soi41 Posted September 23, 2013 Share Posted September 23, 2013 At least the Thai buyers, who got a car under the scheme and manage their payments, will eventually get their name in the blue book! Unlike some posters here who bought "their" car using the rebate offered! So the scheme will no doubt result in some Thai winners! Link to comment Share on other sites More sharing options...
newermonkey Posted September 23, 2013 Share Posted September 23, 2013 Not bad... only a 16% failure rate. I personally don't like the Shinwatra's but trying to find fault where there is none wont do anything but conflict and argument. I think all governments of the world should be looking at reducing the amount of vehicles on the roads, and in Thailand they (government) needs to expand, improve and replace the railway system so car numbers can actually be CUT. Link to comment Share on other sites More sharing options...
jbrain Posted September 23, 2013 Share Posted September 23, 2013 Not bad... only a 16% failure rate. I personally don't like the Shinwatra's but trying to find fault where there is none wont do anything but conflict and argument. I think all governments of the world should be looking at reducing the amount of vehicles on the roads, and in Thailand they (government) needs to expand, improve and replace the railway system so car numbers can actually be CUT. It's not the failure rate, these are the people who decided to cancel the purchase. The failure rate will be a multiple of this number, in my opinion 1 Link to comment Share on other sites More sharing options...
keithkarmann Posted September 23, 2013 Share Posted September 23, 2013 My GF & I just got BHt 91000 back for a Vigo bought last year. Thank you Yingluck. Can I claim a refund on the new Nissan Navara I bought last year or did it have to be bought in a Thai name. Link to comment Share on other sites More sharing options...
jbrain Posted September 23, 2013 Share Posted September 23, 2013 My GF & I just got BHt 91000 back for a Vigo bought last year. Thank you Yingluck. Do they make Vigo's now with 1600cc engines, as I think that was the limit size for cars that qualified for the scheme. 1 Link to comment Share on other sites More sharing options...
kartman Posted September 23, 2013 Share Posted September 23, 2013 (edited) My GF & I just got BHt 91000 back for a Vigo bought last year. Thank you Yingluck. Do they make Vigo's now with 1600cc engines, as I think that was the limit size for cars that qualified for the scheme. No Thai made max 1M baht cars 1500 cc + trucks any cc and wgdanson already has the dosh in the pocket. Edited September 23, 2013 by kartman Link to comment Share on other sites More sharing options...
bruceky Posted September 23, 2013 Share Posted September 23, 2013 it's a pity people don't think before they even put their deposits down before buying a car they can't afford... for those that got their cars, some can't afford to get them serviced... having said that, I too agree that the cancellations are a good thing from a drivers point of view, how many more small cars have you seen out there being driven like they're motorbikes weaving in and out and going any random direction they feel like. Link to comment Share on other sites More sharing options...
pisico Posted September 23, 2013 Share Posted September 23, 2013 Another bad plan by the Shinawatre gov't - gone more rotten. Yes, another failed populist plan. Did the government really not think that this would encourage people to get into even more debt than they couldn't handle ? I have to think they knew the potential but just didn't care as long as they got favourable publicity. Mind you i have to say that the public can be their own worst enemies and many jump into these easy loans schemes without ever considering there will be a monthly day of reckoning when the re-payments are due. The usual Thai trait of not thinking things through. A Thai friend, showing a rare display of self awareness recently said: " nothing in Thailand is ever 100% finished. We stop near completion thinking: this is good enough now." He was talking about this First Car programme and the fact that an "electrician" installing a water heater in one of the bathrooms failed to connect the green ground wire arguing that without grounding the heater would still work. In his head safety was never a part of finishing the job properly. Link to comment Share on other sites More sharing options...
DaveHKT Posted September 23, 2013 Share Posted September 23, 2013 My bet is a colossal drop in the price of second hand cars 1500 cc or under by next year as people try to sell ! Thais don't believe in discounts on resales. They would prefer to hang on (& get further into dept) and get their original asking price Link to comment Share on other sites More sharing options...
