Government First Car Scheme

[JAS21]

Can someone please tell me is this scheme closed. I seen something about it been extended to March. I'm just enquiring for a friend who tells me he knows nothing about it .... thanks

[thaicbr]

not sure but i think closed

[IMHO]

The first car buyer rebate scheme finished on December 31 last year. There was talk of extending it until March this year at one stage, but instead they modified the rules so that all it took was an official booking to qualify (previously delivery had to be taken before the deadline).

It's over and not coming back

[NanLaew]

Yes, and the auction yards in Udon are full of nearly new, low-mileage cars and trucks. Even saw a shiny black Mazda BT-50 Pro pickup with phat tires on it. I guess that buyer didn't realize that the discount didn't make a whole lot of difference to the monthly car note.

[IMHO]

I guess that buyer didn't realize that the discount didn't make a whole lot of difference to the monthly car note.

Right.. all it did was push interest rates up (and will continue to do so) and make the entry requirements for finance even harder than ever.

[culicine]

Insurance rates are crazy too. Probably due to the number of new drivers causing high numbers of claims. Seen plenty of dented new cars around my parts. A teacher (new driver) I know took 5 mins to reverse her car and park behind another the other day

[CRUNCHER]

A Thai friend told me a couple of days ago that the scheme has been extended. Apparently it has been reported in the Thai press. I was surprised as I too thought it was over.

[IMHO]

A Thai friend told me a couple of days ago that the scheme has been extended. Apparently it has been reported in the Thai press. I was surprised as I too thought it was over.

I read the Thai press every day - haven't seen anything being reported to substantiate. Got a link?

[CRUNCHER]

A Thai friend told me a couple of days ago that the scheme has been extended. Apparently it has been reported in the Thai press. I was surprised as I too thought it was over.

I read the Thai press every day - haven't seen anything being reported to substantiate. Got a link?

Sorry no. This was word of mouth from a Thai who was intending to buy. Despite the fact that I said the scheme was over she was adament that she was going to buy. She certainly seemed to know what she was talking about and she is a well educated person having been to college in USA. Of course that is no guaranttee of anything.

[IMHO]

A Thai friend told me a couple of days ago that the scheme has been extended. Apparently it has been reported in the Thai press. I was surprised as I too thought it was over.

I read the Thai press every day - haven't seen anything being reported to substantiate. Got a link?

Sorry no. This was word of mouth from a Thai who was intending to buy. Despite the fact that I said the scheme was over she was adament that she was going to buy. She certainly seemed to know what she was talking about and she is a well educated person having been to college in USA. Of course that is no guaranttee of anything.

If you ref. back to my first post in this thread, I think that might explain why your friend thinks this way

There *was* some chatter in the Thai media late last year about maybe extending it to March 31st 2013, because under the previous rules it was necessary to take physical delivery of the car in order to qualify - and car manufacturers are still having problems delivering...

However, the decision that was taken was to keep the 31st December 2012 expiry date, but relax the rules so that all you needed to qualify was an official booking receipt.

If it helps any, I actually assisted a friend in their application for the rebate in the last week of December, and the queues at the excise dept. were phenomenal - because of the last minute rush... We were there for 6 hours to submit paperwork that took all of maybe 2 or 3 minutes.

[keemapoot]

Meanwhile, it appears the government is anticipating perhaps lots of defaults under this scheme.

The Finance Ministry will "accommodate" first-time car buyers who cannot make their payments, says Deputy Minister Tanusak Lek-uthai.

The government will have to sue people to recover the rebates if they don't keep the car five years.

We'll see how this all plays out...

[culicine]

Meanwhile, it appears the government is anticipating perhaps lots of defaults under this scheme.

The Finance Ministry will "accommodate" first-time car buyers who cannot make their payments, says Deputy Minister Tanusak Lek-uthai.

The government will have to sue people to recover the rebates if they don't keep the car five years.

We'll see how this all plays out...

Wouldn't the finance company just repossess the car?

[keemapoot]

Meanwhile, it appears the government is anticipating perhaps lots of defaults under this scheme.

The Finance Ministry will "accommodate" first-time car buyers who cannot make their payments, says Deputy Minister Tanusak Lek-uthai.

