sidjameson Posted January 10, 2015 Share Posted January 10, 2015 GF has a car, mitsubushi Mirage. 3 years old. Auto. 60,000km She needs to sell urgent as its in pawn shop now costing 4k a month in interest. She has 200k left on car loan. I have no idea. How to sell and what price to aim for? Dealer or private? As needs to pay off loan she needs to sell sooner rather than later. Link to comment Share on other sites More sharing options...
sidjameson Posted January 10, 2015 Author Share Posted January 10, 2015 If private, how to sell? If dealer what dealer is good? Link to comment Share on other sites More sharing options...
Tim16 Posted January 10, 2015 Share Posted January 10, 2015 Was the car purchased under the 'Government first buyer tax rebate scheme'? Link to comment Share on other sites More sharing options...
sidjameson Posted January 10, 2015 Author Share Posted January 10, 2015 yes Link to comment Share on other sites More sharing options...
Tim16 Posted January 10, 2015 Share Posted January 10, 2015 If car is sold before 5 years, then the tax rebate has to be paid back. For mirage I think it was about 90,000 baht depending on model. After paying off remaining loan 200k + 90k tax rebate there will not be much over. Link to comment Share on other sites More sharing options...
steve187 Posted January 10, 2015 Share Posted January 10, 2015 Lots of people trying to sell tax rebated cars, but unwilling to pay back rebate. Link to comment Share on other sites More sharing options...
stevenl Posted January 10, 2015 Share Posted January 10, 2015 If car is sold before 5 years, then the tax rebate has to be paid back. For mirage I think it was about 90,000 baht depending on model. After paying off remaining loan 200k + 90k tax rebate there will not be much over. Try to find a friendly buyer and wait 2 years with officially transferring ownership. Link to comment Share on other sites More sharing options...
kiniyow Posted January 10, 2015 Share Posted January 10, 2015 290,000 THB 3 Yrs old with 60,000 Km will be tough..You can try Baht sold..Free Ad Link to comment Share on other sites More sharing options...
arthurwait Posted January 10, 2015 Share Posted January 10, 2015 (edited) Here is your competition in a buyers market. http://www.taladrod.com/w20/Search/TbSch3F_40.aspx#mk:33+md:665 As you can see not selling at 219,000 Would anyone touch one of these with 60.000km and warranty gone ? If you want to sell this it will most probably be under 200,000 B. The market is flooded with the first car scheme cars with no one buying. As said you will have to pay back the tax rebate (90-100k) and loan (200k) and will there be an early pay off fee on the loan ? Edited January 10, 2015 by arthurwait Link to comment Share on other sites More sharing options...
casualbiker Posted January 10, 2015 Share Posted January 10, 2015 (edited) GF has a car, mitsubushi Mirage. 3 years old. Auto. 60,000km She needs to sell urgent as its in pawn shop now costing 4k a month in interest. She has 200k left on car loan. I have no idea. How to sell and what price to aim for? Dealer or private? As needs to pay off loan she needs to sell sooner rather than later. I'm really confused the pawn shop actually paid money against it even though it's on the 5 year scheme ....and on loan from (presumably) a bank. wow 1st time I've heard of that. Edited January 10, 2015 by casualbiker 1 Link to comment Share on other sites More sharing options...
WarpSpeed Posted January 10, 2015 Share Posted January 10, 2015 ^Ditto! Sounds almost like it'd be better just to walk away at this point, give it over to the pawn shop and cut your losses. Link to comment Share on other sites More sharing options...
