this is my first application for finance so therefore no history to fall back on...and as i said before i dont want to use my cash, i preffer finance as the one thing people cant stress enough on here is....ONLY BRING TO THAILAND WHAT YOU ARE PREPARED TO LOOSE...so i would like to go slowly...not even considering getting married or buying a house, that`s why even if i buy in her name it must be underwritten by lawyers that she is only acting as an agent for me to buy the car on finance, but i would rather not do this either, would the poster who said they would give him finance with 50% down, please stand up...i would like to see if that is possible up here in ban nork...regards

[rizla]

Just a thought, as I feel out of place among all the financial wizards who are busy borrowing money to buy an asset that will depreciate by around 20% when they drive out of the showroom, but it could be a good idea to read the thread entitled "Settling The Bill With The Finance Company After Car Theft" to discover what actually happens if the new love of your life is stolen or written off, or if you try to pay off your loan early to make the most of the exchange rate.

Kiss (Keep It Simple, St...id)

thankyou, i`m watching that thread too, and if and when i get finance i will be making sure that the finance i use wont be that type..point noted

They way i look at it is, i want a new car for the many obvious reasons, second hand could be stolen, ringed, pre-crashed and twisted, clocked, poorly maintained, hammered, scratched and dented...the list goes on.

Yep 20% or so is a bummer i agree, but some of the above could cost a lot more, and if financed, 7% vat is added on to second hand cars, and the pajero comes with 5 years warranty , which to me is worth 4% / anum over 5 years..

OOPS and it aint an asset, cars never are, i learned that over many years back home with 30 cars plus bikes, it`s a choice of pleasure..

Now buy a house here, well thats an asset (joke), one its never yours and two maybe cant sell it, and three no freedom of movement, not like a car..each to their own, but thats my thoughts..p.s not knocking guys who have bought a house, its just my thoughts for my circumstances.....So after numerous posts on the topic of finance on a retirement visa we are still no nearer to a working solution....

[JohnLeech]

OOPS and it aint an asset, cars never are, i learned that over many years back home with 30 cars plus bikes, it`s a choice of pleasure..

Never ...... well, hardly ever (apologies to HMS Pinafore). I actually sold the first car I bought here for just over double what I paid for it, after enjoying driving it for seven years, and I sold my last motor bike here privately for exactly what I paid for it from Road Machine three years before, so I can't complain.

On the other hand I am perfectly happy having my house, additional land, pick up (new) and motor bikes (new) in someone else's name with nothing "underwritten" by anybody. Works for me - but that doesn't mean I'd recommend it for anyone else!

[rizla]

OOPS and it aint an asset, cars never are, i learned that over many years back home with 30 cars plus bikes, it`s a choice of pleasure..

Never ...... well, hardly ever (apologies to HMS Pinafore). I actually sold the first car I bought here for just over double what I paid for it, after enjoying driving it for seven years, and I sold my last motor bike here privately for exactly what I paid for it from Road Machine three years before, so I can't complain.

On the other hand I am perfectly happy having my house, additional land, pick up (new) and motor bikes (new) in someone else's name with nothing "underwritten" by anybody. Works for me - but that doesn't mean I'd recommend it for anyone else!

ah, i see you lost 20% also as your car and bikes were new...?

oh, and the second hand cars and bikes you resold without loss before, did that cover maintainance and repairs too...i know what you are saying..but many people when sell cars on say i never lost, i sold it for what i bought it for, but forget the repairs...

pay`s your money takes your choice, but here in LOS i`m not fully up to speed with there car scams so until i`m a hairy arsed car owner here i need to tread carefully, oh an the arguement New v Old i had that loads of times back home, it usually works out cheaper to buy a banger, but my days of lying under cars are behind me now..can`t be arsed...

[basjke]

What are you talking the name thing can't be done on a retirement visa.I have own now my 7th car in Thailand and from the first to the last were in my name.First on a tourist visa,later on a Non-B and now on a retirement visa.Finance also in my name.

Posts like this are really helpful, are they not?

There is a particular type of farang in this country who belongs to the " I have lived here XXX number of years and this has never happened to me!"club.

