Business failed, Advice needed

[F4UCorsair]

first post hmmmm troll

I thought the same. Why, when everything is crumbling, with no money for essentials, would one consider joining an online forum to ask advice......except as a devious way of advertising a car for sale?

Call me a skeptic, call me cynical.....but.........

The fact that he hasn't advertised a price is irrelevant. Greed, the thought of acquiring a bargain at another's expense, will ensure there are enquiries.

Edited April 7, 2014 by F4UCorsair

[larsjohnsson]

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?

If you don't have food!! Why would you even worry about the car.

[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.

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.

Can't say what was in the OPs mind when he chose his avatar but can say I found your reply offensive. If you think it's not a genuine request, ignore it or call him out as a toll. (You don't have to buy anyone's truck if you don't want to.) Who are you to suggest Whitney's way out to anyone but yourself?

Edited April 7, 2014 by bkkbarbara

[fatdrunkandstupid]

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.

In1986 in Australia bankruptcy only lasted three years. So if you threw up your hands in 86 and declared Bankruptcy you could have immediately gone out and got a job and started saving money. Rather, you worked your ass off for another four years just to get back to square one. You made your lengthy post to preen your feathers...but in reality your story is one of misguided stupidity.

To the OP, pick a country that has good visa availability for yourself, your wife (and kids) such as Cambodia. Pack up and leave. Now.

[Maroon Watcher]

Keep the over priced transport to get you a job - to pay off what you owe.

Your "online" business could not afford/didn't need that purchase.

Don't buy another until it's a rust bucket

Eat first, protect and promote business -
then spend less than your lowest projected disposable income.

Life in the Loan lane is very dangerous.

No one wants to buy the Finance company owned truck

[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 .............

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

I think i was just lucky i was in the showroom on that particular day thinking about buying a brand new one

i saw one that looked brand new but it had a couple of aftermarket extras already added and i asked them how much is that one ?

sales guy went away and says its 2nd hand ,not new one ,6-7 month old but very low km and it looked immaculate

i asked how much will he take for it in cash right now and i ended up buying it for about 20% less (i assume every showroom that does finance gets repopsessions from time to time but they keep them for friends and family members etc )

to answer your question ,i guess i was in the right place at the right time and i had the cash in hand (which i find always helps when buying anything ) to buy new anyway but i saved about 200k and the vehicle was still in show room condition so everyone was happy except perhaps the original owner ,i dont know if he got anything back from the money he paid in down payment and first 7 monthly installments ........

[MrWorldwide]

@bkkbarbara, if the worst thing that happens to me this week is that you find one all of my posts offensive, I'll consider it a good week. Have an interesting life.

[Mario2008]

As the car is on financing, the car is not the OP's and he can't sell it. (He doesn't have the car book that signifies ownership).

To sell it they finance company will have to agree, which they normally will if they get paid in full. You keep the rest, if any.

[brit1984]

having been in similar situation myself i advise you / anyone in similar circumstances as follows...

- find cheap / free place to stay with friends / family

(most thai people are very kind and happy to share food)

- think (and act) about finding a source of income

(maybe set up new online business or partner with existing business)

- explain your situation and agree way forward with lenders

(including speak to car finance company to see if you can buy out loan and sell car)

- think positive and don't waste time feeling sorry for yourself

(millions of people in the world worse off than you)

good luck

[lucifer666]

So you have no money for food and want to sell a car that's not yours ? Hmm yet you still have the Internet and a PC ( Easily pawned here). BULLSH1T

[sirchai]

So you have no money for food and want to sell a car that's not yours ? Hmm yet you still have the Internet and a PC ( Easily pawned here). BULLSH1T

We don't know what happened to the OP, but if he "created" his "avatar" showing a gun pointing at a guy's head, he could be in deep shit and others opinions, such as yours, might not be very helpful.

If the OP is seeking serious advice, please try to do so. Okay, we all know by now that he can't sell a car that's not his own, but maybe ways to see light at the end of the tunnel.

And I'm pretty certain, that's what the OP's looking for,

Edited April 7, 2014 by sirchai

[Lucifer]

"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."

CAR FOR SALE.

[sirchai]

"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."

CAR FOR SALE.

Are you sure? One Lucifer never walks alone...

Edited April 7, 2014 by sirchai

[lostinisaan]

"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."

CAR FOR SALE.

If the OP was making this up, then hopefully his Karma will catch up. If not....we might hear in another thread.

[lostinisaan]

So you have no money for food and want to sell a car that's not yours ? Hmm yet you still have the Internet and a PC ( Easily pawned here). BULLSH1T

We don't know what happened to the OP, but if he "created" his "avatar" showing a gun pointing at a guy's head, he could be in deep shit and others opinions, such as yours, might not be very helpful.

If the OP is seeking serious advice, please try to do so. Okay, we all know by now that he can't sell a car that's not his own, but maybe ways to see light at the end of the tunnel.

And I'm pretty certain, that's what the OP's looking for,

I had some serious issues in life when I thought there was no more way to go. But it's always good to "talk" to somebody, even on such a forum.

I'd definitely not give up and try to settle with banks, etc...as it seems to be in their deepest interest to get their cash back. Good luck.

[louse1953]

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.

Its not even the Ops it would probably be in his wife/gf name,as it is under finance.

[sirchai]

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.

Its not even the Ops it would probably be in his wife/gf name,as it is under finance.

He didn't lie about this fact......

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.

[Reddog1]

Borrow some money from home. Go home, find work and start over. Negotiate and repay from home as you rebuild. Maybe something can be saved from there, where you can make more money. I have "lost" everything about 3 times. (I'm 63) And each time you learn to build it more secure and better. If you wife can not go with you. Then make a plan to cover this with her. Do not kid yourself, you are in a MAJOR situation. Don't just try to hang on somehow, hoping it is not real. And don't get trapped in reliving the glory days of the past. It is gone. And it is time for desperate measures. Downsize everything. Or abandon it and re-situate on a survivable level.

[taotoo]

Just sell your headlight 'reshaping'. That should raise a few thousand.

[MBChai]

I just send my wife to singapore and make money tat way cus if decide no good under da hood ..ub to dem

[YipYipYa123]

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?

its not even his to sell .........it hes not even a quarter way into the repayments yet so hes a long way off being the "owner "

[swissie]

..... if a business can be saved by selling a bank-financed car, it must be a "SHOE-STRING" Business in the first place.

It's a troll, but amusing, I find.

Cheers.

[swissie]

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...

......."rely on her family". Not sure, is this meant as a serious statement, or just serving the purpose of injecting a humorous segment to the thread?

Cheers.

[jim cortesos]

OMG...No money in Thailand! What?

[marcthanya]

��..........

Edited April 7, 2014 by marcthanya

[Lucifer]

Business failed, advice needed. Need to sell my car, fools needed.

You're welcome.

[sirchai]

OMG...No money in Thailand! What?

You're a tourist.

[sailblue]

Easy to sell the car, it is done at the finance/bank office. You get what is left after they are paid. The new owner gets the book a few days later, no problem.

Not sure re other bank loans ? Never seen a bank lend money to a falung unless you have 5 times what you want to borrow in their bank. I have seen wealthy guys here get knocked back, and they were only doing it to try and develop a relationship etc.

Bad if your wife put up family property for the loans.

Hopfully you get enough from the car for a ticket.

[philliphn]

Go back to your home country! Get a real job. Accept any job that is available to you. Pay back your debts. Live within your means. It is very difficult to make a good income in Thailand.

[mdmayes]

Its time to cut your loses and go back home, where ever home is.