160,000 'First Car' cancellations

[douginbkk]

This is interesting to me. I just sold my truck to a lady who was using the services of a second hand dealer for inspecting the condition of the truck, market value, etc. I had a chance to speak to the dealer about his business in general and he told me it was not so bad, but could be better, but was anticipating better times ahead. I also recall reading a story in bkk post last month which said that auto manufacturers in eastern Thailand did not increase production by much due to this first car policy because they knew what would happen. I recently ordered a ford pickup. They told me if I wanted their best model, I'd have to wait till next April, so I ordered the next model because the waiting time is two months, long compared to my previous truck which only took two weeks back in 2007. I now only have one month left to wait, but after reading this post, I wonder how much my truck's value would have dropped had I waited to sell it next year when repo vehicles flood the second hand market. I feel very fortunate about being able to sell my vehicle at a good price before the flood of second hand vehicles hit the market soon (pun wasn't intended, but kind of cool anyway)

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[belg]

that is the best news of the month

[anon210]

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?

My stepson came to me to go guarantor for a car loan,after asking him some pretty basic questions,like how he was going to pay the loan off,when he only earns 15000bt a month and the loan is 9000 a month,and how was he going to pay all his other bills,i decided not to help him.But alas he got somebody else to sign for him and got a car.now he is being chased for the loan money and wants me to bail him out,no chance,tough love son.

What a world you must live in...........

Full of love, compassion, family loyalty, financial commonsense ( like helping with a bigger deposit, helping him choose a cheaper car, finding a way to buy 2nd hand-------the options go on and on.).

Nice family.

People are responsible for their choices. In this case, the stepson was better off not having a car. The other element of financial common sense which lee68 exercised is simply refusing to contribute to the unrealistic expectations of his stepson. He's not an ATM!

[bitcoinbob]

this car scheme is going to come back to haunt the thai government, but at the time it was needed, the floods in Bangkok ruined the jap cars companies. they got the insurance checks and had no incentive to start production again would you rebuild in a flood plain after getting an insurance check. so the thai government gave them revenue through the car scheme, and made people happy kill two birds with one stone. there is no reason thailand will not end up in serious financial condition because of cars, rice,rubber , housing schemes all add up, not looking good

[Noistar]

this car scheme is going to come back to haunt the thai government, but at the time it was needed, the floods in Bangkok ruined the jap cars companies. they got the insurance checks and had no incentive to start production again would you rebuild in a flood plain after getting an insurance check. so the thai government gave them revenue through the car scheme, and made people happy kill two birds with one stone. there is no reason thailand will not end up in serious financial condition because of cars, rice,rubber , housing schemes all add up, not looking good

I'm sure all it needs is money to sort it all out. Perhaps there'll be a bit in this 2tr loan

[marcusd]

this car scheme is going to come back  to haunt the thai government, but at the time it was needed, the floods in Bangkok ruined the jap cars companies. they got the insurance checks and had no incentive to start production again would you rebuild in a flood plain after getting an insurance check. so the thai government gave them revenue through the car scheme, and made people happy kill two birds with one stone. there is no reason thailand will not end up in serious financial condition because of cars, rice,rubber , housing schemes all add up, not looking good

Austral8a the USA.. Brittain..France... did the same. Gemany lent Greece money to buy german cars. Thailand is following abs they had no choice. Car industry is 15% I think.. of gdp. Do not assisting after the 2011 crisis and lots more damage would be done.

There is a lot of PTP bashing. I have no formal views one way of the otherbut I do see the corruption... BUT a lot more Thai people ...not just the elite.. would be suffering moreso if the govt did nothing.

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[wilcopops]

Governments all subsidize motoring to a huge extent - but those that go over the top are embarking on the highway to hell.

Thailand needs to concentrate of building a public transport infrastructure that will link it up with ASEAN and China - that's where the long-term benefits are.

Edited September 26, 2013 by wilcopops

[ALFREDO]

Every cloud has a silver lining and this one is that there are 160,000 cars not on the overcrowded roads.

"overcrowded roads"

Really? Just change your location and keep away from any BIG city, provincial capital town!

[ALFREDO]

We bought a new Honda April 2012, STILL waiting for 63,000thb rebate to be paid. EXCUSE after EXCUSE, visits to Sri Racha Office ..next month, next month... Has anyone here received their REBATE, & if YEs, how long did it take to process??

Thanks

Only to be sure, check your wifes, Gf's Bank account, IN and OUTS since April.

[ALFREDO]

'So far, 1.08 million orders were completed, as the same numbers of cars were

transferred to the buyers.' Do I understand it correctly that in the last few months million

since the motor show, 1.08 cars have been handed over to the buyers? that quick?

how da hel did they produced delivered 1.08 cars in such short time?

That scheme was introduced in 2012 and most cars had been delivered in 2012 already.

[ALFREDO]

My GF & I just got BHt 91000 back for a Vigo bought last year. Thank you Yingluck.

My wife and I, got 98000 back for the pickup, we purchased on the plan.

Really, for a VIGO?

http://thailand.prd.go.th/view_news.php?id=5859&a=2

[ALFREDO]

I think I read that the Thai has to keep the car for 5 years or forfeit the rebate. Is that true? If so a repo would be a double whammy?

