Bent second hand car dealership busted in Bangkok

[webfact]

Bent second hand car dealership busted in Bangkok

 

Image: Thairath

 

BANGKOK: -- Crime Suppression Police have announced the arrest of a woman who was running a bent second hand car dealership in the Ram Intra area of Bangkok.

 

Called Progress Development (200) Co Ltd it was run by 41 year old Runrat (or Reerat) Bancheuan from Trang, and others, reports Thairath.

 

She offered a chance for investors to join a second hand car finance scheme that would pay 2% interest per month. She paid for a while then stopped. Checks she promised investors just bounced.

 

She also pawned cars. When she received them she would take them to be checked then change their license plates and sell them on fraudulently.

 

Lawyers for the plaintiffs in the case said that 200 vehicles were involved resulting in the loss of some 20 million baht.

 

The CSD said that she was wanted on five separate warrants for fraud, fake document crime and theft.

 

She was arrested on a warrant after being found living in a property in the Lam Lukka area of Pathum Thani.

 

Police are widening the inquiry to include others in her gang.

 

Source: Thairath

 

-- © Copyright Thai Visa News 2016-10-12

[khwaibah]

Bent??? Heck I thought the cars were damaged.

[kingalfred]

One of many "bent" dealers in all areas in Bangkok


Sent from my iPhone using Thaivisa Connect

[dbrenn]

Another Ponzi scheme - anyone who promises 2% a month is lying.

[trogers]

40 minutes ago, dbrenn said:

Another Ponzi scheme - anyone who promises 2% a month is lying.

 

I thought credit card companies promise higher charges than that...

[Prbkk]

Aptly named Runrat.

[trainman34014]

At the outrageous prices asked for second hand cars here it isn't worth buying one.  I wouldn't trust a Thai who deals in anything !

[SoFarAndNear]

54 minutes ago, dbrenn said:

Another Ponzi scheme - anyone who promises 2% a month is lying.

 

Most ponzi promising 2% daily 

 

It is not that difficult o make 2% per month yourself in investing on stockmarket...

[dbrenn]

1 hour ago, trogers said:

 

I thought credit card companies promise higher charges than that...

 

The do, but that is lending you money. Try getting 2% a month investing money.

[Artisi]

Thought all second hand car dealers were bent.

[CanInBKK]

This is nothing more than a typical pyramid scheme and regulators all over the world (Thailand included) are pushing harder and harder for FinTech and P2P lending. When will the lesson ever be learned?

[elgordo38]

3 hours ago, trogers said:

 

I thought credit card companies promise higher charges than that...

For themselves.

[GAZZPA]

3 hours ago, SoFarAndNear said:

 

Most ponzi promising 2% daily 

 

It is not that difficult o make 2% per month yourself in investing on stockmarket...

Erm, yes it is or everyone would be doing it and quitting their jobs. You can make more then 2% for sure but also lose everything,, it is not a guaranteed thing and never will be.

[hansnl]

7 hours ago, trogers said:

 

I thought credit card companies promise higher charges than that...

But banks and credit card and insurance companies are called, in Holland, legalised criminal institutions.

[trogers]

3 hours ago, GAZZPA said:

Erm, yes it is or everyone would be doing it and quitting their jobs. You can make more then 2% for sure but also lose everything,, it is not a guaranteed thing and never will be.

 

???   ..... ????

[licka]

6 hours ago, Artisi said:

Thought all second hand car dealers were bent.

Not just in Thailand

[Wilsonandson]

6 hours ago, Artisi said:

Thought all second hand car dealers were bent.

Only the ones you chat up Artisi.

[Asiantravel]

7 hours ago, Artisi said:

Thought all second hand car dealers were bent.

 

 

there were some exceptions

 

 

Edited October 12, 2016 by Asiantravel

[gdgbb]

9 hours ago, kingalfred said:

One of many "bent" dealers in all areas in Bangkok


Sent from my iPhone using Thaivisa Connect

 

What do you base that allegation on?