IMHO Posted January 10, 2015 Share Posted January 10, 2015 (edited) Agree with other posters - if it's on the 1st car buyer scheme, either pay it out and keep it forever to get some value out of it (out of pocket 200K, but have the car), or talk to the pawn shop and see if they are interested in taking the car as payment, amicably (out of pocket <100K, but don't have a car). Do not assume that going to the pawn shop and giving them keys and papers will be the end of the encumbrance though - they maybe don't want it, maybe can only sell it for small money, and either way, the rebate has to be repaid before it can be sold. Edited January 10, 2015 by IMHO 1 Link to comment Share on other sites More sharing options...
xylophone Posted January 11, 2015 Share Posted January 11, 2015 Here is your competition in a buyers market. http://www.taladrod.com/w20/Search/TbSch3F_40.aspx#mk:33+md:665 As you can see not selling at 219,000 Would anyone touch one of these with 60.000km and warranty gone ? If you want to sell this it will most probably be under 200,000 B. The market is flooded with the first car scheme cars with no one buying. As said you will have to pay back the tax rebate (90-100k) and loan (200k) and will there be an early pay off fee on the loan ? Quote: "The market is flooded with the first car scheme cars with no one buying" That is exactly what a friend of mine was told when he wanted to sell his two-year-old car, top in its range, in immaculate condition with only around 15,000 km on the clock. It wasn't one of the "first car scheme cars", so it had no tax rebates on it, yet he still got only 40% of its original purchase price and that was sold privately, rather than to a dealer who wanted to pay him a lot less. I have to agree with "arthurwait" on this, as regards the pricing, sorry to say. Link to comment Share on other sites More sharing options...
ignis Posted January 11, 2015 Share Posted January 11, 2015 Bit confused Quote from OP GF has a car, mitsubushi Mirage. 3 years old. Auto. 60,000km She needs to sell urgent as its in pawn shop now costing 4k a month in interest. She has 200k left on car loan. Pawn shop gave here the 200k ? or she owes the finance company 200k ? or she owes Finance Company [bank?] 200k + whatever she got against the car from the Pawn shop ? Paying the loan + tax rebates back is just about what the car is worth in A1 condition at a tent retail, but what involvement has the Pawn shop got ? Link to comment Share on other sites More sharing options...
Robert24 Posted January 11, 2015 Share Posted January 11, 2015 what's the agreement with the pawn shop? Any fix terms about duration of pawning? Just asking cause I guess she got 200k and deposited the car as security and the agreement is she pays 4k per month interest on the deal. Link to comment Share on other sites More sharing options...
OMGImInPattaya Posted January 11, 2015 Share Posted January 11, 2015 If car is sold before 5 years, then the tax rebate has to be paid back. For mirage I think it was about 90,000 baht depending on model. After paying off remaining loan 200k + 90k tax rebate there will not be much over. Try to find a friendly buyer and wait 2 years with officially transferring ownership.Does the buyer get to wait 2 years to make payment? Link to comment Share on other sites More sharing options...
sidjameson Posted January 12, 2015 Author Share Posted January 12, 2015 she borrowed 60k on the car from the pawnshop. She owes 200k on the finance. Pawn shop is 7% a MONTH on the 60k!!!!!!! Bit depressing really. If she walked away from the car, she wou8ld still have to pay the loan right? Link to comment Share on other sites More sharing options...
konying Posted January 12, 2015 Share Posted January 12, 2015 she borrowed 60k on the car from the pawnshop. She owes 200k on the finance. Pawn shop is 7% a MONTH on the 60k!!!!!!! Bit depressing really. If she walked away from the car, she wou8ld still have to pay the loan right? Why do not you help her out? Repayments on the car would not be more than 5-6k per month if that Link to comment Share on other sites More sharing options...
arthurwait Posted January 12, 2015 Share Posted January 12, 2015 she borrowed 60k on the car from the pawnshop. She owes 200k on the finance. Pawn shop is 7% a MONTH on the 60k!!!!!!! Bit depressing really. If she walked away from the car, she wou8ld still have to pay the loan right? Has she still got the 60k and the 90-100k rebate ? Who owns it now then the finance company or the pawn shop ? I assume it's the finance company and she can not legally pawn it ? Did you find out if there is an early loan pay off fee ? Link to comment Share on other sites More sharing options...
arthurwait Posted January 12, 2015 Share Posted January 12, 2015 she borrowed 60k on the car from the pawnshop. She owes 200k on the finance. Pawn shop is 7% a MONTH on the 60k!!!!!!! Bit depressing really. If she walked away from the car, she wou8ld still have to pay the loan right? Why do not you help her out? Repayments on the car would not be more than 5-6k per month if that Sod that, just run. 1 Link to comment Share on other sites More sharing options...