Let me hazard a guess where you reside, Patts/Pooket/HH ??, all so easy for me.

Well lets provide some more information for TV members instead of bragging about how many vehicles you have owned.

I particulary would like to know your approach in regards to provincial dealerships.

Despite all my best efforts our pickup/3 mo-cycles and two tractors are all in my wifes name!

Thankyou for your support phutoie2, i to would like to see how it`s done, maybe it`s a , mine`s bigger than your`s thing i don`t know...

or it`s my ball and you can`t play with it thing?

Anyway i have two big bikes in my name..so there..but i had to pay cash for the privillage..

I even tried two mitsubishi dealers, Tanachart finance, and contacted TIM at expat motors (who was sure like our friend above, hey no problem he thought on a retirement visa) BUT guess what, no way on a retirment visa was Tims Reply, they are tightening up...

Ok, lucky if you can do it, but i presume it is because you have had finance in your name before and in thailand that helps them accept you more easly there after, and you got your credit rating before they tighened the rules......BUT , this is my first application for finance so therefore no history to fall back on...and as i said before i dont want to use my cash, i preffer finance as the one thing people cant stress enough on here is....ONLY BRING TO THAILAND WHAT YOU ARE PREPARED TO LOOSE...so i would like to go slowly...not even considering getting married or buying a house, that`s why even if i buy in her name it must be underwritten by lawyers that she is only acting as an agent for me to buy the car on finance, but i would rather not do this either, would the poster who said they would give him finance with 50% down, please stand up...i would like to see if that is possible up here in ban nork...regards

Thank you both for slagging me of while providing honest information.Why should I even bother anymore to explain further,use the search function on top of this page.It is free to use to all even the ones that don't live in patts/pooket/HH.

[basjke]

What are you talking the name thing can't be done on a retirement visa.I have own now my 7th car in Thailand and from the first to the last were in my name.First on a tourist visa,later on a Non-B and now on a retirement visa.Finance also in my name.

Posts like this are really helpful, are they not?

There is a particular type of farang in this country who belongs to the " I have lived here XXX number of years and this has never happened to me!"club.

Let me hazard a guess where you reside, Patts/Pooket/HH ??, all so easy for me.

Well lets provide some more information for TV members instead of bragging about how many vehicles you have owned.

I particulary would like to know your approach in regards to provincial dealerships.

Despite all my best efforts our pickup/3 mo-cycles and two tractors are all in my wifes name!

Then maybe it is time to say goodbye to the wife before it is too late.Your post makes it clear that there is one born every minute.

[Bobr]

Rizia:

So often here the answer to anything seems to depend on what individual person you are dealing with. I bought a Toyota with 25% down on a retirement visa, but the first dealer I went to showed absolutely no interest in doing business with me. The second dealer, which was the smaller Toyota dealer on the beach side of Sukhumvit in Pattaya had a completely different attitude right from the start. The salesperson called a representative of the bank on her cell phone and arranged an appointment for me to meet with him. I made copies of everything that showed my income and gave it to him when we met, and he approved the loan on the spot. Maybe I just got lucky, but my loan was through Thanachart Bank, who also provides insurance and they have been great.

Instead of being discouraged, I hope you just try another dealer, and maybe consider visiting one in the tourist areas who is used to dealing with Farangs. If the dealer says no without your speaking with someone from the bank, something is definitely wrong. Good luck to you.

I'm not sure if he is still with them or not, but his name was Sunthorn Rittiiprasert from Thanachart Siraracha Branch. Even his business card is in Thai and English. You can PM me and I'll give you his phone number if you want it.

[robblok]

Just a thought, as I feel out of place among all the financial wizards who are busy borrowing money to buy an asset that will depreciate by around 20% when they drive out of the showroom, but it could be a good idea to read the thread entitled "Settling The Bill With The Finance Company After Car Theft" to discover what actually happens if the new love of your life is stolen or written off, or if you try to pay off your loan early to make the most of the exchange rate.

Kiss (Keep It Simple, St...id)

It doesnt differ much if you finance it or not its still a big write off. You still loose the same amount of money in both cases. When you finance it its just a bit worse because you have to pay interest.

