Car loan problem

[sulasno]

How long has he owned the car? Try refinancing

[konying]

How long has he owned the car? Try refinancing

Without a job?

[deavenger]

How long has he owned the car? Try refinancing

service for 1 and 1/2 year

[casualbiker]

Talk to finance company about paying short payments until he's back on his feet. Generally as long as they are getting SOME money they are happy!

[deavenger]

Being in this situation really sicken him...he just want a way out of this situation and getting rid of the car is his priority so this burdens is gone

[stevenl]

Being in this situation really sicken him...he just want a way out of this situation and getting rid of the car is his priority so this burdens is gone

So give the finance company a call to check for the outstanding balance, and (try to) sell for at least that amount.

[maidee]

loan is arranged by the bank ? no ?

and ... did your friend as you to pay for it ?

[deavenger]

loan is arranged by the bank ? no ?

and ... did your friend as you to pay for it ?

it's with toyota ...I'm am not helping with the loan..if I'm helping ..I won't be asking the questions here

[German Viking]

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

All ppl who signed this contract and gave guarantee are also full responsible.

In general all ppl who give a guarantee should first think about the consequences for them in the worst case, does'nt matter family or not.

For example:

In germany the bank after 3 times not paying and several letters, they will try to catch the most solvent guarantor.

But there is a much bigger problem.

If the guarantors not explict exempt all following costs for the worst case, then they pay for this in top.

For example: Lawyer costs from the bank increasing interest caused of the delay of payment etc.

I don't know the rules in LOS, but I guess not so much different.

[German Viking]

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

All ppl who signed this contract and gave guarantee are also full responsible.

In general all ppl who give a guarantee should first think about the consequences for them in the worst case, does'nt matter family or not.

For example:

In germany the bank after 3 times not paying and several letters, they will try to catch the most solvent guarantor.

But there is a much bigger problem.

If the guarantors not explict exempt all following costs for the worst case, then they pay for this in top.

For example: Lawyer costs from the bank increasing interest caused of the delay of payment etc.

I don't know the rules in LOS, but I guess not so much different.

[asean]

Not so sure what all the drama is. the finance and repo rules here are no different from any other country. If you cant afford it sell it. Some people have this false hope of getting their deposit back when the car had devalued by the amount of the deposit the moment they drove out the showroom. Best advice here is to sell it for 1 baht and take over finance. Be sure to have the finance contract assigned to the new buyer by the finance company.

[ste860]

i would maybe be interested in taking over is he wants to pm me his phone number

plus it depends which province your in

[ignis]

Any idea how is value

340 - 370,000 baht retail for the 'J' Manual Vios 2013... what the Bank will sell it for ? expect far less for trade..

[CanInBKK]

Given the present owner's situation, selling the car now is probably not possible.

Assume the selling price is 340,000 Baht (from the post above), if the outstanding principal + interest (yes, there's a good chance all remaining interest must also be paid - auto loans are flat rate not APR) is 400,000 then the present owner would still need to flip 60,000 out of pocket before the banknwill allow title tranfer.

Best solution would be to talk to the guarantors to workmsomethingn out before the bank does, because it's going to happen anyways