Car Financing - Age Discrimination

[ThaiBob]

A friend, age 70, was told he could not get a car loan because of his age. No matter how much he put down, with or without Thai garantee. Someone else said the cut-off is age 65. Please confirm. Age discriimination is illegal in my home country but TIT.

[soi41]

And he only wanted a 30 year repayment period!!

[stevenl]

This would not surprise me at all. And yes, from the loaner perspective this makes a lot of sense (just as it would back home).

What country are we talking about BTW, because I don't know any country where a bank is not allowed to reject e.g. house financing because of the age of the prospective buyer.

[funcat]

This is car loan with a guarantor...but still the age limit should not be a surprise...should check other lenders as well...good luck!

[keith101]

sorry but what thai bank in their right mind would loan a 70 y/o foreigner money regardless of any guarentee he/she may offer.im sure there are so many guarentees that are not honoured in this country and they just refuse to pay,whats the bank going to do too try and get money from people who dont have it to pay.should get a second hand car that the ops friend can afford without going into unnecessary debt at that age.

[ThailandBert]

Far from calling this age discrimination I would call it a good business decision. try getting a loan back home at that age and they will laugh you out of the shop. I don't suppose a 70 year old Thai would fare much better either.

[IMHO]

No laws against such practices here, and as pointed out, it seems like a reasonable policy to reduce risk for the lender / interest rates for all.

Is your friend actually able to pass the reaction and vision tests for a license? If so, he's doing pretty good

[endure]

To the OP - you aren't in your home country.

[ThaiBob]

To some of the sarcastic replies. In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage. The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang. My friend has no problem with meeting any loan income requirements and decided to simply pay cash.

Some my question now is, What is the cut-off age for a car loan? I got one last year at age 64.

[stevenl]

To some of the sarcastic replies. In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage. The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang. My friend has no problem with meeting any loan income requirements and decided to simply pay cash.

Some my question now is, What is the cut-off age for a car loan? I got one last year at age 64.

I would be very, very surprised if age is not a factor.

If I were to buy a house at age 80, would I get a 30 year mortgage?

[ThailandBert]

To some of the sarcastic replies. In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage. The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang. My friend has no problem with meeting any loan income requirements and decided to simply pay cash.

Some my question now is, What is the cut-off age for a car loan? I got one last year at age 64.

I REPEAT IN BIG LETTERS FOR YOU BOB.

THIS ISN'T THE GOOD OL USA !

[ThaiBob]

To some of the sarcastic replies. In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage. The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang. My friend has no problem with meeting any loan income requirements and decided to simply pay cash.

Some my question now is, What is the cut-off age for a car loan? I got one last year at age 64.

I would be very, very surprised if age is not a factor.

If I were to buy a house at age 80, would I get a 30 year mortgage?

Yes. You might be required to have a higher down-payment.

[ThaiBob]

To some of the sarcastic replies. In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage. The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang. My friend has no problem with meeting any loan income requirements and decided to simply pay cash.

Some my question now is, What is the cut-off age for a car loan? I got one last year at age 64.

I REPEAT IN BIG LETTERS FOR YOU BOB.

THIS ISN'T THE GOOD OL USA !

Yes I know. Age discrimination is permitted here; just look at the help wanted ads in the Bangkok Post.

[tom21]

try getting health insurance when over 60.

[JeffreyMcCollum]

To some of the sarcastic replies. In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage. The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang. My friend has no problem with meeting any loan income requirements and decided to simply pay cash.

Some my question now is, What is the cut-off age for a car loan? I got one last year at age 64.

I am from America and yes age is a factor. No way around it. They won't loan to under 18 and old, they may say no for this reason or that. but age does play a factor

Now to your friend here in Thailand, does he have a work permit and income from Thailand ? I could not get one without it and had plenty coming from the states. Now I have both. How is his Thai credit if any. Has he had a few loans or credit from Thailand before ? And if he can't pay what keeps him from just going back to the states ? I am sure not much different than and Expat would find in America trying to get a loan

[ThaiBob]

To some of the sarcastic replies. In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage. The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang. My friend has no problem with meeting any loan income requirements and decided to simply pay cash.

Some my question now is, What is the cut-off age for a car loan? I got one last year at age 64.