[rizla]

Rizia:

So often here the answer to anything seems to depend on what individual person you are dealing with. I bought a Toyota with 25% down on a retirement visa, but the first dealer I went to showed absolutely no interest in doing business with me. The second dealer, which was the smaller Toyota dealer on the beach side of Sukhumvit in Pattaya had a completely different attitude right from the start. The salesperson called a representative of the bank on her cell phone and arranged an appointment for me to meet with him. I made copies of everything that showed my income and gave it to him when we met, and he approved the loan on the spot. Maybe I just got lucky, but my loan was through Thanachart Bank, who also provides insurance and they have been great.

Instead of being discouraged, I hope you just try another dealer, and maybe consider visiting one in the tourist areas who is used to dealing with Farangs. If the dealer says no without your speaking with someone from the bank, something is definitely wrong. Good luck to you.

I'm not sure if he is still with them or not, but his name was Sunthorn Rittiiprasert from Thanachart Siraracha Branch. Even his business card is in Thai and English. You can PM me and I'll give you his phone number if you want it.

p.m sent

[craigt3365]

I tried to buy my Honda via financing with my name. No way. Had my wife do it and it was 30% down and easy as pie. No WP was the answer.

I looked at several of the used car lots on Suk before buying new. Everyone said no problem for me to get financing. Never followed up, but at least they indicated it was possible....

[katabeachbum]

I tried to buy my Honda via financing with my name. No way. Had my wife do it and it was 30% down and easy as pie. No WP was the answer.

I looked at several of the used car lots on Suk before buying new. Everyone said no problem for me to get financing. Never followed up, but at least they indicated it was possible....

If your wife came with you to dealer, sure no way. And I know Honda leasing and Toyota leasing require WP. Tisco and Tanachart dont.

Never had a WP, have my 3rd new vehicle financed in my name. 25% down since its a 4x4 pickup

[JohnLeech]

OOPS and it aint an asset, cars never are, i learned that over many years back home with 30 cars plus bikes, it`s a choice of pleasure..

Never ...... well, hardly ever (apologies to HMS Pinafore). I actually sold the first car I bought here for just over double what I paid for it, after enjoying driving it for seven years, and I sold my last motor bike here privately for exactly what I paid for it from Road Machine three years before, so I can't complain.

On the other hand I am perfectly happy having my house, additional land, pick up (new) and motor bikes (new) in someone else's name with nothing "underwritten" by anybody. Works for me - but that doesn't mean I'd recommend it for anyone else!

ah, i see you lost 20% also as your car and bikes were new...?

oh, and the second hand cars and bikes you resold without loss before, did that cover maintainance and repairs too...i know what you are saying..but many people when sell cars on say i never lost, i sold it for what i bought it for, but forget the repairs...

pay`s your money takes your choice, but here in LOS i`m not fully up to speed with there car scams so until i`m a hairy arsed car owner here i need to tread carefully, oh an the arguement New v Old i had that loads of times back home, it usually works out cheaper to buy a banger, but my days of lying under cars are behind me now..can`t be arsed...

The car I referred to was rather unusual (unique in Thailand) and after taking out restoration costs, two re-paints, maintenance, etc, I made a profit of around 40% - the new owner was (and still is) very happy, and so was I. I had the bike (a Yam Dragstar 650) air-brushed and fitted some custom parts; allowing for that, maintenance and repairs (but not including petrol) it cost me around 500 baht a month. The Nissan NV I sold last month to a dealer after 7 years (bought when 6 months old, at 70% the cost of a new one) cost me around 2,500 baht a month for depreciation, insurance, maintenance and repairs (not petrol), while the four year old Yaris which I had bought new cost me around 7,500 baht a month.

I have been pretty lucky with bikes, usually trading them in to the shop I bought them from for a very good deal, but I don't want to mention the Suzuki Vitara which was not only the most uncomfortable car I have ever owned but also the biggest loss (OK, nearly 50% loss after four years, bought secondhand, but stll working out at only around 4,000 baht a month).

Its difficult to compare prices with "back home", as "banger" prices are outrageous compared with UK/Europe/USA, but at the same time labour charges are so low - usually, though, with skill levels to match!

