deavenger Posted November 12, 2014 Share Posted November 12, 2014 I have a friend with this problem.. He has a Toyota vios bought in 2013 and has been paying about it 10000 baht a month.. Due to some problem ..he has lost his job and defaulted payment 2 months ago.. Now toyota has called him and told him if he still cannot pay ..they will repossess the car and sell in the open market .if the value falls below the loan outstanding ...he has to pay the difference My question: 1. How much is the open value of a 18 month toyota vios white manual 2. If they sell the car below his outstanding loan..he has no money to pay the difference ..what shall he do and what options he has Link to comment Share on other sites More sharing options...
Aussieroaming Posted November 12, 2014 Share Posted November 12, 2014 He owes the short fall. Best that he sells it or secures a bridging loan to pay the default payments Link to comment Share on other sites More sharing options...
deavenger Posted November 12, 2014 Author Share Posted November 12, 2014 Without a job..will he get a bridging loan? Link to comment Share on other sites More sharing options...
Popular Post pigeonjake Posted November 12, 2014 Popular Post Share Posted November 12, 2014 why dosnt your friend ask himself ? its another one of them my friend this and that 3 Link to comment Share on other sites More sharing options...
konying Posted November 12, 2014 Share Posted November 12, 2014 why dosnt your friend ask himself ? its another one of them my friend this and that Do you need a translator? His girl or someone he is sleeping with, lost her job, asking him to pay for the car or she will be in big problems, so he is trying to find out his options. If it was just really a "friend" OP would just lend money for a few months. So it boils down to, she looses the car and how much he would have to pay? or he makes payments? 2 Link to comment Share on other sites More sharing options...
deavenger Posted November 12, 2014 Author Share Posted November 12, 2014 Whatever 1 Link to comment Share on other sites More sharing options...
Popular Post stevenl Posted November 12, 2014 Popular Post Share Posted November 12, 2014 why dosnt your friend ask himself ? its another one of them my friend this and that So? Doesn't matter for the answer, so help the op or don't post. 5 Link to comment Share on other sites More sharing options...
deavenger Posted November 12, 2014 Author Share Posted November 12, 2014 Thanks steven Link to comment Share on other sites More sharing options...
scorecard Posted November 12, 2014 Share Posted November 12, 2014 <script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script> He owes the short fall.Best that he sells it or secures a bridging loan to pay the default payments Not sure that's a good idea. It's very likely the bank has some form of legal embargo over the car until the loan is fully paid. Therefore it may well be illegal for the person referred to here to sell it without the bank's permission. Further, if the person referred to here does sell without permission then the new buyer would in fact not own the car even if they have paid an agreed price. Link to comment Share on other sites More sharing options...
deavenger Posted November 12, 2014 Author Share Posted November 12, 2014 I mean toyota will take the car and sell...and the difference will have to top up Link to comment Share on other sites More sharing options...
konying Posted November 12, 2014 Share Posted November 12, 2014 <script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script> He owes the short fall. Best that he sells it or secures a bridging loan to pay the default payments Not sure that's a good idea. It's very likely the bank has some form of legal embargo over the car until the loan is fully paid. Therefore it may well be illegal for the person referred to here to sell it without the bank's permission. Further, if the person referred to here does sell without permission then the new buyer would in fact not own the car even if they have paid an agreed price. Its not illegal, how it actually works is, bank has the blue book, so to finalize the sale, both parties go to the bank and payout figure is calculated. Buyer or seller, then pays the outstanding amount and bank mails the book 10 or so days later to the new owner. If the full pay out payment is not made, blue book is not released, ie the new buyer would be an illegal owner. So basically if the current owner wants to sell, she/he needs to pay out in full. Another alternative is to sell to someone, who is willing to take over the payments, this would be the easiest and least loss to the current owner Link to comment Share on other sites More sharing options...