I am from America and yes age is a factor. No way around it. They won't loan to under 18 and old, they may say no for this reason or that. but age does play a factor

Now to your friend here in Thailand, does he have a work permit and income from Thailand ? I could not get one without it and had plenty coming from the states. Now I have both. How is his Thai credit if any. Has he had a few loans or credit from Thailand before ? And if he can't pay what keeps him from just going back to the states ? I am sure not much different than and Expat would find in America trying to get a loan

I have no work permit; a retirement visa, own a condo and I have a car loan. You must have a residence certificate from immigration. Putting the car on the plane would be pretty difficult. Honda would give me the loan in my own name without a Thai guarantor. Age is not a factor in USA; in fact, it now omitted from the loan application. They do not ask for birth date. The loan is based on your credit history and your ability to repay. Foreigners and UN-documented aliens can get loans.

My question is now very simple; is there anybody out there that has a car loan (with or without a Thai guarantor) and between the ages of 65 and 69?

[ThaiBob]

To some of the sarcastic replies. In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage. The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang. My friend has no problem with meeting any loan income requirements and decided to simply pay cash.

Some my question now is, What is the cut-off age for a car loan? I got one last year at age 64.

I am from America and yes age is a factor. No way around it. They won't loan to under 18 and old, they may say no for this reason or that. but age does play a factor

.........

Minors can not get loans. Yes, they can get your age indirectly from the credit report but credit score, ability to repay are the primary factors. The reason for denying a loan must provided in writing.

[laowai1960]

In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage ....

And was it a reverse mortgage that she granted?

"To qualify for a reverse mortgage in the United States, the borrower must be at least 62 years of age ..."

The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang.

Would a 50 year old in America be able to sue a bank up to the ying yang for being denied a reverse mortgage?

[ThaiBob]

In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage ....

And was it a reverse mortgage that she granted?

"To qualify for a reverse mortgage in the United States, the borrower must be at least 62 years of age ..."

The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang.

Would a 50 year old in America be able to sue a bank up to the ying yang for being denied a reverse mortgage?

No it was not a reverse mortgage. She had a home with a mortgage and decided to buy a second home, move and rent out the first one. It is a typical 30 year mortgage. Reverse mortgages were designed by the lending industry for seniors to tap the equity in their homes and to supplement their incomes in their golden years.

Let's not get off track, do you know anyone age 65-69 that got a Thai car loan?

[stevenl]

To some of the sarcastic replies. In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage. The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang. My friend has no problem with meeting any loan income requirements and decided to simply pay cash.

Some my question now is, What is the cut-off age for a car loan? I got one last year at age 64.

I would be very, very surprised if age is not a factor.

If I were to buy a house at age 80, would I get a 30 year mortgage?

Yes. You might be required to have a higher down-payment.

Ah, so age discrimination.

And yes, of course we're going off track, you're asking for it with a thread like this.

[Farma]

ThaiBob you're flogging a dead horse. Any lender can get around your discrimination claim simply by saying they don't meet the banks lending criteria.

Banks do lend to pensioners. Here's an example from Bangkok bank. (I haven't quoted the full terms) Note the restrictions.

A special loan offer for retired Thai civil servants or civil permanent employees.

Maximum credit line up to the remaining amount of your family inheritance pension

The Comptroller General’s Department will deduct fixed monthly payments from your monthly pension.

Eligibility Requirements

• The applicant must be a Thai national and a retired civil servant or civil permanent employee receiving a monthly pension.
  
• The applicant’s current age, added to the length of the term, must not add up to more than 90 years.
  
• The applicant must not be bankrupt when submitting the loan application.
  
• The applicant must be able to make loan repayments according to the bank’s lending criteria.
  

[ThaiBob]

ThaiBob you're flogging a dead horse. Any lender can get around your discrimination claim simply by saying they don't meet the banks lending criteria.

Banks do lend to pensioners. Here's an example from Bangkok bank. (I haven't quoted the full terms) Note the restrictions.

A special loan offer for retired Thai civil servants or civil permanent employees.

Maximum credit line up to the remaining amount of your family inheritance pension

The Comptroller General’s Department will deduct fixed monthly payments from your monthly pension.

Eligibility Requirements

• The applicant must be a Thai national and a retired civil servant or civil permanent employee receiving a monthly pension.
  
• The applicant’s current age, added to the length of the term, must not add up to more than 90 years.
  
• The applicant must not be bankrupt when submitting the loan application.
  
• The applicant must be able to make loan repayments according to the bank’s lending criteria.
  

Thanks, I bank and my friend banks with Bangkok Bank. What you noted was for personal loans for Thai civil service pensioners. We are both Americans. The car dealerships usually have a portfolio of loans with various Thai banks. The requirements for each bank may be different. If in fact the cut-off age for a car loan is 65 then my time line must change for a new car purchase. I must act more quickly and hence the original question about car loan restrictions.

[stevenl]

If in fact the cut-off age for a car loan is 65 then my time line must change for a new car purchase. I must act more quickly and hence the original question about car loan restrictions.

