How to properly sell a used car

[joespnet]

We have agreed to sell a used car.  We are in Chiang Mai.  The car is registered in name of a Thai person, and the buyer is a Thai person.

We have gotten 2 conflicting ideas on the best procedure.  Can anyone clarify the best way to properly transfer ownership to the buyer?

One person said to just draw up a private contract between the parties, exchange money, and turn over possession.

Another said for both parties to go to the Driver License office and fill out paperwork and exchange money there.

 

My questions:

1. Pros/Cons of these 2 methods.

2. If we go to the Driver License office, what documents are required?  Do buyer and seller both need to go?

3. Do the plates stay with us, or with the car?

4. The car has the basic mandatory Paw Raw Bor insurance (not first class type).  Does that policy continue with the car until it expires?  Do we need to remove our name and report the new owner's name to the insurance company?  Or do we just cancel the old insurance (with possible refund of unused premium),  and let the new owner to get their own insurance?

 

Thanks in advance for any clarification. 

 

J

[JAS21]

Best to both go to the Land Transport Office.

Seller needs Blue Book and their ID Card .

Buyer needs their ID Card.

 

There will be a fee to pay based on the LTO value of the car.

 

The plates will stay with the car. If you want to keep them .. swap to another car before you sell.

 

I have always let the insurance go to the buyer. NCB stays with the car so is worth something to the buyer ...

 

Up to you when the money changes hand and in what form ...

 

[madmax2]

As above, we went to the land transport office to complete the transaction

We cancelled the first class/ comprehensive insurance and got a rebate on it

Up to the new owner if they want full insurance cover or not

You can also transfer the insurance policy to another vehicle if no free  insurance is supplied with it

[joespnet]

22 hours ago, JAS21 said:

Best to both go to the Land Transport Office.

Seller needs Blue Book and their ID Card .

Buyer needs their ID Card.

 

There will be a fee to pay based on the LTO value of the car.

 

The plates will stay with the car. If you want to keep them .. swap to another car before you sell.

 

I have always let the insurance go to the buyer. NCB stays with the car so is worth something to the buyer ...

 

Up to you when the money changes hand and in what form ...

 

Thank you JAS21,

I'm not familiar with the acronym NCB.  I'm looking it up and finding something about a No Claims Bonus.  Like a premium discount we might have gotten because of a good driving record.  Is that what you mean there? 
In our case we only have the mandatory coverage on this car.  Am I right that NCB would not apply in this situation?

If we both go to the Land Transport office, is it required that the car be physically there also?

Thanks again,

J

[joespnet]

6 hours ago, madmax2 said:

As above, we went to the land transport office to complete the transaction

We cancelled the first class/ comprehensive insurance and got a rebate on it

Up to the new owner if they want full insurance cover or not

You can also transfer the insurance policy to another vehicle if no free  insurance is supplied with it

Thank you very much madmax2

[Cyclone88]

You don't need to go anywhere. Just get your wife to sign the transfer forms and a power of attorney form so that the buyer can do the transfer themselves. She also needs to give them a copy of her ID card ( front and reverse) signed . All forms to be filled in and signed in blue ink. 

The compulsory insurance stays with the car.

You get paid when you give them the blue book and completed forms. Up to them to do the transfer. 

They need to take the  car with them to have chassis number confirmed with blue book. If it's over 5 years old they will also need an inspection of the car done there. 

Edited February 6, 2017 by Cyclone88

[JAS21]

1 hour ago, joespnet said:

Thank you JAS21,

I'm not familiar with the acronym NCB.  I'm looking it up and finding something about a No Claims Bonus.  Like a premium discount we might have gotten because of a good driving record.  Is that what you mean there? 
In our case we only have the mandatory coverage on this car.  Am I right that NCB would not apply in this situation?

If we both go to the Land Transport office, is it required that the car be physically there also?

Thanks again,

J

NCB ... yes for not having any claims or not your fault claims ... 

By Mandatory cover you P.R.B. (Paw-raw-baw) ... no discount for not using it 

The car needs to go ... they check chassis number/engine number/any mods etc.   

Edited February 6, 2017 by JAS21

[Deepinthailand]

Yes LTO thai to thai is easy do the deed then just before signing exchange money. We go to LTO as we did once give power of attorney. They didn't register the car in there name left it in the wifes had police round about 6 months later. Asking why we drove of from an accident. Luckily enough we had recipt I got mrs to make out with new owners name and address on. Plus we photocopied the exchange document after both signed.

Edited February 6, 2017 by Deepinthailand

[JAS21]

14 minutes ago, Deepinthailand said:

Yes LTO thai to thai is easy do the deed then just before signing exchange money. We go to LTO as we did once give power of attorney. They didn't register the car in there name left it in the wifes had police round about 6 months later. Asking why we drove of from an accident. Luckily enough we had recipt I got mrs to make out with new owners name and address on. Plus we photocopied the exchange document after both signed.

The outcome could have been somewhat worse ... go with the buyer to the LTO and finalise things, it's not worth not doing that as you found out to your cost. Fortunate to at least have had a receipt with buyers name/address. Even with that if they were people with important friends..... 

 

Wasn't there some lady in the news recently who had a little problem ...