ghworker2010 Posted May 21, 2015 Share Posted May 21, 2015 A few yrs ago 'the wife' wanted to get a new car. She went to the local dealership and the salesman talked her into getting a new car on the basis that he would take the old car off her hands and pay the monthly loan payment. He paid every month on time for the first yr and then after that always late etc. He is 4 payments behind and said he would make another payment this week. At the time of the deal he signed a short letter with a copy of his license. Legally the debt is in her name and thus it means nothing. The finance co said they want to get the car and then perhaps deliver it to my wife and then she catches up all the payments. It means that she will have 2 loans and 2 cars. Im laughing as well about how stupid she was to enter into such a deal but TIT... The other option is tell the finance company to collect and keep the car and that she cant afford it. It will be bad for her credit rating. My wife suggests that she perhaps already has a black mark against her rating as its 4 payments behind. Would this be correct? If so should we just let them take the car and sell it. The existing debt is 271,000 and its probably worth 400k. The bummer is that her credit rating will be buggered and if we want to borrow money to open a business one day then this will not happen. Thinking ahead,,,,, if the finance company take the car off him and he is angry about all the lost money it could turn nasty. We live in a small city and its not hard to track down my wife due to her high status occupation. Im wondering if the situation could get ugly if we have his car and he comes asking for money back. This could happen as he kind of implied this last year when he was behind on the payments. We sought advice from an attorney today who suggests that the finance co should pick it up and deliver it to us and then pay all outstanding payments. But Im unsure its the wise decision as then it affects our monthly budget etc. Its hard to sell a used car in Thailand thus we will no doubt make a loss anyways.... Any suggestions are appreciated. Please moderator leave it in general section for maximum coverage tonight. We need to make a decision as to what to do tomorrow many thanks Link to comment Share on other sites More sharing options...
ukrules Posted May 21, 2015 Share Posted May 21, 2015 If you get the car back this guy is going to be looking for all of his money back. If you don't give it to him then there will most definitely be problems. Link to comment Share on other sites More sharing options...
krisb Posted May 21, 2015 Share Posted May 21, 2015 Why would anyone take a 2nd hand car and agree to pay for a new car for someone? Nothing to do wit tiT, it's all to do with "the wife ". Just crazy. Link to comment Share on other sites More sharing options...
h90 Posted May 21, 2015 Share Posted May 21, 2015 Why would anyone take a 2nd hand car and agree to pay for a new car for someone? Nothing to do wit tiT, it's all to do with "the wife ". Just crazy. Why not? Say you buy a new car for 800.000, make a down payment of 400.000. Give your old car still worth 400.000 to the sales guy and he pays every month for the new car. It is complete crazy with someone you don't know but from the numbers it makes sense Link to comment Share on other sites More sharing options...
mogandave Posted May 21, 2015 Share Posted May 21, 2015 Take the car back, make the payments, tell the salesman he has 30 days to come up with the cash to pay it off completely. If he comes up with the cash, let home have it, if he doesn't, sell it. Report his threats (if any) to the police. Link to comment Share on other sites More sharing options...
ghworker2010 Posted May 21, 2015 Author Share Posted May 21, 2015 I think mogandave made a fine suggestion. Basically we could let the finance co get the car for us and we could hide it for a month somewhere. We could pay the 4 payments tomorrow and then get the attorney to ring him with the 30 day deadline. Another angle to the story is that my wifes father went guarantor on the loan and thus his credit rating will be stuffed as well. She spoke to him about this and he doesnt care if his name has a black mark. He suggested that we should simply give it back to the finance company and then talk straight with the guy if he comes asking for money. All I know is that im going to stay out of it totally. this is a thai problem and nothing to do with me.... Link to comment Share on other sites More sharing options...
konying Posted May 21, 2015 Share Posted May 21, 2015 (edited) I think mogandave made a fine suggestion. Basically we could let the finance co get the car for us and we could hide it for a month somewhere. We could pay the 4 payments tomorrow and then get the attorney to ring him with the 30 day deadline. Another angle to the story is that my wifes father went guarantor on the loan and thus his credit rating will be stuffed as well. She spoke to him about this and he doesnt care if his name has a black mark. He suggested that we should simply give it back to the finance company and then talk straight with the guy if he comes asking for money. All I know is that im going to stay out of it totally. this is a thai problem and nothing to do with me.... I would go into finance company office, find someone nice, tell them the full story and ask for their advice. I doubt dealer kept the car and most likely has sold it already, being paid full in cash. So car most likely already belongs to somebody else, so it could potentially turn into a big problem, with many law suits. Speak with finance company and see what they suggest, again though NOT over the phone but in person, "seeking help" Edited May 21, 2015 by konying Link to comment Share on other sites More sharing options...