If that is the question you could have avoided some discussions here

Sorry, I can't answer your question, but I'm sure a phonecall to your dealer can help you, they'd be more than willing to sort this out for you with a big carrot in front of their eyes.

[yankee99]

To some of the sarcastic replies. In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage. The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang. My friend has no problem with meeting any loan income requirements and decided to simply pay cash.

Some my question now is, What is the cut-off age for a car loan? I got one last year at age 64.

I am from America and yes age is a factor. No way around it. They won't loan to under 18 and old, they may say no for this reason or that. but age does play a factor

Now to your friend here in Thailand, does he have a work permit and income from Thailand ? I could not get one without it and had plenty coming from the states. Now I have both. How is his Thai credit if any. Has he had a few loans or credit from Thailand before ? And if he can't pay what keeps him from just going back to the states ? I am sure not much different than and Expat would find in America trying to get a loan

I have no work permit; a retirement visa, own a condo and I have a car loan. You must have a residence certificate from immigration. Putting the car on the plane would be pretty difficult. Honda would give me the loan in my own name without a Thai guarantor. Age is not a factor in USA; in fact, it now omitted from the loan application. They do not ask for birth date. The loan is based on your credit history and your ability to repay. Foreigners and UN-documented aliens can get loans.

My question is now very simple; is there anybody out there that has a car loan (with or without a Thai guarantor) and between the ages of 65 and 69?

sorry bob it is not omitted

not by ford http://credit.ford.com/

or by chevy https://online-application.ally.com/online-application/application.do

furthermore it is not age discrimination in the usa. They can deny a loan for tons of reasons. In your friends case i would be easy to deny because he is unemployed. .....

Maybe you could buy the car and he could repay you..

[ThaiBob]

To some of the sarcastic replies. In America, age is not a factor in a loan decision. My sister age 77, just qualified for a mortgage. The qualification for a loan is the ability to repay. Period. And yes, in America this dealer would be sued up the ying yang. My friend has no problem with meeting any loan income requirements and decided to simply pay cash.

Some my question now is, What is the cut-off age for a car loan? I got one last year at age 64.

I am from America and yes age is a factor. No way around it. They won't loan to under 18 and old, they may say no for this reason or that. but age does play a factor

Now to your friend here in Thailand, does he have a work permit and income from Thailand ? I could not get one without it and had plenty coming from the states. Now I have both. How is his Thai credit if any. Has he had a few loans or credit from Thailand before ? And if he can't pay what keeps him from just going back to the states ? I am sure not much different than and Expat would find in America trying to get a loan

I have no work permit; a retirement visa, own a condo and I have a car loan. You must have a residence certificate from immigration. Putting the car on the plane would be pretty difficult. Honda would give me the loan in my own name without a Thai guarantor. Age is not a factor in USA; in fact, it now omitted from the loan application. They do not ask for birth date. The loan is based on your credit history and your ability to repay. Foreigners and UN-documented aliens can get loans.

My question is now very simple; is there anybody out there that has a car loan (with or without a Thai guarantor) and between the ages of 65 and 69?

sorry bob it is not omitted

not by ford http://credit.ford.com/

or by chevy https://online-appli.../application.do

furthermore it is not age discrimination in the usa. They can deny a loan for tons of reasons. In your friends case i would be easy to deny because he is unemployed. .....

Maybe you could buy the car and he could repay you..

Sorry these applications ask for birth date only to verify you are of legal age.

To clarify from a federal government website:

http://www.consumerfinance.gov/askcfpb/1171/i-applied-auto-loan-lender-or-dealer-denied-my-application-i-think-lender-or-dealer-discriminated-against-me-what-are-my-rights-under-law.html

[Tomtomtom69]

To the OP - this is not about being a foreigner or not. Both Thais and foreigners can't get a loan if they are above 65 years of age. In some cases, this is as low as 60 (in the case of home loans). Some places state that you can't be older than 60 and must repay everything by 65 or something like that.

Age discrimination is indeed rife in Thailand - just look at the ridiculous requirements that Thai job seekers face. Qualifications: 1) Age. Must be between 22 and 28. Why? Can't a 29 year old do the job equally well? How about a 40 year old?

I'm not sure if foreigners can even be given work permits to work in Thailand if they are over 60 or 65, but I know in China for example, nobody over 60 is allowed to work, foreign or local. A foreigner in this situation could thus only work illegally or in a private business.

However, while pension and other retirement income should be enough to qualify for a loan to purchase a car, in Thailand's case it seems that it's not allowed.

[WebBangkok]

Perhaps you can try suing your Thai bank?