Is so, but you could sale the car and leave it in your name officially, With Motorbikes a many time done solution for Long Time Tourists who had not the necessary preconditions years ago in Phuket.

http://thailand.prd.go.th/view_news.php?id=5859&a=2

[ALFREDO]

Not a bad thing if it's 160,000 fewer Nissan Marchs cutting me up.

I only overtake you ! In a spring - green one!

[OMGImInPattaya]

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.

Degree must be from a Thai university then...

[Noistar]

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.

Degree must be from a Thai university then...

Ooh, wicked! Love it!

[wilcopops]

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.

Degree must be from a Thai university then...

Ooh, wicked! Love it!

Schadenfreude? - this kind of illustrates the type of Thai-bashing that underlines how some people form or justify their "opinions" of issues in Thailand.

Edited September 27, 2013 by wilcopops

[gemini81]

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.

Degree must be from a Thai university then...

So she can't manage her life on a decent salary for a local upcountry.

Scary what she may be teaching kids.

[Noistar]

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.

Degree must be from a Thai university then...

Ooh, wicked! Love it!

Schadenfreude? - this kind of illustrates the type of Thai-bashing that underlines how some people form or justify their "opinions" of issues in Thailand.

Oh, you again

If your teaching technique shows the same arrogance and intolerance as your posts, I have deep concerns for the development of your students.

My post isn't an opinion so I thought I'd pass your test of what I can and can't post.

Obviously light-hearted comments aren't permitted either.

Chill out or time out, either way stop judging posts if you can't contribute

[Colabamumbai]

Looking at the number of second hand car/truck lots that are opening daily here in Isaan, I am thinking that many are trying to sell one vechicle in the family to pay for the one they bought with the government rebate.

Where are all these used vechicles suddenly coming from???

Why all of a sudden there are more used dealers than new, more car lots than love hotels?

[Colabamumbai]

This is interesting to me. I just sold my truck to a lady who was using the services of a second hand dealer for inspecting the condition of the truck, market value, etc. I had a chance to speak to the dealer about his business in general and he told me it was not so bad, but could be better, but was anticipating better times ahead. I also recall reading a story in bkk post last month which said that auto manufacturers in eastern Thailand did not increase production by much due to this first car policy because they knew what would happen. I recently ordered a ford pickup. They told me if I wanted their best model, I'd have to wait till next April, so I ordered the next model because the waiting time is two months, long compared to my previous truck which only took two weeks back in 2007. I now only have one month left to wait, but after reading this post, I wonder how much my truck's value would have dropped had I waited to sell it next year when repo vehicles flood the second hand market. I feel very fortunate about being able to sell my vehicle at a good price before the flood of second hand vehicles hit the market soon (pun wasn't intended, but kind of cool anyway)

Sent from my i-STYLE Q4 using Thaivisa Connect Thailand mobile app

The flood of second had car/truck sales is on and has been for the past 6 months at least. Everyweek here in Kalasin a new used car dealership opens, these are large places, built new. Most Thais do not want a used car. The status symbol is more important.

I have a friend who thinks it is better to make one car payment yearly, as she does, as opposed to every month, saving her interest. She never has the 40,000 Baht and inspection fees when due.

[Noistar]

This is interesting to me. I just sold my truck to a lady who was using the services of a second hand dealer for inspecting the condition of the truck, market value, etc. I had a chance to speak to the dealer about his business in general and he told me it was not so bad, but could be better, but was anticipating better times ahead. I also recall reading a story in bkk post last month which said that auto manufacturers in eastern Thailand did not increase production by much due to this first car policy because they knew what would happen. I recently ordered a ford pickup. They told me if I wanted their best model, I'd have to wait till next April, so I ordered the next model because the waiting time is two months, long compared to my previous truck which only took two weeks back in 2007. I now only have one month left to wait, but after reading this post, I wonder how much my truck's value would have dropped had I waited to sell it next year when repo vehicles flood the second hand market. I feel very fortunate about being able to sell my vehicle at a good price before the flood of second hand vehicles hit the market soon (pun wasn't intended, but kind of cool anyway)

Sent from my i-STYLE Q4 using Thaivisa Connect Thailand mobile app

The flood of second had car/truck sales is on and has been for the past 6 months at least. Everyweek here in Kalasin a new used car dealership opens, these are large places, built new. Most Thais do not want a used car. The status symbol is more important.

I have a friend who thinks it is better to make one car payment yearly, as she does, as opposed to every month, saving her interest. She never has the 40,000 Baht and inspection fees when due.

Tell me about it!

I've found it better not to even suggest a 2nd hand car. Presumably it's the same as the UK, where as soon as you've driven out of the showroom, the car value has massively depreciated.

A nice well-maintained 2nd hand car can't be as bad as all that, surely?

[TheNativeSon]

I learned very early on not to loan Thai friends or colleagues any money as it never comes back. No difference with this stupid scheme.

Do you mean to say that you actually made "real friends" with a Thai person? That would be a true phenomenon, to say the least.