deavenger Posted November 12, 2014 Author Share Posted November 12, 2014 Any idea how is value Link to comment Share on other sites More sharing options...
konying Posted November 12, 2014 Share Posted November 12, 2014 Any idea how is value Considering current situation, whatever someone willing to pay right away There is redbook 100 baht valuations, which i find to be crap One2car gives a good idea of going prices. But again, sell it for 1 baht and let new buyer take over the payments. Your loss -0, only the deposit paid, but if car has been paid off for a year or more, you might be able to sell and get some money back as well. Link to comment Share on other sites More sharing options...
deavenger Posted November 12, 2014 Author Share Posted November 12, 2014 It's a vios. .problem is the new vios is cheaper 1 Link to comment Share on other sites More sharing options...
konying Posted November 12, 2014 Share Posted November 12, 2014 It's a vios. .problem is the new vios is cheaper then you sell it for 1 baht and let them take over the payments. original purchase, 20% deposit was paid( at least) plus payment were made, so for the buyer it would be at least 20% cheaper plus whatever has been paid off already Link to comment Share on other sites More sharing options...
stevenl Posted November 12, 2014 Share Posted November 12, 2014 It's a vios. .problem is the new vios is cheaperthen you sell it for 1 baht and let them take over the payments.original purchase, 20% deposit was paid( at least) plus payment were made, so for the buyer it would be at least 20% cheaper plus whatever has been paid off already Just make sure the present finance company accepts this and the new buyer. Link to comment Share on other sites More sharing options...
recycler Posted November 13, 2014 Share Posted November 13, 2014 They sell these repo cars at auctions and that can be rather low prices certainly for a manual gear. The remaining value can be checked online at Redbook, a website, but they are a bit optimistic I guess, the remaining payments depend on the finance term, could be up to 60 months. Best is to try to sell the car with the finance and agree with the finance company on the transfer of the finance. Link to comment Share on other sites More sharing options...
Robert24 Posted November 13, 2014 Share Posted November 13, 2014 re question 2: he can default on that payment of the shortfall as well and Toyota then can take him to court. If he shows in court that he doesn't have any money and no income then it will be cleared. I know one person who get rid of his student loan that way. But you may have a bad credit record later and cannot take out a loan anymore yourself, ie any new loan would have to be in the wife's name for example. But suggest to ask a lawyer for more details on the exact procedure. Link to comment Share on other sites More sharing options...
dotpoom Posted November 13, 2014 Share Posted November 13, 2014 He owes the short fall. Best that he sells it or secures a bridging loan to pay the default payments Or possibly advertise for somebody to take over the payments....maybe even buy it. Link to comment Share on other sites More sharing options...
bangkokpoppys Posted November 13, 2014 Share Posted November 13, 2014 <script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script> re question 2: he can default on that payment of the shortfall as well and Toyota then can take him to court. If he shows in court that he doesn't have any money and no income then it will be cleared. I know one person who get rid of his student loan that way. But you may have a bad credit record later and cannot take out a loan anymore yourself, ie any new loan would have to be in the wife's name for example.But suggest to ask a lawyer for more details on the exact procedure. what sort of advice is this? i think the OP is asking for how to get out of a situation, not create another. Link to comment Share on other sites More sharing options...
smotherb Posted November 13, 2014 Share Posted November 13, 2014 why dosnt your friend ask himself ? its another one of them my friend this and that So? Doesn't matter for the answer, so help the op or don't post. Oh, so now you are establishing the rules for posting to TV? Link to comment Share on other sites More sharing options...
deavenger Posted November 13, 2014 Author Share Posted November 13, 2014 Another worry is ..if toyota brings them to court how. Will this affect.the spouse .. Will they take their home and sell to cover up the shortfall ? The mum and brother were guarantors for.this purchase..what will happen to them. . He is married with a daughter.. Will the people the bank will go after to recover the debt be this order ? 1. Wife 2. Mum and brother since they were guarantors Link to comment Share on other sites More sharing options...
