Business failed, Advice needed

[johnonly]

I have been living in Thailand for a while and operating a few online sales business in another asia country. Recently my business failed and forced me to close down my operating office which is based in Thailand.

I have retrenched all the thai workers and now the banks are after me with some collateral loans.

No money for food and rental I was thinking to sell my 6 to 7 years old Isuzu cab 4 to pay off some loans and use for our family expenses.

I don't really know about the Thailand rules of letting go of the car which is still under finance, as it was bought nearly a year ago. The Isuzu is registered under my wife's name and I make a downpayment of 150000 baht. subsequent payment is 7800++ baht X 48 months. till now I have made 11 or 12 payments. We have spend more then 120000 baht last year to have it reshaped. This vechicle is only used for my workers transportation.

Some people tell me I cant sell the Isuzu and I really hope the experienced guys here will give some advice of where to sell or what to do.

Thanks in advance.

[YipYipYa123]

i think "some people " are correct

you cant sell a vehicle that still belongs to the finance company

if they agree ,you can have someone new take over the repayments but it wont be a straight sale ,they will have the final say

I bought a re-possessed vehicle for a good discount from a finance company because the thai owner couldnt keep up the

repayments and they took it back after just 7 months ,i dont know if he got anything of the 7 months he paid or not but i would guess

not .............

[ste860]

you can definately sell it , but as mentioned above you wont make much/any money ,you find buyer who may give you a little cash and the get your wife to call the finance company , they will agree to the sale if the other person qualifies for credit ,if not they will have to pay cash to the company .

[albro]

Johnonly,

I'm afraid I can't help with your car question, but just wanted to say that I'm sorry to hear of your troubles. I hope things turn around for you soon.

[stickylies]

run boy, run...

[kannot]

Looks to me like you wasted money on the wrong thing when food would be more important as you are now realising,

Its not "yours" to sell.

[maprao]

first post hmmmm troll

[MrWorldwide]

first post hmmmm troll

I'm afraid the avatar only adds to that suspicion. If I get to the point where I have no money for 'food and rental', I wont be wasting time joining an internet forum to ask for advice - it's well and truly time for Plan B by that stage.

[CWMcMurray]

Of course you can sell your truck, but will need to pay off the outstanding debt to finance company before being able to transfer into new own seers name

So if for example... Total owning to finance is 400k and you sell for 500k... Then you end up with 100 k and the finance gets paid off and name changed to new owner...

Sent from my iPhone using Tapatalk

Edited April 7, 2014 by CWMcMurray

[darren84310]

Get a statement from the finance company to pay off the loan... you can then show that to prospective buyers, who can base their offer on that.

Good luck.

[TechnikaIII]

How much of everything is in your wife's name? Other peoples names? Is your wife Thai?

From what I see and you have told us, it looks like you have been splashing money with insufficient business acumen.

During the mid 1980s My business in Melbourne suffered terribly from the stock market crash 1986-87, which had finance gold diggers jumping out of windows. The foreclosures resembled the catastrophe of the disaster of 2008/9. I withdrew from advice of going bankrupt and handing everything over to the Receivers. In stead, I negotiated "Trading out of Debt" agreements with my suppliers. It worked, because the creditors also did not want to lose their investment in me. Their 'investment' being the supply of goods out of trust that I would honour the debts. (I also had some help with a field officer from the Small Business Development Corporation)

Only one refused and insisted on "no supply of materials until all of your outstanding amount has been paid." I was in art supplies and picture framing. All of the companies who assisted by participating in Trading out of Debt arrangements survived the crisis. The bloody minded supplier who closed the door on me, and they were one of the biggest in the country, collapsed a few years later.

(1991 I closed up shop and took a holiday, winding up the business and left with a clean slate)

I have never had to negotiate with a Thai creditor. But do you have a dialogue with all of yours? Keep it alive.

What assets does you business hold? Do you have stock-in-trading?

