Car Bought On Finance And Now Need To Sell

[banchangbob]

My wife and I bought our Mazda 3 (2009) on finance from Thanachart bank two years ago. All the finance was in her name. My job is now very possibly moving us abroad and we want to sell the car/stop paying. The outstanding finance is worth more than the car (dam_n interest!), so how best do we go about this? Thanachart own the registration so can we just go to the car tent, sell it and then pay that plus the outstanding amount to Thanachart? Will we need the car registration in advance to take to the car tent?

Any help greatly appreciated.

[katabeachbum]

make a pre sale pre purchase agreement with buyer, go both to Tanachart and buyer pays Tanachart and sounds like you do to, sign a bunch of docs and vehicle will be transfered to buyer

dont trust a tent dealer to do it all himself, you might find years later it never was paid off

[katabeachbum]

Let us know more about the car and its finance, perhaps someone her can help you get rid of it

[necronx99]

Do you have insurance.

[banchangbob]

Hi thanks for the comments.

@katabeachbum

its a Mazda 2009 1.6 (Spirit), automatic, black, all leather, full electrics etc

in terms of finance there are 50 months left at 13093 thb a month.

@necronx99

Yep has full insurance until end of August

I'll go to Thanachart tomorrow and speak to them again, last time we didn't really get much help.

[CMTourist]

You and the buyer go to the finance company together. His money plus yours to make up the difference are handed to the finance people.

The finance company hand you a receipt showing its paid off and the green book for the car. You hand the green book and keys to the buyer and sign a sale and purchase agreement.

Then you call a taxi and go home.

Although a tent dealer wouldn't be able to sell on the car without paying off the finance, its still better to do it all it in person at the same time in the finance company office to be safe.

[CMTourist]

Hi thanks for the comments.

@katabeachbum

its a Mazda 2009 1.6 (Spirit), automatic, black, all leather, full electrics etc

in terms of finance there are 50 months left at 13093 thb a month.

@necronx99

Yep has full insurance until end of August

I'll go to Thanachart tomorrow and speak to them again, last time we didn't really get much help.

Ask the finance company what is the cost to pay off immediately. It won't be the monthly amount times the full term, it;ll be less. Although how much less depends on how much interest you have to pay when you pay off early