Car bought under tax back scheme - 3 or 5 years before able to sell?

[mattk1]

Hi guys,

I apologise if this has come up before only I couldn't find anything using my phone to search the forums..

The car I bought my wife was purchased during the tax back scheme in 2012 and I knew then that we couldn't sell it for 5 years. This was no problem as we intended to keep it that long any way, however my wife seems to think that the government have (or will be soon) changing that rule so that cars bought under the tax back scheme can be sold after only 3 years.

The 3 year rule seems to make sense as it would mean a lot of people could trade in their old car and buy new but how accurate is my wife's information? Can anyone confirm this 5 to 3 year selling rule change?

Cheers!

[IMHO]

The only official change to the scheme I'm aware of was a September 30 deadline to take delivery and remain eligible for the rebate.

Some car manufacturers had been lobbying the finance minister to reduce the mandatory ownership period from 5 years to 3 years, and he apparently agreed to it in principle, but I'm uncertain as to whether the laws were actually changed.

[Rotweiler]

The rules of the original plan state you can sell your car at anu time you wish. You just have to pay back all of the money you received from the Government plan.

[stevenl]

There has been talk of reducing it from 5 to 3 years, but AFAIK this has not (yet) been implemented.

[nev]

The rules of the original plan state you can sell your car at anu time you wish. You just have to pay back all of the money you received from the Government plan.

Exactly, the main reason I am hanging onto my 2012 Honda city,less than 2 years payment's and the car is owned by us outright and not have to give the government 100,000 baht back.

[lj cm]

I hope the Government will change it to 3 years, because then the used car prices will go down.

I have to buy a (used) eco car for my daughter next February.

[PattayaPhom]

I hope the Government will change it to 3 years, because then the used car prices will go down.

I have to buy a (used) eco car for my daughter next February.

The majority that bought under the scheme took finance for 5-7 years so changing the rule will not have an adverse effect on 2nd hand prices anyway

[misterphil]

I hope the Government will change it to 3 years, because then the used car prices will go down.

I have to buy a (used) eco car for my daughter next February.

Why would you put the most precious thing you have (your daughter) in a used car?

New cars are cheap enough and theres no laws stopping criminals from doing cut and shuts here.

[LivinLOS]

I am curious if anyone knows the facts about what happened to the 10s of 1000s of repossessed cars..

Can the finance company sell them ?? Do they have to pay the 100k ?? Does the person who failed to make the payments owe the payments and now the 100k ??

This happened to 1000s of units.. I know a couple of girls who were used for this scheme who the person who used their name defaulted and they got dragged through courts. Always wondered how the actual penalty of that worked but couldnt get a clear answer.

[Fairynuff]

Why would you put the most precious thing you have (your daughter) in a used car?

Let me answer on his behalf.......

None of your business!!!

[mattk1]

Thanks for all the replies gents, much appreciated

I understand I can sell the car any time but if it means having to pay the tax back then we may as well wait. Truth is we bought the wrong car, need something bigger but it can wait until the 5 or 3 year period is up..

Cheers!

[billd766]

I am curious if anyone knows the facts about what happened to the 10s of 1000s of repossessed cars..

Can the finance company sell them ?? Do they have to pay the 100k ?? Does the person who failed to make the payments owe the payments and now the 100k ??

This happened to 1000s of units.. I know a couple of girls who were used for this scheme who the person who used their name defaulted and they got dragged through courts. Always wondered how the actual penalty of that worked but couldnt get a clear answer.

I assume that you mean the guarantor whose name the agreement was signed for.

AFAIR whoever signs as guarantor is responsible for the payments for the car. If the person buying the car defaults on the payments the the finance company will go to the guarantor and demand the money.

In effect the guarantor tell the finance company that they have the assets to cover the entire debt and are willing to put it up if necessary.

Further to that if the guarantor does not HAVE the money/assets to repay the debt then the finance company can, and in most cases will, get the courts to order the sale of assets to cover that debt.

In extreme cases the guarantor can be declared bankrupt. That causes extreme loss of face, credit, freezing of bank accounts etc.

[canthai55]

Why would you put the most precious thing you have (your daughter) in a used car?

New cars are cheap enough and theres no laws stopping criminals from doing cut and shuts here.

Why not ? You have that much trust in workers on an assembly line ?

A car is a machine, if it has had proper maintenance it is as good at 15 years as it is new - baring the new safety features which have evolved.

Of course, if you know nothing about cars, you are at a distinct disadvantage.

And are forced to take the hit when driving that new car the first kilometer.

Edited November 16, 2015 by canthai55

[LivinLOS]

I am curious if anyone knows the facts about what happened to the 10s of 1000s of repossessed cars..

Can the finance company sell them ?? Do they have to pay the 100k ?? Does the person who failed to make the payments owe the payments and now the 100k ??

This happened to 1000s of units.. I know a couple of girls who were used for this scheme who the person who used their name defaulted and they got dragged through courts. Always wondered how the actual penalty of that worked but couldnt get a clear answer.

I assume that you mean the guarantor whose name the agreement was signed for.

AFAIR whoever signs as guarantor is responsible for the payments for the car. If the person buying the car defaults on the payments the the finance company will go to the guarantor and demand the money.

In effect the guarantor tell the finance company that they have the assets to cover the entire debt and are willing to put it up if necessary.

Further to that if the guarantor does not HAVE the money/assets to repay the debt then the finance company can, and in most cases will, get the courts to order the sale of assets to cover that debt.

In extreme cases the guarantor can be declared bankrupt. That causes extreme loss of face, credit, freezing of bank accounts etc.

Back then they were giving cars to pretty much anyone.. I know a few bar girls.. with zero incomes, who managed it..

2 girls I know were used by other people (as one rule was you had to have no owned a car before) and the other people defaulted.. So the girls credit got trashed..

But that still doesnt answer.. in the case of a default.. can the finance company sell them ?? Even if no ones paid back the money (they are physically unable to).

[IMHO]

Repo's go to auction, and it's noted on the inventory sheets how much/whether excise tax is owed - bids are low as a result, as the buyer needs to pay the excise tax back before they can get title transferred.

[misterphil]

Why would you put the most precious thing you have (your daughter) in a used car?

New cars are cheap enough and theres no laws stopping criminals from doing cut and shuts here.

Why not ? You have that much trust in workers on an assembly line ?

A car is a machine, if it has had proper maintenance it is as good at 15 years as it is new - baring the new safety features which have evolved.

Of course, if you know nothing about cars, you are at a distinct disadvantage.

And are forced to take the hit when driving that new car the first kilometer.

Why not what?

Do you actualy know what Im talking about?

The poster wants to buy a used car for his daughter, not a new car.

A cut and shut is car thats been in an accident and badly repaired. Such as cutting 2 cars up and welding one good one together.

Yes I do know what Im talking about before you ask.