[djlest]

Just had the wifes sisters boyfriend appear on my door step - he handed me the keys and left a Honda City parked on the street, and a few documents and a lease card from kasikorn.
I told him what is this for? and he just smiled and walked off...
I just called the missus now and asked <deleted> is goin on and why have we been left with a car
She told me she was the Guarantor for the new car and now they can't afford to pay for it anymore.

Unbelievable! so knowing they cant pay they just dump it onto the guarantor and walk away as if nothing happened!
What planet is this again?

[kotsak]

djlest, on 04 Oct 2013 - 13:11, said:

Just had the wifes sisters boyfriend appear on my door step - he handed me the keys and left a Honda City parked on the street, and a few documents and a lease card from kasikorn.

I told him what is this for? and he just smiled and walked off...

I just called the missus now and asked <deleted> is goin on and why have we been left with a car

She told me she was the Guarantor for the new car and now they can't afford to pay for it anymore.

Unbelievable! so knowing they cant pay they just dump it onto the guarantor and walk away as if nothing happened!

What planet is this again?

Planet Fubar.. :>

[siampolee]

Unbelievable! so knowing they cant pay they just dump it onto the guarantor and walk away as if nothing happened!

What planet is this again?

Now due to your wife being the guarantor you have another vehicle at your disposal and another outlet for your money. Te action you describe is exactly the Thai way of doing things.

Surely you've been here long enough to realise that?

We have three motorcycles courtesy of my wife's brothers and their inability or willingness topay the monthly installments, luckily we could pick up the tab and our boys got cheap motorcycles and the household got a runabout motorcycle which the wife and I use for those ods and sods shopping bits one needs every now and again as opposed to the car.

Every cloud has a silver lining.

[Bcgardener]

Just had the wifes sisters boyfriend appear on my door step - he handed me the keys and left a Honda City parked on the street, and a few documents and a lease card from kasikorn.

I told him what is this for? and he just smiled and walked off...

I just called the missus now and asked <deleted> is goin on and why have we been left with a car

She told me she was the Guarantor for the new car and now they can't afford to pay for it anymore.

Unbelievable! so knowing they cant pay they just dump it onto the guarantor and walk away as if nothing happened!

What planet is this again?

And the last time anyone would have checked under the bonnet or serviced it was when they picked it up from the Honda dealer.... Bet the fuel tank was empty as well... TIT

[kartman]

Just had the wifes sisters boyfriend appear on my door step - he handed me the keys and left a Honda City parked on the street, and a few documents and a lease card from kasikorn.

I told him what is this for? and he just smiled and walked off...

I just called the missus now and asked <deleted> is goin on and why have we been left with a car

She told me she was the Guarantor for the new car and now they can't afford to pay for it anymore.

Unbelievable! so knowing they cant pay they just dump it onto the guarantor and walk away as if nothing happened!

What planet is this again?

And the last time anyone would have checked under the bonnet or serviced it was when they picked it up from the Honda dealer.... Bet the fuel tank was empty as well... TIT

Probably couldn't pay for it 9 months ago it's only that he just got the final letter saying credit co will be contacting the guarantor that it turned up.

[djlest]

Unbelievable! so knowing they cant pay they just dump it onto the guarantor and walk away as if nothing happened!

What planet is this again?

Now due to your wife being the guarantor you have another vehicle at your disposal and another outlet for your money. Te action you describe is exactly the Thai way of doing things.

Surely you've been here long enough to realise that?

We have three motorcycles courtesy of my wife's brothers and their inability or willingness topay the monthly installments, luckily we could pick up the tab and our boys got cheap motorcycles and the household got a runabout motorcycle which the wife and I use for those ods and sods shopping bits one needs every now and again as opposed to the car.

Every cloud has a silver lining.

Suprise suprise today is the day the next instalment needs to be paid!

Apparently this new scheme says the rebate for 100,000 baht means the car must be kept for a minimum of 5 years, that means it has to stay in the sisters name.

Now i have a sneaky suspician the 160,000 cars that suddenly people cannot afford to pay for, have popped up after they got the 100k rebate, so they paid 12 months got their money back then ditched the car.

We haven't done this as the car still has 3 months before the rebate is due, but i am curious.

If we stop paying now and let them Repossess the car, then would there be any problems for the Guarantor?

I have no desire for another car, we already have 3 which we are trying to sell and its a nightmare given the current second hand car market value is down 30% or more.

[up-country_sinclair]

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!

Are you sure?

I don't think any Jazz qualified for 100,000THB rebate.

Some pick ups did, but no cars.

You're perhaps a little mistaken.

I'm being polite.

If he's mistaken then so is the tax office, because we also received a check from govt. for 100,000 Baht after purchasing a Honda Jazz.

Edited October 5, 2013 by up-country_sinclair

[hotrod4098]

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!

Are you sure?

I don't think any Jazz qualified for 100,000THB rebate.

Some pick ups did, but no cars.

You're perhaps a little mistaken.

I'm being polite.

If he's mistaken then so is the tax office, because we also received a check from govt. for 100,000 Baht after purchasing a Honda Jazz.

cetain cc of cars go the rebate..i had a ford ecsort 1800..did not get it