Vehicle Finance In Thailand

[cambridge]

My Thai wife purchased a new Mitsubishi financed by the above, obviously the agreement was in Thai, and I could not read or understand the calculations. At a much later date I decided that I must obtain further details as I did not like the look of the agreement. After 3 registered letters to Capital Auto lease and a 1 hour phone call they did give me a proper breakdown of the agreement in English. I found then that they had taken the first months payment on the day the agreement was signed and added it to the balance payable, saying that this was an upfront payment and would reduce the number of monthly payments due from 65 to 64. But hey had still charged 65 months interest plus VAT. I contacted them again and they could see nothing wrong! After many emails and more phone calls, yes they agreed they had made a mistake and would look into it. After more than 4 months they credited the account with Baht 8,123.28 which I still do not find is enough, but I have given in and my wife has accepted it. I do get the impression that this is a normal procedure for them with regard to financing agreements. I urge anyone that has an agreement with them to look at it very carefully to see if the same thing had been happened to them. Obviously by doing this, and possibly getting away with it, they are making a huge profit.

Cambridge.

[MoonRiverOasis]

I have financed 2 cars using Ayudhyah, and have never been asked to pay the first month up-front.

In fact in both cases they were nice enough to ask me what anniversary date I wanted (starting the following month). The last car was picked up on the 2nd, but first payment not due until the 20th of the following month - meaning I got 18 days interest-free Not enough to have a party with though at 1.1% PA interest, heh.

First finance with them was paid out early, and no problems with the calcs on the discounted interest due.

Are you sure it wasn't your sales rep trying to get their commission up-front?

Your term (5 years + 5 months) seems quite odd also Knowing Thai's that alone was probably enough to confuse them

[katabeachbum]

I have financed 2 cars using Ayudhyah, and have never been asked to pay the first month up-front.

In fact in both cases they were nice enough to ask me what anniversary date I wanted (starting the following month). The last car was picked up on the 2nd, but first payment not due until the 20th of the following month - meaning I got 18 days interest-free Not enough to have a party with though at 1.1% PA interest, heh.

First finance with them was paid out early, and no problems with the calcs on the discounted interest due.

Are you sure it wasn't your sales rep trying to get their commission up-front?

Your term (5 years + 5 months) seems quite odd also Knowing Thai's that alone was probably enough to confuse them

rather common to ask for first term to be payed on delivery. Up to you to say no. Provides early sales rep/finance rep commision