Comptroller-General Short Of Funds To Pay For First-Car Buyer Rebates In April

[skorchio]

This is how I think the car scheme (scam) works. Thaksin approaches the major manufacturers, says we are gonna offer 100 grand back to the population for buying a new car, your sales will go thru the roof. We want a major contribution from each of you. The manufacturers agree, and pay. The plan goes ahead, car sales go thru the roof, Thaksin has been paid, and then oh, we can't afford the rebate. Everyone is happy, except the punters who bought the cars. Thaksin just got a percentage of his cash back.

I see this, the rice scheme and the major infrastructure loan plan as Thaksin's way to get back what he can while sis is at the reins. If he is not going to get back in, he is going down swinging.

I'll be happy next year if I can buy (and have multiple choice on) a 1 yr old 530td for 1.2 mill ........ cos that's what I think will be the upshot; a raft of repossessions nationwide as banks realise what has just happened.

[Teddy3943]

Another hundredthousand "not able to drive properly" idiots on the roads. Local and central govt's spend money on all kinds of riff raff, like flowers and plants along the roads, a new clock tower, decorations wherever you look, but never think of solving the real severe problems of the traffic in cities, which is a chaos everywhere in LOS.

[kennalder]

Ever notice when you get change from the supermarket or make an ATM withdrawal a large % of the notes are crisp brand new ones?

[ricardofel]

Hahahahaha....perfect...PTP idiots!!!! Just wait until ten's of thousands more cannot pay for their monthly car payments.

[belg]

nice planning ... 7 billion to 38 billion, oh, only 500% miscalculation

and for what ??? to clogg even more the arteries of the sinkhole that is bangkok

[Halion]

Talk about shooting yourself in the foot. Bangkok is and has not been a stronghold for the PTP and this was little more than a vote buying strategy implemented prior to the local BMA elections which has gone horribly wrong as so many of their inane populist policies do. Left to their own devices these politicians will drive this country bankrupt whilst feathering their own nests.

[ratcatcher]

I love the smell of napalm in the morning.

Smells like...................................... victory.......................... at the polls.

[siampolee]

Meanwhile further cuts in corporation taxes are being considered as well as large loans to be taken out to finance the politicians plans to improve their wallets the country's infrastructure..

The electorate is again being subjected to yet more fiscal fiasco's.

Coming soon to a town near you soon,

Financial Armageddon , with a cast of billions of baht, no refunds will be paid

[jbrain]

This was an ill conceived plan, but I do think that the govt. will meet its obligation to the first time buyers. They may end up changing the payment schedule ( 20 K over 5 years, for example), but the funds will eventually be paid.

Free translated : The can will be kicked further down the road.............as usual with this government.

[Johnnie99]

Sod off. I want my rebate.

[A Member]

Be careful folks, if Thaksin and his gang have been watching the Cyprus situation you may suddenly find your bank account has been dipped to " Help the cause ".

[SOTIRIOS]

....absolute power.....

[ChrisY1]

Another successful policy......these guys are just so good!....

[Tywais]

Guess there will be a lot of auto finance foreclosures in the not too distant future. Car tent fire sales coming soon.

[Wombat6]

Borrow the required money from the Truth and Reconciliation Commission,......they have plenty of loot to waste

[Pimay1]

Guess there will be a lot of auto finance foreclosures in the not too distant future. Car tent fire sales coming soon.

Your post reminds me of the aftermath of the '97 melt down. There were many auctions of Benz and BMW and even wine.

[Tywais]

Guess there will be a lot of auto finance foreclosures in the not too distant future. Car tent fire sales coming soon.

Your post reminds me of the aftermath of the '97 melt down. There were many auctions of Benz and BMW and even wine.

Yep. Got my first car at that time for a very good price.

[Ricardo]

New Advertisement, coming shortly, in the FT or similar :

"S.E.Asian government, unable to pay back local-bank for rice-scam or to fund new-car-rebate, wishes to meet trusting lenders with 2.2 Trillion Baht to spare for 50-year minimum-term, please apply Dubai P.O.Box number nnn "

Anywhere else, one might suspect that the Government was Bust !

[hellodolly]

I Know! Give the people the value in rice!

Oh wait. They don't have enough money to pay the farmers for the rice scheme fraud either.

Maybe they could take money for the car rebates and the rice scheme from the borrowed money for the flood control scheme fraud. It hasn't been spent on flood control. Surely it sits safely in the treasury.

What a house of cards Thailand is.

I think you are being to kind to them,

[jackspratt]

They should just do what the broke Australian government is doing. Borrow $100million a day from the Chinese (not denied by the World's greatest treasurer)...Problem solved

Oh dear! ............ "the broke Australian government" ................. bought to you straight from the shadow (ie opposition) treasurer ........... and with help from Today Tonight and A Current Affair.

The Coalition's calculation that Australia is borrowing $100 million a day gives a sense of government excess.

But step outside and look at Australia from the vantage point of the rest of the world and the debate looks very strange indeed.

The International Monetary Fund last night released its twice-yearly review of government finances. It shows that Australia's net debt of 9.5 per cent of GDP this year compares with an advanced country average of 76

per cent and an emerging country average of 25 per cent.

Among the advanced countries, only Switzerland, Denmark, Norway and Sweden have lower debts than Australia's. Canada's debts are about four times bigger and Germany's six times larger as a share of their GDP.

The IMF estimates the combined commonwealth and state government deficits will reach 2.5 per cent of GDP this calendar year. This is less than half the advanced country average and only slightly ahead of the

emerging countries.

Adding together both the need to fund the last of the deficit and roll over debt that is maturing shows that Australia will need to borrow the equivalent of 4.9 per cent of GDP this year. This will be the second lowest among the advanced nations, where the average borrowing requirement is five times greater.