[tomyummer]

What a curious choice to use the word 'bent.'
Google Translate must be acting up again.

[geriatrickid]

1 hour ago, tomyummer said:

What a curious choice to use the word 'bent.'
Google Translate must be acting up again.

 

I thought I was the only one who noticed that. Where I come from, bent is a derisive term for a homosexual. When I saw the headline, I was like, who, a gay  car dealership, ummm ok....

[digibum]

16 hours ago, dbrenn said:

 

The do, but that is lending you money. Try getting 2% a month investing money.

 

But the credit card companies are investing the money.  They're making a loan to you and you agree to pay a ridiculous rate because you spend more than you make.  

 

Looking at everything from the eyes of a consumer surely means you probably don't run across many opportunities to make 1% - 2% a month.  

 

For instance, take real estate investing.  Many real estate investors initially pay cash for a property because banks won't give them the valuation they want until they renovate the property.  But most real estate investors either don't have that kind of cash or it's tied up in other deals (or they need it to do the rehab itself).  So they seek bridge loans from private lenders (i.e. not banks) who, in the US, might charge 10% - 15% *plus* up front points on a 6 or 12 month loan (typically interest only until the 12 month balloon payment at which the real estate investor either sells the improved property or is now able to refinance with a conventional bank lender at normal interest rates).

 

And the real estate developer, if he's any good, didn't even get into that deal unless he was planning on making 25% - 30% return which is why they are willing to pay such a high price for short-term financing.

 

If I owned a car lot, I could very much see a need to all sorts of short-term cash to purchase inventory and as long as I didn't have to carry the inventory for too long, it would be very profitable for me to pay 10%, 15% or more per year.  

 

If I can buy cars for $20,000 wholesale and sell them retail all day long for $24,000, my biggest problem is accessing capital.  I would much rather have 10 cars sitting on my lot than 1 car and waiting for that one to sell until I could use the proceeds to buy another one.  

 

Would you be willing to pay 10% which you could turn into 20% profit?        

 

I mean, it's not a business problem you want to have forever but unless you are doing enough business to get a commercial loan from a bank you pay what the market demands.  

 

And there are plenty of higher margin products out there where cash flow becomes a problem.  I have friends who sell stuff in the US that they are having manufactured in China.  Let's say that it takes 30 - 45 days to fulfill an order from China.  Your initial order was for 100 units at $50 and you can retail those for $100.  But once you launch the product demand is way bigger than you expected and you sell out in two weeks.  Sure, you have $10,000 in revenue ($5,000 in profit) from your first order but at that rate of demand, plus to have enough inventory for cushion, you want to order 300 units on your second order.  Well, that's $15,000 and you only have $10,000.  Plus spending the full $10,000 means you have $0 left over to pay yourself profit, pay for your store, etc.  

 

Do you order 200 units for $10,000 and keep having to tell your customers that you're out of stock or do you take some short-term financing and place an order for 300 units?  

 

Would you be willing to pay someone $1500 (10%) for a 45 day loan?  

 

 

 

 

 

[Brigante7]

Wow, the words pot & kettle spring to mind, being arrested because you are a homosexual car dealer, what is Thsiland coming to.

[kmj]

18 hours ago, CanInBKK said:

This is nothing more than a typical pyramid scheme and regulators all over the world (Thailand included) are pushing harder and harder for FinTech and P2P lending. When will the lesson ever be learned?

 

Its not a pyramid scheme dbrenn is correct its a ponzi scheme

Edited October 13, 2016 by kmj

[CanInBKK]

3 hours ago, kmj said:

 

Its not a pyramid scheme dbrenn is correct its a ponzi scheme

 

Wow. You totally managed to miss the point of my post completely. 

[Grubster]

On October 12, 2016 at 11:09 AM, trainman34014 said:

At the outrageous prices asked for second hand cars here it isn't worth buying one.  I wouldn't trust a Thai who deals in anything !