Robert24 Posted January 12, 2015 Share Posted January 12, 2015 she borrowed 60k on the car from the pawnshop. She owes 200k on the finance. Pawn shop is 7% a MONTH on the 60k!!!!!!! Bit depressing really. If she walked away from the car, she wou8ld still have to pay the loan right? Not 100% sure how pawning is done with cars but in case of land, the actual ownership is transferred to the pawn shop (or person who gives you the money) and if you cannot pay back the money with interest, the land can be sold. I assume it's the same with the car. The pawn shop would sell it and pay back the finance company afterwards. But this is only my assumption based on the practise with land and property for pawning in Thailand. 7% per month is very very high. For land it's usually around 2-3% per month. Link to comment Share on other sites More sharing options...
ignis Posted January 12, 2015 Share Posted January 12, 2015 (edited) she borrowed 60k on the car from the pawnshop. She owes 200k on the finance. Pawn shop is 7% a MONTH on the 60k!!!!!!! Bit depressing really. If she walked away from the car, she wou8ld still have to pay the loan right? Is she still paying the Finance Company ? normally if no repayments for 3 months then they will repossess the car.. many will go to Auction with a reserve of what is owed + admin fees + Auction fees.. Would think that will leave her with repaying the Pawn Shop + the new car rebate back, so guess walking away she will still have to sort out a way to repay these + have no car and have a bad credit reference Is the Finance Company aware the car is in a Pawn shop ? has she talked to the Pawn shop on options of selling the car, feel sure she is not the 1st person to get in a fix Edited January 12, 2015 by ignis Link to comment Share on other sites More sharing options...
sparkey Posted January 12, 2015 Share Posted January 12, 2015 I've only bought one car on hp in Thailand. I do vaguely remember that the car was in the finance company's name until we paid the loan off. This was a good few years ago but if it's still the case why would a pawn broker advance money on a car not in her name. Like I said could be well out of date just interested. Link to comment Share on other sites More sharing options...
sotsira Posted January 12, 2015 Share Posted January 12, 2015 she borrowed 60k on the car from the pawnshop. She owes 200k on the finance. Pawn shop is 7% a MONTH on the 60k!!!!!!! Bit depressing really. If she walked away from the car, she wou8ld still have to pay the loan right? Not 100% sure how pawning is done with cars but in case of land, the actual ownership is transferred to the pawn shop (or person who gives you the money) and if you cannot pay back the money with interest, the land can be sold. I assume it's the same with the car. The pawn shop would sell it and pay back the finance company afterwards. But this is only my assumption based on the practise with land and property for pawning in Thailand. 7% per month is very very high. For land it's usually around 2-3% per month. I would have thought that legally the finance co would be the owners of this car.(200k loan) The lady who drives it and the pawn shop wouldn't have a say in selling or buying the car for that matter. Link to comment Share on other sites More sharing options...
brling Posted January 12, 2015 Share Posted January 12, 2015 she borrowed 60k on the car from the pawnshop. She owes 200k on the finance. Pawn shop is 7% a MONTH on the 60k!!!!!!! Bit depressing really. If she walked away from the car, she wou8ld still have to pay the loan right? Why do not you help her out? Repayments on the car would not be more than 5-6k per month if that Sod that, just run. EXACTLY. Link to comment Share on other sites More sharing options...