[rizla]

OOPS and it aint an asset, cars never are, i learned that over many years back home with 30 cars plus bikes, it`s a choice of pleasure..

Never ...... well, hardly ever (apologies to HMS Pinafore). I actually sold the first car I bought here for just over double what I paid for it, after enjoying driving it for seven years, and I sold my last motor bike here privately for exactly what I paid for it from Road Machine three years before, so I can't complain.

On the other hand I am perfectly happy having my house, additional land, pick up (new) and motor bikes (new) in someone else's name with nothing "underwritten" by anybody. Works for me - but that doesn't mean I'd recommend it for anyone else!

ah, i see you lost 20% also as your car and bikes were new...?

oh, and the second hand cars and bikes you resold without loss before, did that cover maintainance and repairs too...i know what you are saying..but many people when sell cars on say i never lost, i sold it for what i bought it for, but forget the repairs...

pay`s your money takes your choice, but here in LOS i`m not fully up to speed with there car scams so until i`m a hairy arsed car owner here i need to tread carefully, oh an the arguement New v Old i had that loads of times back home, it usually works out cheaper to buy a banger, but my days of lying under cars are behind me now..can`t be arsed...

The car I referred to was rather unusual (unique in Thailand) and after taking out restoration costs, two re-paints, maintenance, etc, I made a profit of around 40% - the new owner was (and still is) very happy, and so was I. I had the bike (a Yam Dragstar 650) air-brushed and fitted some custom parts; allowing for that, maintenance and repairs (but not including petrol) it cost me around 500 baht a month. The Nissan NV I sold last month to a dealer after 7 years (bought when 6 months old, at 70% the cost of a new one) cost me around 2,500 baht a month for depreciation, insurance, maintenance and repairs (not petrol), while the four year old Yaris which I had bought new cost me around 7,500 baht a month.

I have been pretty lucky with bikes, usually trading them in to the shop I bought them from for a very good deal, but I don't want to mention the Suzuki Vitara which was not only the most uncomfortable car I have ever owned but also the biggest loss (OK, nearly 50% loss after four years, bought secondhand, but stll working out at only around 4,000 baht a month).

Its difficult to compare prices with "back home", as "banger" prices are outrageous compared with UK/Europe/USA, but at the same time labour charges are so low - usually, though, with skill levels to match!

Fair comment john, one thing i can draw from this, you like to vary your rides, no pun intended...the last part about the quality of labour , god so true.....tape and glue springs to mind.. Agree with the vitara evaluation, m8 of mine who is so matcho at most things in life , went and bought one in the uk (powder fff..ing blue) an absolute heap of crap hairdressers car ..tbmh......like i said before my days of oily rags and wheelbairing changes are behind me, it`s bad enough keeping the oily shitty water from the roads off them here...

[JohnLeech]

Fair comment john, one thing i can draw from this, you like to vary your rides, no pun intended...the last part about the quality of labour , god so true.....tape and glue springs to mind.. Agree with the vitara evaluation, m8 of mine who is so matcho at most things in life , went and bought one in the uk (powder fff..ing blue) an absolute heap of crap hairdressers car ..tbmh......like i said before my days of oily rags and wheelbairing changes are behind me, it`s bad enough keeping the oily shitty water from the roads off them here...

Yup, still vaguely in topic as the Vitara (a short wheel base 2 door) was the worst car I have ever been stupid enough to own! Uncomfortable, unsafe, just plain awful; it put me off pick-ups/SUVs for ten years, until now as I have just bought a Vigo Prerunner (4 door 3.0) which I am very happy with.

And you're right about my varying my rides (or at least the mechanical ones!) - the other car I referred to would now be nearly 70 years old (or at least some of it would!), while bikes I have owned here have varied from the Yam Dragstar to a Suzuki Goose via a Moto Guzzi, although the one I have owned longest (and the only one I still own) is a 50cc Yamaha Vino! Cars in the UK were even more varied, including a Porsche based Nova I built myself, a Lancia Delta Integrale, a TVR, a Reliant Scmitar and the only car I wish I still had, a 1948 Triumph Roadster.