Payments

[kempos]

I'm affraid i will have to miss my payment for my car. my due date is 10th of each month however won't be able to do it until 27.

I have bought a car 18 months ago and so far didn't miss or was late with anything (payment, insurance).

What is going to happen? How many payment can you miss without losing your car?

I know back home is 3 payment, but have no idea about here.

thanks

[Tywais]

Best would be to contact the finance company/bank and let them know your problem. Since it is only a little more then two weeks it shouldn't be an issue. I've been late that long before and no problem and my wife up to two months (that was a bit too long since the collection agency started hounding her about it and making noises about repossesing if not paid within a month -total of 3 months.) Since you have a good history with them I can't see them creating problems for you.

Edited January 22, 2006 by tywais

[kempos]

I have just sent them an e-mail in which i described my situtation. Hope everything will be ok. I know Thais who were late up to 3 months. My thai friend told me that 3 month is the maximum period for being late.

[GuestHouse]

Did you secure the loan against property?

If so, it is not just the car that is at stake.

As others have said above talk to the finance company, I would write a letter (not email) and make sure it is agreed (in writing) when you will make the next payment.

[kempos]

I haven't secure the loan against anything. I just would like to know if anybody has an idea what thai law says about it.

[Tompa]

When you got the initial financing for the car did anyone guarantee the loan for you? The finance companies usually require this if you are a farang. If so, you could cause problems for the guarantor as well.

[kempos]

the car is on my wife's name, the downpayment was 30% so they did not require a guarantor. do you think that max 3-week delay would cause so many problems?

anyway, will find tomorrow after talking to standard chartered

[Deke]

Normally, when your payment is just a week or two late, you won't hear anything at all from the finance company. Around the two week mark, they'll send you a letter. When it gets close to a month, they'll start to call and ask when you plan to pay. At about two months plus, they'll send a letter telling you to pay up or they will cancel the loan contract. When you get to about three months, some muscle will come around looking to take back the car.

If they call and you politely explain that you're waiting to receive a transfer of money from abroad or whatever, they won't give you too much trouble.

[Dragonman]

Normally, when your payment is just a week or two late, you won't hear anything at all from the finance company. Around the two week mark, they'll send you a letter. When it gets close to a month, they'll start to call and ask when you plan to pay. At about two months plus, they'll send a letter telling you to pay up or they will cancel the loan contract. When you get to about three months, some muscle will come around looking to take back the car.

If they call and you politely explain that you're waiting to receive a transfer of money from abroad or whatever, they won't give you too much trouble.

Deke is spot on! Of course in contract law you have to pay on the due date, but if every Thai who missed a payment had their vehicle snatched back, the roads in Thailand would be a much safer place kempos don't you know next to Jamaica, Thailand is tha land of "don't worry"

[Wekhin]

It depends on a particular financial institutions. Two to three months is maximum here. But it looks like you will miss it less than a month. However, some will charge for late payment. If they send a letter to warn you, they may charge for that too.