Private Sale / Finance Outstanding

[corkman]

Hi All,

In general terms, is it complicated to sell a car privately if there is finance outstanding on it? What is the process? Does anyone have experience doing this?

In simple terms, I assume the buyer needs to clear the finance first before transferring the ownership. Is the transfer of ownership simply a matter of signing a piece of paper (some official form), or do I need to go to some office somewhere?

Is there any standard practice in Thailand for the "good faith" period between the buyer paying the money, the finance company clearing the debt, and me handing over the car and keys?

The outstanding finance is about THB320k, while the sale price is THB380k, so there's 60k in the difference (I'll be pocketing the 60k).

Are there any change of ownership fees to pay?

Many thanks.

[BKKBike09]

As the seller, and assuming the finance is in your name, you either have to a) pay off the outstanding finance before the finance company will release the blue registration book to you and transfer to your name in order for you to then sell privately or your finance company has to agree to the prospective buyer taking on the outstanding finance amount. That means the finance company has to credit check the buyer, which can take time.

If you pay off the finance first, it still takes time (1-2 weeks) for the finance company to release the blue book to you. Without the blue book, you won't be able to sell the car.

There are standard official transfer of ownership forms issued by the Land Transport Department.

I suggest you call your finance company and ask them what the options are.

[corkman]

A very informative reply. Exactly what I was looking for. Thank you.