It is amazing what they want for used cars here,  Best option is buy new maintain well and drive it till they can't keep it up to snuff anymore. Then sell it for five times what its worth and buy a new one.

[Bulldozer Dawn]

On 10/12/2016 at 11:18 AM, SoFarAndNear said:

 

Most ponzi promising 2% daily 

 

It is not that difficult o make 2% per month yourself in investing on stockmarket...

 

Yes that is correct.  Here is an article I found demonstrating a profit of 360% in four months trading on the Thai Stock Exchange:

 

360% in 4 months

 

 

Edited October 13, 2016 by Bulldozer Dawn

[GAZZPA]

9 hours ago, digibum said:

 

But the credit card companies are investing the money.  They're making a loan to you and you agree to pay a ridiculous rate because you spend more than you make.  

 

Looking at everything from the eyes of a consumer surely means you probably don't run across many opportunities to make 1% - 2% a month.  

 

For instance, take real estate investing.  Many real estate investors initially pay cash for a property because banks won't give them the valuation they want until they renovate the property.  But most real estate investors either don't have that kind of cash or it's tied up in other deals (or they need it to do the rehab itself).  So they seek bridge loans from private lenders (i.e. not banks) who, in the US, might charge 10% - 15% *plus* up front points on a 6 or 12 month loan (typically interest only until the 12 month balloon payment at which the real estate investor either sells the improved property or is now able to refinance with a conventional bank lender at normal interest rates).

 

And the real estate developer, if he's any good, didn't even get into that deal unless he was planning on making 25% - 30% return which is why they are willing to pay such a high price for short-term financing.

 

If I owned a car lot, I could very much see a need to all sorts of short-term cash to purchase inventory and as long as I didn't have to carry the inventory for too long, it would be very profitable for me to pay 10%, 15% or more per year.  

 

If I can buy cars for $20,000 wholesale and sell them retail all day long for $24,000, my biggest problem is accessing capital.  I would much rather have 10 cars sitting on my lot than 1 car and waiting for that one to sell until I could use the proceeds to buy another one.  

 

Would you be willing to pay 10% which you could turn into 20% profit?        

 

I mean, it's not a business problem you want to have forever but unless you are doing enough business to get a commercial loan from a bank you pay what the market demands.  

 

And there are plenty of higher margin products out there where cash flow becomes a problem.  I have friends who sell stuff in the US that they are having manufactured in China.  Let's say that it takes 30 - 45 days to fulfill an order from China.  Your initial order was for 100 units at $50 and you can retail those for $100.  But once you launch the product demand is way bigger than you expected and you sell out in two weeks.  Sure, you have $10,000 in revenue ($5,000 in profit) from your first order but at that rate of demand, plus to have enough inventory for cushion, you want to order 300 units on your second order.  Well, that's $15,000 and you only have $10,000.  Plus spending the full $10,000 means you have $0 left over to pay yourself profit, pay for your store, etc.  

 

Do you order 200 units for $10,000 and keep having to tell your customers that you're out of stock or do you take some short-term financing and place an order for 300 units?  

 

Would you be willing to pay someone $1500 (10%) for a 45 day loan?  

 

 

 

 

 

So, short term money from a financing house is more expensive then credit support from a bank.  But short term loans are worth considering temporarily if you high enough margin to warrant the interest.

 

I think thats all you really needed to say.

[Artisi]

20 hours ago, Asiantravel said:

 

 

there were some exceptions

 

 

Yeah ; Arfur and Terry were straight as a dogs hind leg.

[Anon999]

On 13/10/2016 at 2:02 AM, geriatrickid said:

 

I thought I was the only one who noticed that. Where I come from, bent is a derisive term for a homosexual. When I saw the headline, I was like, who, a gay  car dealership, ummm ok....

Bent is appropriate as it means not straight, whatever the connection is, a dealer in anything, lawyer, copper,  politician and a million and one other things.