Buying a vehicle bought on credit

[12DrinkMore]

I'm thinking about buying a fairly new vehicle that has been purchased with credit contract.

How can I make sure that there is no further claim on the vehicle by the credit company?

Edited October 21, 2013 by 12DrinkMore

[Kwasaki]

By getting the blue car book in your hands and it checks out with all the chassis and engines numbers, which is what they check at the DLT's.

[Satcommlee]

The credit has to be paid off before the vehicle can be legally transferred.

As pointed out, make sure you have that book in your hand before you part with any money.

[12DrinkMore]

The credit has to be paid off before the vehicle can be legally transferred.

As pointed out, make sure you have that book in your hand before you part with any money.

Does that mean the current purchaser has no book until all the debt has been cleared?

He is counting on my money to pay off the debt, as he cannot afford the payments.

[stevenl]

Depends who has financed the car, but normally a finance company will demand the blue book as security.

As soon as he pays of the debt (plus something for registration) the blue book will be handed to the owner. So if you want to pay of the debt, go with him to the finance company, pay the remainder there (and if applicable something additional to the present 'owner') and get the blue book in your name.

[robblok]

Depends who has financed the car, but normally a finance company will demand the blue book as security.

As soon as he pays of the debt (plus something for registration) the blue book will be handed to the owner. So if you want to pay of the debt, go with him to the finance company, pay the remainder there (and if applicable something additional to the present 'owner') and get the blue book in your name.

That is indeed the correct way. I have done it differently and it left me open for abuse but it all went ok in the end. Sometimes its a matter of trust. Though it did feel scary.

[Satcommlee]

The credit has to be paid off before the vehicle can be legally transferred.

As pointed out, make sure you have that book in your hand before you part with any money.

Does that mean the current purchaser has no book until all the debt has been cleared?

He is counting on my money to pay off the debt, as he cannot afford the payments.

Guys above have explained it a bit better than me..

The big issue here is trust! I'm not sure how you can protect yourself.. maybe the finance company can transfer to you and not the person that's in debt, they would of course need permission for that.

You could potentially get screwed over, I'm not suggesting this is the case - but it does go on!

[puuchai299]

I bought my new car on finance with Tisco finance,(Ford Ranger).

I paid the finance off after 5 moths,during that 5 months Tisco held the blue book,after paying off the balance I then had to pay 1,200 baht to Tisco for the transfer of the book into my name fee,and also supply them with an up to date proof of residence form from immigration,as well as sign a few documents for the transfer,I received the book apx 2 weeks later.

If your buying it from a non thai person then I should imagine the procedure will be similar..or thai,similar but no immigration doc required..

[FiftyTwo]

Loads of cars for sale out there.

Why would you buy one that was a bit risky?

[12DrinkMore]

Loads of cars for sale out there.

Why would you buy one that was a bit risky?

The price is good!

And buying second hand is always a bit risky....

Thanks for all the replies, I am now going to talk to the guy and see if we can come to an agreement.

[BIGJIMMY]

On a similar note we have a Ford Fiesta that we brought new last November, I paid a deposit and we currently pay 10,000 baht per month, since last year things have changed and we now plan on moving back to the UK next year, so if we want to sell the car we have to completely pay it off first, I was hoping that the payments could simply be transferred to a new buyer and they continue with the monthlies???

Thanks

[Shurup]

I heard that the owner can request the Blue book in some cases so having the book on hands does not prove the ownership?

[Kwasaki]

On a similar note we have a Ford Fiesta that we brought new last November, I paid a deposit and we currently pay 10,000 baht per month, since last year things have changed and we now plan on moving back to the UK next year, so if we want to sell the car we have to completely pay it off first, I was hoping that the payments could simply be transferred to a new buyer and they continue with the monthlies???

Thanks

Never been in that situation but I know that arrangements can be made with the finance company, I say it's best to go have word with them and get it from the horses mouth so to speak.

[stevenl]

On a similar note we have a Ford Fiesta that we brought new last November, I paid a deposit and we currently pay 10,000 baht per month, since last year things have changed and we now plan on moving back to the UK next year, so if we want to sell the car we have to completely pay it off first, I was hoping that the payments could simply be transferred to a new buyer and they continue with the monthlies???

Thanks

Never been in that situation but I know that arrangements can be made with the finance company, I say it's best to go have word with them and get it from the horses mouth so to speak.

Yes, if they accept the new 'owner' that is easiest and he can take over the payments.