DekDaeng Posted September 23, 2013 Share Posted September 23, 2013 Another bad plan by the Shinawatre gov't - gone more rotten. I would not call the plan neither rotten or bad... 1 million seems a pretty good number of new sales which otherwise would not bave been realized for the car industry in only one year... Sent from my HTC One XL using Thaivisa Connect Thailand mobile app And for the second year? Scrap the first lot on account of the traffic jams, then do it all again? Link to comment Share on other sites More sharing options...
FiestyFarang Posted September 23, 2013 Share Posted September 23, 2013 Good idea as a concept but with traffic planning so poor in Thai cities it has made the problem so much worse. Bangkok is at a standstill so often, even Phuket has terrible traffic now. Link to comment Share on other sites More sharing options...
fire2rescue99 Posted September 23, 2013 Share Posted September 23, 2013 "Rearrange their marketing plan and reduce their productives"? Aren't these the cars that had to be sold to Thais because they were flooded and Japanese told them to come up with a plan to unload them? There no no cars produced, tHese were damaged goods for the home market. The banks will get aggressive. Also, many will lose their houses as they go to local loan sharks first and then unable to keep up, the cha note will pass to the local goon. Yes, Kurnell, you are right. Money loaned out never get repaid. Maybe partially, but not in full. Lesson learned. Anyone for a rice subsidy? Link to comment Share on other sites More sharing options...
Xonax Posted September 23, 2013 Share Posted September 23, 2013 (edited) Remember a part of this plan was to boost car sales to "repay" the car manufacturers for the flooding of industrial estates fiasco and the govt. false assurances that it would never happen. Another big part of the plan was to garner popularity and hence votes for Pheua Thai. So, one cannot say the scheme did not meet its objectives. Whether it was good for the country and its fiscal health is debatable. The cancelled order figure is interesting but without detailed information tells us little. Of much more interest to me, would be the loan default/repossession rate after 2 years compared with the same rate for cars not on the scheme. A lot of over produced cars, could be quite a few new car bargains going soon me thinks, I may up grade my car. There will be lots of bargains, but will that be enough to sell, or will they have to almost give them away? The 160,000 cars are all produced in 2012, so they will probably be quite difficult to sell now, when the 2014 models are almost in production line. 0% / 4 years will definitely not catch my eye, if we are talking about 2012 car models. The government should allow the car factories to sell lottery tickets, in order to get rid of these cars, before they get another year older. Or maybe they could be converted to tractors and given to the rice farmers, or even used as containers, to store all that unsold (more or less) rotten rice from the failed rice scheme. Edited September 23, 2013 by Xonax Link to comment Share on other sites More sharing options...
kerrysum Posted September 23, 2013 Share Posted September 23, 2013 I wonder how many of these people that did drive these cars home, will lose that home to the bank when they no longer can afford to pay the loan. How many friends/relatives will be in the same trouble because they co-signed for the loan? Wasn't that the whole point? A land grab.... Isn't that the truth brother, I FEEL YOU HIT THE NAIL ON THE HEAD!!!! In all honesty I have seen this happen many times..... Borrow until there is no tomorrow..... Keep it your pocket..... kilosierra Link to comment Share on other sites More sharing options...
Spare Posted September 23, 2013 Share Posted September 23, 2013 That's about 10% of the people give up their deposit. I think that is an industry average, and happens daily with or without the government scheme. What is so usual about that? 1 Link to comment Share on other sites More sharing options...
PhilipCook Posted September 23, 2013 Share Posted September 23, 2013 The plan was to jumpstart domestic demand on the back of the flooding, but it caused additional costs to manufacturers last year(record high bonuses, overtime) and weak demand this year, which will hurt bonuses and overtime for employees.The leaders of the political parties here either promote self sufficiency or easy credit, currently the latter. The car program wasn't the first nor will it be the last of the easy credit schemes. This kind of stuff happens in developed countries, it doesn't happen because of a lack of education, it happens because of a lack of patience to acquire products and a need to be like 'everyone else', in debt, South Korea is a prime example, their personal debt levels are worse than the US. Link to comment Share on other sites More sharing options...
