Selling Under A Loan

[BabyJebus]

I was wondering if there was a way in Thailand to sell your car under a loan and keep paying per month yourself after it's been transferred to a new owner?

I did it back home 9 years ago, must be possible here?

[anon210]

That is just me, but I am afraid you are asking for something too complex and too extraordinary for this to be accepted in Thailand.

[overherebc]

Why not try on the following lines if the buyer has the income to qualify for the remaining monthly payments.

Buyer gets approval from the finance company to take over the payments and gives you a lump sum that you both agree on

[stevenl]

"I was wondering if there was a way in Thailand to sell your car under a loan and keep paying per month yourself after it's been transferred to a new owner?"

The bluek book will be in the name of the finance company under the loan. So it is not in your name, and you can sell it to anybody you like, you will still be responsible for the payments. However, the new owner will not be in the blue book till the loan is paid of, so as a new owner I would not accept this construction.

[BabyJebus]

"I was wondering if there was a way in Thailand to sell your car under a loan and keep paying per month yourself after it's been transferred to a new owner?"

The bluek book will be in the name of the finance company under the loan. So it is not in your name, and you can sell it to anybody you like, you will still be responsible for the payments. However, the new owner will not be in the blue book till the loan is paid of, so as a new owner I would not accept this construction.

Yeah i figured that. Would have to look around mental hospitals to sell it that way then

[mogandave]

Why not take put a loan, pay the car off and sell it?

[overherebc]

Why not take put a loan, pay the car off and sell it?

That's the easy way, but, Thai finance companies add up the remaining total, all outstanding payments, and if you're lucky they will offer you maybe 5000 baht discount.

God forbid they should do you a favour.

[ThaidDown]

Why not try on the following lines if the buyer has the income to qualify for the remaining monthly payments.

Buyer gets approval from the finance company to take over the payments and gives you a lump sum that you both agree on

Yes that's the way its done. Current buyer asks finance co. and give details of new buyer, if approved he can take over payments. New buyer gives current buyer a lump sum. May be a small charge for transfer.

As said, blue book is in finance company's name already. When loan paid off blue book is transferred to the new buyer.

Note, if new buyer fails to complete the loan there is no comeback for the first buyer.

[mogandave]

Why not take put a loan, pay the car off and sell it?

That's the easy way, but, Thai finance companies add up the remaining total, all outstanding payments, and if you're lucky they will offer you maybe 5000 baht discount.

God forbid they should do you a favour.

They do you a favor when they loan you money to buy the car, yes?

When I loan them money they pay me for it.