Buying/selling Car Under Finance (Bank Fees And Regulations)

[lemoncake]

Hoping to get some advice from people who have had experience buying or selling a car which is under finance.

I am wanting to sell my car which is financed, and have a buyer who wants to take over the repayments.

What are the fees(bank fees) for changing the name on the loan or what other options are there available?

Also what is the procedure for name change on the loan?

Useful and experienced advice is much appreciated in advance

[lemoncake]

no one knows?

[sotsira]

I would explain the situation with your finance company as they will give you all the

true and accurate info that you need.

I've also heard that some or all finance companies will only allow persons to take out finance on

a vehicle that have a valid work permit, but you should know more about that as you already have

taken on a finance contract.

[gasman2]

I am also likely undergoing this, I was told you and "buyer" need to goto lease offce with his docs, they'll then do a quick credit check - not sure about transfer fee will advise if i find a buyer Thanks

[steveromagnino]

one more point, the new buyer needs to agree to the exact payment schedule of the original agreement (i.e. cannot pay it off at a different rate different term). If they pay it off early, then there is no benefit to do so financially.

There are the usual car selling fees and the bank will also possibly add on some charges of their own but it is still far less than paying out the entire contract and starting over.

Generally foreigners (AFAIK) can get up to around 65% financing without any form of guarantee or whatnot provided they have earning power here locally proven with pay slips/work permit etc and have the earning power to pay the loan payments. Sometimes it can go higher, but that's something to bear in mind.

I had someone pay me a deposit on my car and then was unable to secure financing afterwards because they had work permit etc but hadn't worked in their current job long enough so were turned down since my interest rate is low and the term was short for the loan they were going to take over. Now we are a bit in limbo, waiting to see what will happen as he still wants the car and I still want to sell to him, but he cannot pay outright. And I am not a bank.

[lemoncake]

I have gone through the process and this is what happens. it is with Tanachart.

Seller and buyer need to make an appointment with an officer, official waiting time 3 days, however we had to wait for 14 days

Seller has to bring passport, WP, insurance papers, rego papers, and the contract(all 2 copies)

Buyer needs to bring the same, plus the pics of his house and also bring a thai guarantor.

Fees are as follows.

Bank charges around 1000 baht for the change, plus 3 months upfront payment must be made.

The whole process is pretty painless, untill it gets to the guarantor, in my case buyers GF was approved by 3 other banks but turned down by Tanachart for no real reason.

The person handling the case was less than helpful and rather very rude.

The buyer is a very wealthy guy with a house worth 30 million baht and 3 huge resorts, all the papers were there, but still refused.

To be honest i got the feeling they do not really want to do it. Every dealing i have had with Tanachart has been very unpleasant.

[gasman2]

Kasikorn will be similar for me - conditions availbale online, goto google and search for Kasikorn Terms and Conditions for Transferring Auto-Financing Loans. I would think the buyer is liable for the post-approval section, and hope that K-bank is nicer than Thanachart

Terms and Conditions for Transferring Auto-Financing Loans