It is hard to know what to advise/suggest without seeing it all on the table.

I don't know what I can do, because this not Australia, but I do know that it is of critical importance to keep the communication lines open with everyone involved. They will respect you for this, and it may well buy you some more time.

Contact me directly if you wish.

Keep cool and show them that you on the case.

[sfbandung]

I'm struggling with this but I'll assume you're young and foolish rather than a troll. Your post looks like a car sale ad.

You are in a foreign country and your sole asset is doubtful equity in a car? And no other source of income?

Go home, get some money behind you and then come back with a better idea than you had last time.

[MrWorldwide]

Go home, get some money behind you and then come back with a better idea than you had last time.

As I said earlier, Plan B time. I guess my Plan B is a little more final, but if the OP got himself in this deep, chances are that option isn't very far away. I look at it this way - whatever Whitney Houston's problems are in the hereafter, they don't include concerns about food and shelter : if you're an atheist, the news is even better

[asdecas]

i think "some people " are correct

you cant sell a vehicle that still belongs to the finance company

if they agree ,you can have someone new take over the repayments but it wont be a straight sale ,they will have the final say

I bought a re-possessed vehicle for a good discount from a finance company because the thai owner couldnt keep up the

repayments and they took it back after just 7 months ,i dont know if he got anything of the 7 months he paid or not but i would guess

not .............

Absolutely correct, the vehicle is not the OP's to sell until he has paid off the finance company. First thing I'd do is check the clauses in your contract carefully, to see about early repayment options/penalties. Then talk to the finance company - they will tell you how much you have outstanding that must be repaid. You can then try to find a buyer who will take on the repayments and pay - with luck - more than the amount outstanding for the vehicle. It's unfortunate that you spent the additional amount on conversion - it's unlikely anyone will much, if anything, for that.

[davidst01]

I'm struggling with this but I'll assume you're young and foolish rather than a troll. Your post looks like a car sale ad.

You are in a foreign country and your sole asset is doubtful equity in a car? And no other source of income?

Go home, get some money behind you and then come back with a better idea than you had last time.

it would be sad if this was just a 'feel sorry for me car ad' which is what my cynical mind initially thought. The truth is the guy is probably desperate and I would hate to be in his situation. If your marriage is strong its time to rely on her family...

[BradinAsia]

John, I don't want to add pain to your injury, but if you do the calculation, it appears that

you made a financial commitment far beyond what could be considered reasonable.

Down payment - - - - - - - 150,000

Payments 7,800 X 48 - - - - - 374,400

So-called reshaping - - - - - 120,000

Total amount committed - - - - 644,400

Market value of 6-7 y.o. truck - - 350,000-400,000

And this financial commitment was evidently made on the basis of a source of income

from a business that was rather shaky at best.

An old saying: Make decisions in haste and repent at your leisure.

All I can say is -- good luck to you in your predicament. Hope your situation improves.

[MAMMartin]

Take the car to a tent - second hand car dealer - and see what price they'll give you. If you are happy with the difference between the finance and what they offer the tent will deal with all the paperwork for you. If you think you can get more privately then when you have the buyer you need to go to the finance office with the buyer - they pay off the finance and get the book giving you the difference. It is not difficult to arrange. You wife will need three copies of her ID card and House registration when the transaction is made.

As regards your debts with the banks - Thai banks are the same as any bank - if you make the payments they'll be happy. If you can't they'll look to recover the debt via assets you may have. One thing they can do here is just take excess cash out of your bank to clear a debt.

My advice off load the car quickly to give you some cash before the banks go after it.

[zeekgarcia]

i think "some people " are correct

you cant sell a vehicle that still belongs to the finance company

if they agree ,you can have someone new take over the repayments but it wont be a straight sale ,they will have the final say

I bought a re-possessed vehicle for a good discount from a finance company because the thai owner couldnt keep up the

repayments and they took it back after just 7 months ,i dont know if he got anything of the 7 months he paid or not but i would guess

not .............