BradinAsia Posted November 13, 2014 Share Posted November 13, 2014 <script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script> He owes the short fall. Best that he sells it or secures a bridging loan to pay the default payments Not sure that's a good idea. It's very likely the bank has some form of legal embargo over the car until the loan is fully paid. Therefore it may well be illegal for the person referred to here to sell it without the bank's permission. Further, if the person referred to here does sell without permission then the new buyer would in fact not own the car even if they have paid an agreed price. Maybe you have no experience in such things... In the real world the bank only wants their money That means if the distressed owner finds a cash buyer he takes the money to the banker who is happy and thrilled to give him the title. Very simple if he has a cash buyer. Link to comment Share on other sites More sharing options...
Robert24 Posted November 13, 2014 Share Posted November 13, 2014 @bangkokpoppys: so you posted that you don't like my advice. I get it. But what would be your advise to the Op's question? Reason why I think that someone here should consider defaulting if they don't have money or assets is because of the lack of better alternatives. it's one way to get your debt cleared albeit with some negative consequences about your future ability to borrow. What would be the alternative? Borrow money from someone else to cover the shortfall from the lender from Toyota's purchase? Someone without collateral and income would have to pay huge monthly interests on such a loan. Not a good alternative. Link to comment Share on other sites More sharing options...
brewsterbudgen Posted November 13, 2014 Share Posted November 13, 2014 Why aren't the guaranters paying? Isn't that what they guaranteed to do? Link to comment Share on other sites More sharing options...
deavenger Posted November 13, 2014 Author Share Posted November 13, 2014 Why aren't the guaranters paying? Isn't that what they guaranteed to do?actually the driver should be paying Link to comment Share on other sites More sharing options...
Si Thea01 Posted November 13, 2014 Share Posted November 13, 2014 why dosnt your friend ask himself ? its another one of them my friend this and that Do you need a translator? His girl or someone he is sleeping with, lost her job, asking him to pay for the car or she will be in big problems, so he is trying to find out his options. If it was just really a "friend" OP would just lend money for a few months. So it boils down to, she looses the car and how much he would have to pay? or he makes payments? I don't need a translator, just am optometrist because I cannot see where you read all this. Maybe you trying to be funny hey? Link to comment Share on other sites More sharing options...
konying Posted November 13, 2014 Share Posted November 13, 2014 why dosnt your friend ask himself ? its another one of them my friend this and that Do you need a translator? His girl or someone he is sleeping with, lost her job, asking him to pay for the car or she will be in big problems, so he is trying to find out his options. If it was just really a "friend" OP would just lend money for a few months. So it boils down to, she looses the car and how much he would have to pay? or he makes payments? I don't need a translator, just am optometrist because I cannot see where you read all this. Maybe you trying to be funny hey? may be , any more insightful worthless thoughts? Link to comment Share on other sites More sharing options...
carter1882 Posted November 13, 2014 Share Posted November 13, 2014 If you want to know the price of second hand cars look in any Thai can magazine, like jatujak rot. Thats if you can afford the sixty baht or so for the magazine. If you cant join the browsers at any B2S store. The listings are done about three quarters of the way through and should not need thai reading skills to decipher. Link to comment Share on other sites More sharing options...
sulasno Posted November 13, 2014 Share Posted November 13, 2014 I have a friend with this problem.. He has a Toyota vios bought in 2013 and has been paying about it 10000 baht a month.. Due to some problem ..he has lost his job and defaulted payment 2 months ago.. Now toyota has called him and told him if he still cannot pay ..they will repossess the car and sell in the open market .if the value falls below the loan outstanding ...he has to pay the difference My question: 1. How much is the open value of a 18 month toyota vios white manual 2. If they sell the car below his outstanding loan..he has no money to pay the difference ..what shall he do and what options he has Link to comment Share on other sites More sharing options...
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