CharlieH Posted May 21, 2015 Share Posted May 21, 2015 MOVED to Motoring Link to comment Share on other sites More sharing options...
djayz Posted May 21, 2015 Share Posted May 21, 2015 From from what I've been told, this black mark is only valid for 2 years. After that, you have a clean credit rating again. Link to comment Share on other sites More sharing options...
recycler Posted May 22, 2015 Share Posted May 22, 2015 Or trade in 'the wife' ;-) Link to comment Share on other sites More sharing options...
marc651 Posted May 22, 2015 Share Posted May 22, 2015 Take the car back, make the payments, tell the salesman he has 30 days to come up with the cash to pay it off completely. If he comes up with the cash, let home have it, if he doesn't, sell it. If he doesn't, sell it you say? and then what, pocket the money? Which would mean you buy your new car at lets say half price, "selling" your old car to the salesguy. Then you go take back the car you sold him, sell it a second time to someone else? Off course the salesguy will "unhappy" - you steal from him. Regardless of the fact that you find it justified because 'he is not paying the loan' which is actually your own fault of not transferring the debt to the new owner. If you take back the car, you also have to reimburse him the discount you got on the new car. Simple as that. Link to comment Share on other sites More sharing options...
mogandave Posted May 22, 2015 Share Posted May 22, 2015 Take the car back, make the payments, tell the salesman he has 30 days to come up with the cash to pay it off completely. If he comes up with the cash, let home have it, if he doesn't, sell it. If he doesn't, sell it you say? and then what, pocket the money? Which would mean you buy your new car at lets say half price, "selling" your old car to the salesguy. Then you go take back the car you sold him, sell it a second time to someone else? Off course the salesguy will "unhappy" - you steal from him. Regardless of the fact that you find it justified because 'he is not paying the loan' which is actually your own fault of not transferring the debt to the new owner. If you take back the car, you also have to reimburse him the discount you got on the new car. Simple as that. No, I would not "pocket" the money, I would use it to pay off the note on the car. The car does not belong to the salesman, it belongs to the bank. Link to comment Share on other sites More sharing options...
mikiea Posted May 22, 2015 Share Posted May 22, 2015 Why would anyone take a 2nd hand car and agree to pay for a new car for someone? Nothing to do wit tiT, it's all to do with "the wife ". Just crazy. ehhh.... this lady wants to start a business ? on whose dime ? , dude it is time , run like ol' Forrest , run . Link to comment Share on other sites More sharing options...
mikiea Posted May 22, 2015 Share Posted May 22, 2015 I think mogandave made a fine suggestion. Basically we could let the finance co get the car for us and we could hide it for a month somewhere. We could pay the 4 payments tomorrow and then get the attorney to ring him with the 30 day deadline. Another angle to the story is that my wifes father went guarantor on the loan and thus his credit rating will be stuffed as well. She spoke to him about this and he doesnt care if his name has a black mark. He suggested that we should simply give it back to the finance company and then talk straight with the guy if he comes asking for money. All I know is that im going to stay out of it totally. this is a thai problem and nothing to do with me.... this fine lady does not care who she hurts as long as she has a nice ride , and you have a kick me sign on your back . Link to comment Share on other sites More sharing options...
mikiea Posted May 22, 2015 Share Posted May 22, 2015 From from what I've been told, this black mark is only valid for 2 years. After that, you have a clean credit rating again. yea .... you also were told ....you are hansom man . Link to comment Share on other sites More sharing options...
misterphil Posted May 22, 2015 Share Posted May 22, 2015 Buy yourself a shovel from Homepro and dig yourself a deeper hole. If your wife has such a high status reputation how can she be so stupid to agree to this deal? Link to comment Share on other sites More sharing options...
winstonc Posted May 22, 2015 Share Posted May 22, 2015 Buy yourself a shovel from Homepro and dig yourself a deeper hole. If your wife has such a high status reputation how can she be so stupid to agree to this deal? aaaah but remember no-one fails over here.. Link to comment Share on other sites More sharing options...