sparkey Posted January 12, 2015 Share Posted January 12, 2015 she borrowed 60k on the car from the pawnshop. She owes 200k on the finance. Pawn shop is 7% a MONTH on the 60k!!!!!!! Bit depressing really. If she walked away from the car, she wou8ld still have to pay the loan right? Not 100% sure how pawning is done with cars but in case of land, the actual ownership is transferred to the pawn shop (or person who gives you the money) and if you cannot pay back the money with interest, the land can be sold. I assume it's the same with the car. The pawn shop would sell it and pay back the finance company afterwards. But this is only my assumption based on the practise with land and property for pawning in Thailand. 7% per month is very very high. For land it's usually around 2-3% per month. I would have thought that legally the finance co would be the owners of this car.(200k loan) The lady who drives it and the pawn shop wouldn't have a say in selling or buying the car for that matter. That's the way I see it Link to comment Share on other sites More sharing options...
OMGImInPattaya Posted January 12, 2015 Share Posted January 12, 2015 she borrowed 60k on the car from the pawnshop. She owes 200k on the finance. Pawn shop is 7% a MONTH on the 60k!!!!!!! Bit depressing really. If she walked away from the car, she wou8ld still have to pay the loan right? Not 100% sure how pawning is done with cars but in case of land, the actual ownership is transferred to the pawn shop (or person who gives you the money) and if you cannot pay back the money with interest, the land can be sold. I assume it's the same with the car. The pawn shop would sell it and pay back the finance company afterwards. But this is only my assumption based on the practise with land and property for pawning in Thailand. 7% per month is very very high. For land it's usually around 2-3% per month. The maximum legal rate of interest in Thailand is 15% per annum. For terms of less than a year, I believe it's 1.5 percent a month...and these are rates for UNSECURED loans. Link to comment Share on other sites More sharing options...
Robert24 Posted January 12, 2015 Share Posted January 12, 2015 Pawning is treated seperately from loans legally in Thailand. So the 15% p.a. max interest doesn't apply for pawning agreements. Link to comment Share on other sites More sharing options...
casualbiker Posted January 13, 2015 Share Posted January 13, 2015 she borrowed 60k on the car from the pawnshop. She owes 200k on the finance. Pawn shop is 7% a MONTH on the 60k!!!!!!! Bit depressing really. If she walked away from the car, she wou8ld still have to pay the loan right? Not 100% sure how pawning is done with cars but in case of land, the actual ownership is transferred to the pawn shop (or person who gives you the money) and if you cannot pay back the money with interest, the land can be sold. I assume it's the same with the car. The pawn shop would sell it and pay back the finance company afterwards. But this is only my assumption based on the practise with land and property for pawning in Thailand. 7% per month is very very high. For land it's usually around 2-3% per month.The maximum legal rate of interest in Thailand is 15% per annum. For terms of less than a year, I believe it's 1.5 percent a month...and these are rates for UNSECURED loans. I believe it had gone up to 30%. As the unsecured bank loans are 29.9%. Could be wrong though. I imagine they have different rates for different types of lender. Link to comment Share on other sites More sharing options...
chris2004 Posted January 14, 2015 Share Posted January 14, 2015 she borrowed 60k on the car from the pawnshop. She owes 200k on the finance. Pawn shop is 7% a MONTH on the 60k!!!!!!! Bit depressing really. If she walked away from the car, she wou8ld still have to pay the loan right? Not 100% sure how pawning is done with cars but in case of land, the actual ownership is transferred to the pawn shop (or person who gives you the money) and if you cannot pay back the money with interest, the land can be sold. I assume it's the same with the car. The pawn shop would sell it and pay back the finance company afterwards. But this is only my assumption based on the practise with land and property for pawning in Thailand. 7% per month is very very high. For land it's usually around 2-3% per month. The maximum legal rate of interest in Thailand is 15% per annum. For terms of less than a year, I believe it's 1.5 percent a month...and these are rates for UNSECURED loans. If you buy a motorbike on HP the interest is likely to be at least 2% per month. Link to comment Share on other sites More sharing options...
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