Proof of income to finish car loan

[HTC]

I have a car loan with Tisco bank. I am in the position to pay off the balance of the loan. To do this Tisco have asked for copies of a work permit. I do not have a work permit and do not plan to get one as I work overseas in the middle east on a shift rotation. This was explained to them and they mentioned that I can obtain proof of my overseas work from an immigration office.

A proof of address was required to start the loan which I provided, but I don't see why I need to prove income to pay off a loan (unless it is about the bank showing that the money didn't come from illegal activities?).

Does anyone know if immigration can provide a letter stating that I am employed from foreign documents? Has anyone managed to complete a loan with Tisco or any other bank?

I have a valid 1 year multiple entry non immigrant visa based on marriage.

Thanks for any info.

[ubonjoe]

It seems odd they would want proof of income now.

Immigration will not provide anything to prove your income.

Do you have any proof of bringing the money into the country. A Thai bank book would be good.or foreign banks statements showing showing ATM withdrawals here (they would probably have to be translated to Thai).

[lovelomsak]

Cannot for the life of me know why they want that. Have your wife go in and tell them she wants to pay it off for you. Let her do it for you. How did you get a loan in your name to begin with? Most foreigners need a thai person to be the one to get the loan and when it is paid off they transfer the title name to the foreigner.

[starship]

+1. Don't see why they are asking for that either. If you are wishing to clear the loan then that obviously shows an ability to pay. I could understand them asking for that at the outset. As already mentioned, better to get your wife to deal with it.

I'm at the end of a car loan with Tisco. One thing I would say to you is that yes, it is prudent to have no debt. However, I don't know how much money you have to clear but depending upon your financial circumstances it could be beneficial to just pay the monthly installments and preserve your capital for other uses. If you've brought a new car rather than a secondhand one through finance the interest is normally pretty low. Of course, if you are financially well off and clearing the loan is not a significant expense for you the it may be better to clear it.

With home loans many financial institutions here charge you interest for the full term even if you clear the debt early. I'm not sure if this is the case with car loans or Tisco in particular but worth checking. If it is, then obviously no real benefit to clearing the loan other than piece of mind.

[blackcab]

Can you ask your employer for a letter stating your salary then match that up with bank statements/pay slips?

[Briggsy]

Is this related to anti-money laundering laws?

Do they wish to have proof of the source of the money?

[dotpoom]

It seems odd they would want proof of income now.

Immigration will not provide anything to prove your income.

Do you have any proof of bringing the money into the country. A Thai bank book would be good.or foreign banks statements showing showing ATM withdrawals here (they would probably have to be translated to Thai).

I think they asked him to get proof of "employment" overseas from immigration, rather than proof of "income"....but equally strange non the less.

[Briggsy]

How much is the transaction? Over a certain amount, there is a requirement for the banks to ask where the money has come from.

However, I think something may have been lost in translation or the bank staff may be confused. There is no onus on the customer to prove that he has earned the money to pay off a loan. Certainly not to the bank but if the police became involved, then proof may be required.

[rjcampbe]

You are right. That makes no sense.

I suggest that you simply go talk to another branch. In my experience, that solves 90% of the stupid "policies" I hear at various banks... They are totally clueless and every one of them will tell you something different.

Second, walk in, pay them the balance. Done.

Russ

[crickets]

Turn up with the money and see if they will turn u away. I doubt it very much.

[johninbkk71]

I have a car loan with Tisco bank. I am in the position to pay off the balance of the loan. To do this Tisco have asked for copies of a work permit. I do not have a work permit and do not plan to get one as I work overseas in the middle east on a shift rotation. This was explained to them and they mentioned that I can obtain proof of my overseas work from an immigration office.

A proof of address was required to start the loan which I provided, but I don't see why I need to prove income to pay off a loan (unless it is about the bank showing that the money didn't come from illegal activities?).

Does anyone know if immigration can provide a letter stating that I am employed from foreign documents? Has anyone managed to complete a loan with Tisco or any other bank?

I have a valid 1 year multiple entry non immigrant visa based on marriage.

Thanks for any info.

I paid off a car loan from Tisco without a work permit. What they want is a way to do the final ownership transfer. Get a letter from your embassy saying you reside here, that will do

[Liquorice]

I have a car loan with Tisco bank. I am in the position to pay off the balance of the loan. To do this Tisco have asked for copies of a work permit. I do not have a work permit and do not plan to get one as I work overseas in the middle east on a shift rotation. This was explained to them and they mentioned that I can obtain proof of my overseas work from an immigration office.

A proof of address was required to start the loan which I provided, but I don't see why I need to prove income to pay off a loan (unless it is about the bank showing that the money didn't come from illegal activities?).

Does anyone know if immigration can provide a letter stating that I am employed from foreign documents? Has anyone managed to complete a loan with Tisco or any other bank?

I have a valid 1 year multiple entry non immigrant visa based on marriage.

Thanks for any info.

I paid off a car loan from Tisco without a work permit. What they want is a way to do the final ownership transfer. Get a letter from your embassy saying you reside here, that will do

That would be expensive.

With Tisco mentioning Immigration, I just wonder if they require a 'Certificate of Residence' issued by Immigration to do the ownership transfer?

I'd try your local Police Station first though.

[HTC]

Thanks for all the information. After talking again with Tisco I can confirm that those mentioning the proof of address from immigration were correct.

All I had to do was turn up with my passport and immigration proof of address for the ownership transfer.

Regarding the loan itself, Tisco charged me half of the remaining interest so I saved a little there to pay it off early. They have told me that I'll have the blue book within about 20 days in my name.

[willyumiii]

What country are you from?

If American, you can go to American Services at the U.S. Embassy complex and they will notarize just about any statement you are willing to write down and sign.

You could try notarizing .a statement about where you are employed and your income and present that to them.

Very often in Thailand, all they really want is a piece of paper to file ...many times, they do not or can not even read it.

Please note: I am not suggesting you make any false statements or do anything against the law

Just state the truth and have it notarized..

Good Luck.

[HTC]

What country are you from?

If American, you can go to American Services at the U.S. Embassy complex and they will notarize just about any statement you are willing to write down and sign.

You could try notarizing .a statement about where you are employed and your income and present that to them.

Very often in Thailand, all they really want is a piece of paper to file ...many times, they do not or can not even read it.

Please note: I am not suggesting you make any false statements or do anything against the law

Just state the truth and have it notarized..

Good Luck.

I am from the UK. Thanks for the information, but I have managed to complete the loan. I just needed a proof of address from immigration. Seems the original conversation with the call center was lost in translation. Visiting the bank in person I was able clarify what was required.