Sydebolle Posted September 23, 2013 Share Posted September 23, 2013 Yes, a bad plan. I know a teacher with a master's degree in Isaan who bought a new house on the no-down new house scheme, and a new pickup on that scheme, and some furniture on a credit card. She also has a smartphone and can barely afford to eat. Her salary is 30k pm. She has no clue what her interest rates are, or how long it will take her to pay off her debt. The Zero downpayment and THB 14/day motorbike plan comes to mind. The really smart cookies get a new bike, return it after three months (just before the BiB pick 'em up) and visit the next bikie-showroom. I've bought and resold countless motorbikes with less than 6 months and 2'000 - 5'000 kms on the odometer for a fraction of the new price as ....... Somsak wants a NEW bike, even if he is not willing or able to pay for it. And yes, regretfully an MBA does not include a) logical thinking nor the ability to work out interest rate rip-offs I believe it is nothing but a modern day of slavery; most Thais intend to get through with their financials but are herded into a total dependence of the system resulting in frustration, economic hardship and financial disaster. But listening to street-smart Farang advise is never on the cards. Despite not being able to get any finance for anything (which is perfectly OK with me) the Farang are always rich and they have not figured why......... Link to comment Share on other sites More sharing options...
MaxYakov Posted September 23, 2013 Share Posted September 23, 2013 "their loan agreements with the bank were rejected as they lack the credibility". Not trustworthy or not having good credit? Both me thinks. Probably an untoward translation (choice of word). Should have been lack credit-ability aka 'high-risk applicant'. Link to comment Share on other sites More sharing options...
kannot Posted September 23, 2013 Share Posted September 23, 2013 Another bad plan by the Shinawatre gov't - gone more rotten. Yes, another failed populist plan. Did the government really not think that this would encourage people to get into even more debt than they couldn't handle ? I have to think they knew the potential but just didn't care as long as they got favourable publicity. Mind you i have to say that the public can be their own worst enemies and many jump into these easy loans schemes without ever considering there will be a monthly day of reckoning when the re-payments are due. The usual Thai trait of not thinking things through. " The usual Thai trait of not thinking things through " did you think those words through before you wrote them down??? well for me here are a two well thought through words, Ethnic profiling, if you truly feel this way to Thai people then WHY are you here? The truth hurts eh.........Thais really dont think too much at all about stuff like this. 2 Link to comment Share on other sites More sharing options...
Popular Post yooper2001 Posted September 23, 2013 Popular Post Share Posted September 23, 2013 Let me see, 1.08 million new cars with new drivers that do not know road rules on thailands roads. What can go wrong with that? 3 Link to comment Share on other sites More sharing options...
Bcgardener Posted September 23, 2013 Share Posted September 23, 2013 Some people have no brains when it comes to monthly payments....Simple rule to live by.......If the monthly installments on cars or credit cards exceed 20% of your monthly income...YOU CAN'T AFFORD IT !!!!!!!!!!! Just read in the Bangkok Post that the average "poor" Thai (I guess they mean low income) uses around 60% of their income for debt repayment, up from 40% a few years ago. That's a lot more than your 20% and an alarming figure for anybody! Link to comment Share on other sites More sharing options...
spermwhale Posted September 23, 2013 Share Posted September 23, 2013 Another bad plan by the Shinawatre gov't - gone more rotten. I would not call the plan neither rotten or bad... 1 million seems a pretty good number of new sales which otherwise would not bave been realized for the car industry in only one year... Sent from my HTC One XL using Thaivisa Connect Thailand mobile app Maybe good for the car industry, but that's all. The banks and finance companies that extended these loans will not be sitting pretty as more people default. What this article doesn't mention is that used car lots are now overloaded with these cheap cars as a result of many people being unable to pay for the financing. That has also pushed down the prices of used cars as there is now a glut. 1 Link to comment Share on other sites More sharing options...