The government will have to sue people to recover the rebates if they don't keep the car five years.

We'll see how this all plays out...

Wouldn't the finance company just repossess the car?

The rebate is given directly by the government, so the finance company is not involved in that. Obviously it will be very embarrassing to see the Thai government chasing Thai consumers as a debt collector for this. Probably will be a big write-off at the end of the day by the Gov't.

[culicine]

Meanwhile, it appears the government is anticipating perhaps lots of defaults under this scheme.

The Finance Ministry will "accommodate" first-time car buyers who cannot make their payments, says Deputy Minister Tanusak Lek-uthai.

The government will have to sue people to recover the rebates if they don't keep the car five years.

We'll see how this all plays out...

Wouldn't the finance company just repossess the car?

The rebate is given directly by the government, so the finance company is not involved in that. Obviously it will be very embarrassing to see the Thai government chasing Thai consumers as a debt collector for this. Probably will be a big write-off at the end of the day by the Gov't.

Thanks

It would have made more sense to pay the rebate over the length of the loan. 20K a year or so. But maybe that about isn't enough to pay for the lao khao for the village party

[kartman]

A Thai friend told me a couple of days ago that the scheme has been extended. Apparently it has been reported in the Thai press. I was surprised as I too thought it was over.

I read the Thai press every day - haven't seen anything being reported to substantiate. Got a link?

Sorry no. This was word of mouth from a Thai who was intending to buy. Despite the fact that I said the scheme was over she was adament that she was going to buy. She certainly seemed to know what she was talking about and she is a well educated person having been to college in USA. Of course that is no guaranttee of anything.

If you ref. back to my first post in this thread, I think that might explain why your friend thinks this way

There *was* some chatter in the Thai media late last year about maybe extending it to March 31st 2013, because under the previous rules it was necessary to take physical delivery of the car in order to qualify - and car manufacturers are still having problems delivering...

However, the decision that was taken was to keep the 31st December 2012 expiry date, but relax the rules so that all you needed to qualify was an official booking receipt.

If it helps any, I actually assisted a friend in their application for the rebate in the last week of December, and the queues at the excise dept. were phenomenal - because of the last minute rush... We were there for 6 hours to submit paperwork that took all of maybe 2 or 3 minutes.

At the large Chiang Rai fair that i went to and started on 26 Jan 2013 Toyota had banners everywhere with 100,000 on them ? or were they indicating the kms their vehicles are capable of reaching

[WhiteCadillac]

Where to buy these 100k rebate 2nd hand cars where people who thought they could afford them are now selling?

[WhiteCadillac]

(and is the 100k rebate really off?)

[IMHO]

Where to buy these 100k rebate 2nd hand cars where people who thought they could afford them are now selling?

Repo's end up at auctions and/or for sale direct from the finance company. Those being sold by owner usually show up on the side of the road and car websites first, then at tents when they just have to fire sale them.

If selling before the 5-year mandatory term, the excise rebate has to be repaid before the Land Transport Department will remove the transfer of ownership block in the blue book though, so don't expect any to be selling now under normal market values...

[IMHO]

(and is the 100k rebate really off?)

It worked like this: you buy or book the car, and register for the rebate. Upon delivery, the blue book gets a transfer of ownership block noted in it. One year after taking delivery, you get up to 100K rebate (not all cars in the scheme qualified for the maximum rebate amount - some rebates were as little as 13K Baht) which is paid to your nominated bank account by the excise tax dept. After 5 years of ownership, you visit the land transport dept with the release form supplied by the excise tax dept. and ask them to remove the transfer of ownership block in the blue book.

[JAS21]

(and is the 100k rebate really off?)

It worked like this: you buy or book the car, and register for the rebate. Upon delivery, the blue book gets a transfer of ownership block noted in it. One year after taking delivery, you get up to 100K rebate (not all cars in the scheme qualified for the maximum rebate amount - some rebates were as little as 13K Baht) which is paid to your nominated bank account by the excise tax dept. After 5 years of ownership, you visit the land transport dept with the release form supplied by the excise tax dept. and ask them to remove the transfer of ownership block in the blue book.

Ah ... so you will have up to 100,000Baht to do whatever you like with it between the +one year period and time of selling the car ... quite an investment policy ... free money