How did you find the vehicle that you bought from a finance company?

and do you know of other ways to find vehicles that are repossessed?

Thanks

[bkkbarbara]

Go home, get some money behind you and then come back with a better idea than you had last time.

As I said earlier, Plan B time. I guess my Plan B is a little more final, but if the OP got himself in this deep, chances are that option isn't very far away. I look at it this way - whatever Whitney Houston's problems are in the hereafter, they don't include concerns about food and shelter : if you're an atheist, the news is even better

Salt of earth aren't you? Did your mother never tell you, "If you can't say something helpful, don't say anything." BTW - I suspect you'd never be so brave foolish as to take your own advice.

[OnMyWay2]

look into getting a business loan?

Never done it but that's what I would do.

[crazykopite]

The truck is not yours to sell as it is not in your name and as it is not in your name you do not have to commit to payments if you cannot find a buyer to take over the payments then your wife would be better to hand it back to the finance company . I think in the next year or so there will be a huge breakdown between those who have purchased on finance and the finance companies I do not think it sustainable it is very hard for foreigners to take over car payments unless they can find a Thai friend to back them sorry about your demise but in truth you should never spend beyond what you can afford that is why I would never contemplate taking out finance in the Kingdom

[sirchai]

I have retrenched all the thai workers and now the banks are after me with some collateral loans.

How much is "some collateral loans?" So you had Thai workers employed for some online sales. Interesting.

You can't sell, what doesn't belong to you.

[larsjohnsson]

If you don't have food you would not ask about a car.

Edited April 7, 2014 by larsjohnsson

[bushwacker]

Ok so I know that I am a contrarian .... but this sure looks to me like a very smart way to advertise the sale of your vehicle.

Good luck.

[SjaakNL2013]

To start with to say I am sorry your business dad fail.

Second it isn't your car but the finance their car. You have no greenbook from it. The one who have the greenbook with his/her/their name is on the owners page is the legal owner of the car.

And yes Thai banks will come after you to get a full repayment. In worst case they will sell your debt to a 'loan shark' who will do all to get his money back. As foreigner the first thing they do is block you at the airports when want to leave then country. and inform immigration offices about you.

And I am sorry to say but I would do the same. As in many cases people loan to easy to much. Then. if it's time to pay back it start hurt and give up. Blaming the bank for all they can think of.

Grow up and repay

[MobileContent]

I feel for the OP but 7,800 Baht a month to pay should not be that difficult. If 7.8k a month is a problem I would highly consider going back to my home country, work and pay the Mrs the monthly finance for the car loan.

[watcharacters]

Ok so I know that I am a contrarian .... but this sure looks to me like a very smart way to advertise the sale of your vehicle.

Good luck.

.

The OP hasn't mentioned anything about a price for his truck so how do you figure he's just trying to advertise it and sell it on TV?

[robertthebruce]

HI

Sorry to hear about your plight, so so sad, always think positive, you never know what opportunities are around the corner..

It must be very very difficult, so i do feel for you..

Hope it all works out....

Robert

[MrWorldwide]

Go home, get some money behind you and then come back with a better idea than you had last time.

As I said earlier, Plan B time. I guess my Plan B is a little more final, but if the OP got himself in this deep, chances are that option isn't very far away. I look at it this way - whatever Whitney Houston's problems are in the hereafter, they don't include concerns about food and shelter : if you're an atheist, the news is even better

Salt of earth aren't you? Did your mother never tell you, "If you can't say something helpful, don't say anything." BTW - I suspect you'd never be so brave foolish as to take your own advice.

Look at the OPs avatar and tell me he's serious. I guess you were too busy waiting to leap on other posters to notice a little thing like that, or the fact that he wasted no time posting photos of the vehicle he's eager to flog.

[marko kok prong]

In Thailand -no money=no funny=no honey.