In other words, the Australian budget is in the pink of health by the standards used by the IMF to measure any other country in the world.

http://www.theaustralian.com.au/business/opinion/a-credible-path-back-to-surplus/story-e6frg9qo-1226330714317

I am sure the Thailand government would love to be in a similar financial position to the "broke" Australian one.

[hellodolly]

Guess there will be a lot of auto finance foreclosures in the not too distant future. Car tent fire sales coming soon.

Your post reminds me of the aftermath of the '97 melt down. There were many auctions of Benz and BMW and even wine.

It is not as bad as they think as some of the new car scam users are having to put their purchase on hold due to the fact they really can't afford the payments.

[candypants]

I Know! Give the people the value in rice!

Oh wait. They don't have enough money to pay the farmers for the rice scheme fraud either.

Maybe they could take money for the car rebates and the rice scheme from the borrowed money for the flood control scheme fraud. It hasn't been spent on flood control. Surely it sits safely in the treasury.

What a house of cards Thailand is.

They should just do what the broke Australian government is doing. Borrow $100million a day from the Chinese (not denied by the World's greatest treasurer)...Problem solved

what many smug posters here over look is that Thailand is not carrying a fraction of thee debt their own countries are carrying.

This is a hiccup in the car scheme, not a major brain fart.

it certainly does not justify the righteous hysteria i am reading here.

[hellodolly]

I know where you can get the funding from, the 2bn baht loan that the gov't is trying to get.

I thought it was 2.2 trillion baht.

2 billion would not allow enough for graft.

[taff33]

O ye of little faith,it's the Thai way 'not the high-way'.

[hellodolly]

I Know! Give the people the value in rice!

Oh wait. They don't have enough money to pay the farmers for the rice scheme fraud either.

Maybe they could take money for the car rebates and the rice scheme from the borrowed money for the flood control scheme fraud. It hasn't been spent on flood control. Surely it sits safely in the treasury.

What a house of cards Thailand is.

They should just do what the broke Australian government is doing. Borrow $100million a day from the Chinese (not denied by the World's greatest treasurer)...Problem solved

what many smug posters here over look is that Thailand is not carrying a fraction of thee debt their own countries are carrying.

This is a hiccup in the car scheme, not a major brain fart.

it certainly does not justify the righteous hysteria i am reading here.

You do admit it is righteous I see. As for hysteria I look at it more as a comedy show,

The government implements a plan it can not afford to put more cars on roads that need less cars.

The cars are to be purchased by people weather they can afford them or not. All ready dealerships are receiving requests to hold their orders due to financial restraints.

I believe the people writing up these great schemes double as writers for Thai soap's.

[rubl]

Totally unfair to remark this I know (TiT after all ), but it's the rebate to be paid in April related to cars bought under the 'first car owner' policy and paid-for (including excise tax) in March 2012? Doesn't the relevant agency have a simple spreadsheet in which are registered all cars which fall under the scheme which ended end-of-2012? Didn't anyone trying to get into the scheme need to provide lots of documents (in quaduplicate or so)?

Totally off topic, but will the 2.2 trillion Baht loan be administered with the same level of detail, accuracy, attention?

Edited March 26, 2013 by rubl

[Mitker]

I Know! Give the people the value in rice!

Oh wait. They don't have enough money to pay the farmers for the rice scheme fraud either.

Maybe they could take money for the car rebates and the rice scheme from the borrowed money for the flood control scheme fraud. It hasn't been spent on flood control. Surely it sits safely in the treasury.

What a house of cards Thailand is.

They should just do what the broke Australian government is doing. Borrow $100million a day from the Chinese (not denied by the World's greatest treasurer)...Problem solved

$100 million / day? Amateur!

Hey, this is Thailand and we're talking about professionals here.

The Perfect Titanic (PT) leaders are looking for...5,000,000,000,000- THB (*); that's about 170,000,000,000-USD.

At the Australian rate, it would take them some 1,700 days to get the cash. No way!!

They need it now. It's so good to hear the cashier machine song, you know.

(*) sold as the 2trillion+ infrastructure plan but with figures of 5 trillion (by PT masters)

Edited March 26, 2013 by Mitker

[rubl]

what many smug posters here over look is that Thailand is not carrying a fraction of thee debt their own countries are carrying.

This is a hiccup in the car scheme, not a major brain fart.

it certainly does not justify the righteous hysteria i am reading here.

What some posters seem to overlook is that the excise tax repayment should be a planned activity related to excise tax received on cars in the scheme sold in March 2012. That's totally unrelated to the country debt level in either Thailand or abroad. Here we simply have a case of mismanagement, bad or no planning. A policy which was ticked off upon the start of it and not on completion.

Edited March 26, 2013 by rubl

[thaikahuna]

Well that is good news. Every day under a PTP government seems to start with either a political U-turn; a sob story about lack of money / overspend in various depts; political backstabbing and in fighting that stinks of corruption, criminality, nepotism or stupidity (or combinations of).......Or a hub story!

At least our news is consistent.

Well done, another day starts with 'good news' from PTP led policies.

Next thing you know they will just start printing money like other counties..... ;-)

[kimamey]

This plan has been thoroughly thought out, one must congratulate the idiots that worked on the percentage of car buyers , the people buying these cars need to realise if you needed government assistance in the first place you can't afford it, I may as well talk to the moon

What makes you think that only people who couldn't afford a car without the rebate bought cars over the period of the scheme. My gf was considering buying a car anyway and when this came along she would have been stupid not to have taken advantage of the rebate. The car was bought outright so there's no chance of defaulting.

Obviously some will have overstretched themselves and will have problems but your view is a bit of an over generalisation.