ajarnmarc Posted September 23, 2013 Share Posted September 23, 2013 Another bad plan by the Shinawatre gov't - gone more rotten. I would not call the plan neither rotten or bad... 1 million seems a pretty good number of new sales which otherwise would not bave been realized for the car industry in only one year... Sent from my HTC One XL using Thaivisa Connect Thailand mobile app Well stated & so true. Most people choose to bash something, anything rather than look at the merits. There are huge numbers in new auto in my region, and we all know how great that makes the locals feel, when they can show off their new prized auto. Thai's don't appear to have a sentiment to cherish their auto enough to keep them around for long durations. About eight years appears to be the majority consensus on the life of an auto... maximum. Link to comment Share on other sites More sharing options...
newermonkey Posted September 23, 2013 Share Posted September 23, 2013 Not bad... only a 16% failure rate. I personally don't like the Shinwatra's but trying to find fault where there is none wont do anything but conflict and argument. I think all governments of the world should be looking at reducing the amount of vehicles on the roads, and in Thailand they (government) needs to expand, improve and replace the railway system so car numbers can actually be CUT. It's not the failure rate, these are the people who decided to cancel the purchase. The failure rate will be a multiple of this number, in my opinion When I say failure rate I am talking about the cancelled deals as quoted in the original report ie 160,000 out of one million = 16% Link to comment Share on other sites More sharing options...
tingtongfarang Posted September 23, 2013 Share Posted September 23, 2013 Let me see, 1.08 million new cars with new drivers that do not know road rules on thailands roads. What can go wrong with that? I guess atleast half dont have a licence and no intention to get one. Link to comment Share on other sites More sharing options...
jbrain Posted September 23, 2013 Share Posted September 23, 2013 Not bad... only a 16% failure rate. I personally don't like the Shinwatra's but trying to find fault where there is none wont do anything but conflict and argument. I think all governments of the world should be looking at reducing the amount of vehicles on the roads, and in Thailand they (government) needs to expand, improve and replace the railway system so car numbers can actually be CUT. It's not the failure rate, these are the people who decided to cancel the purchase. The failure rate will be a multiple of this number, in my opinion When I say failure rate I am talking about the cancelled deals as quoted in the original report ie 160,000 out of one million = 16% I understand what you were referring to, but to me the failures would be the ones who fail to complete their monthly payments, and which I think will be a higher percentage. The ones in the OP should be applauded for having a common sense, and cancel their purchase upfront,as the know they don't have the money to make the monthly payments due. 1 Link to comment Share on other sites More sharing options...
rct99q Posted September 23, 2013 Share Posted September 23, 2013 Bought a Honda Jazz year ago May and received our cheque last September earlier then expected.....direct deposit 100,000 baht....thank you very much! Link to comment Share on other sites More sharing options...
soi41 Posted September 23, 2013 Share Posted September 23, 2013 What a perfect thread! Allows the posters to call the government for idiots and the Thai people for shortsighted children, who can not handle their economy! A one stop thread ! All on the very same forum where threads like "How to survive on 20k a month in Thailand" get 20k views and a record number of replies. But that is just me! 2 Link to comment Share on other sites More sharing options...
jacko45k Posted September 23, 2013 Share Posted September 23, 2013 Every cloud has a silver lining and this one is that there are 160,000 cars not on the overcrowded roads. As a glass half empty guy I see 1.08 million more cars on the streets. Link to comment Share on other sites More sharing options...
meatboy Posted September 23, 2013 Share Posted September 23, 2013 Let me see, 1.08 million new cars with new drivers that do not know road rules on thailands roads. What can go wrong with that? I guess atleast half dont have a licence and no intention to get one. most of them were bought by grannies and grandfathers [first car] Link to comment Share on other sites More sharing options...
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