GrahamMaddison Posted May 22, 2015 Share Posted May 22, 2015 is it not the case in Thailand, that if you default and they take the car back, you still have to pay the remaining payments? Link to comment Share on other sites More sharing options...
Jim walker Posted May 22, 2015 Share Posted May 22, 2015 Has anyone ever had their car repossessed by finance company? NO because everyone pays cash for their car especially in Thailand not many 0% interest rates offered over here and if you cant afford a car then you don't have one easy answer. Link to comment Share on other sites More sharing options...
watcharacters Posted May 22, 2015 Share Posted May 22, 2015 You say she went to the local dealership to but a NEW car so I wonder if you've tried talking with the owner or management of the new car dealership? Link to comment Share on other sites More sharing options...
user82374298374 Posted May 22, 2015 Share Posted May 22, 2015 (edited) My suggestion would be to consult an attorney, followed by divorce proceedings. None of this makes sense to me; my guess is that your wife, her father, and the car dealer (probably her gik) are all in this together to take you to the cleaners. Edited May 22, 2015 by disambiguated Link to comment Share on other sites More sharing options...
NickJ Posted May 22, 2015 Share Posted May 22, 2015 Man o man...the other day it was a guy who didnt know you could pay your electric bill at 7/11.....what next? Keep your houses in order boys, dont RELY on your thai girl for ANYTHING legal.....could come back and vite you on the ass. Link to comment Share on other sites More sharing options...
krisb Posted May 22, 2015 Share Posted May 22, 2015 Why would anyone take a 2nd hand car and agree to pay for a new car for someone? Nothing to do wit tiT, it's all to do with "the wife ". Just crazy. Why not? Say you buy a new car for 800.000, make a down payment of 400.000. Give your old car still worth 400.000 to the sales guy and he pays every month for the new car. It is complete crazy with someone you don't know but from the numbers it makes sense Ok yep got it. Still very very crazy. Link to comment Share on other sites More sharing options...
Mudcrab Posted May 22, 2015 Share Posted May 22, 2015 Not your money...not your car..not your problem. Let her sort it out and maybe learn a lesson. Link to comment Share on other sites More sharing options...
bino Posted May 22, 2015 Share Posted May 22, 2015 I doubt dealer kept the car and most likely has sold it already, being paid full in cash. So car most likely already belongs to somebody else, so it could potentially turn into a big problem, with many law suits. The car could not be sold. (Not legally anyway...) The finance company would be holding the green book for the car if they are seeking to repo it. Link to comment Share on other sites More sharing options...
ericthai Posted May 22, 2015 Share Posted May 22, 2015 We had no problem in selling our truck when it was 3 years old. We didnt even advertise that it was go sale, just told a few friends we were thinking about selling it and buying a new car. Next thing I know we have 3 buyers wanting the truck. We weren't even positive we wanted to sell the truck just yet. I did take good care of the truck. It was always clean, waxed it just about once a month regular maintenance etc. If your old car is worth 400,000B then have the finance company go get it, sell it and pay off the loan. Once the loan is paid off use the difference between what was owed and what you sold it for and make a payment on the new car. The guy that bought the car from you didn't keep up with the payments, this is his fault and his loss. Just dont let him know you' re taking the car back let him think the finance company it talking it back and tell him you are upset as this is going to effect your credit rating, turn the tables on him, that you are upset and it's all his fault! Good Luck! Link to comment Share on other sites More sharing options...
GOLDBUGGY Posted May 22, 2015 Share Posted May 22, 2015 I would try to protect my Credit Rating above all else. Talk to the Bank Loan Manager and tell him your predicament. Tell him you want to protect your Credit Rating as you plan to do further business with them in the future, but at the moment you can't afford 2 Car Loan Payments. Ask the Manager if you can get a single Consolidation Loan for both cars. What your wife may end up with is the same payment except she may have to pay longer. If you ever get the other car back, which I doubt, sell it for whatever you can get. Then calculated what was still owed on it, what you paid, and your fare share of the car depreciation. If there is excess money left, which again I doubt, give it back to the third party. If not, then explain to him why and show him the paper work and documents to prove that. Link to comment Share on other sites More sharing options...
jay1980 Posted May 23, 2015 Share Posted May 23, 2015 who's name is in the blue book of the first car? Link to comment Share on other sites More sharing options...
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