Man in Chiang Mai claims bank demanded 350,000 baht to return his stolen vehicle

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Man in Chiang Mai claims bank demanded 350,000 baht to return his stolen vehicle

 

Picture: TNews

 

CHIANG MAI: -- A Thai man who had his pick-up stolen has claimed that the bank that leased him the vehicle has demanded 350,000 baht in back payments to get it back.

 

Now construction worker Chayodom Jansi has gone to police in Chiang Mai to get the matter sorted.

 

He said that he had bought an Isuzu pick-up on hire purchase and paid off more than 500,000 in 9,986 monthly installments for about five years.

 

But then it was stolen from near where he was working in Bang Bua Thong, Nonthaburi in January.

 

The bank contacted him last week to say the vehicle had been found and was at an auctioneers in Hang Dong, Chiang Mai.

 

And he said that the bank told him he would have to pay 350,000 to get it back.

 

Now he is wondering if the vehicle was ever stolen in the first place as he was told at the time by witnesses that it was loaded up on a flatbed and taken away.

 

He has gone to Hang Dong police to get an investigation underway. He believes that the vehicle has been modified since it was stolen and now barely resembles the vehicle that he bought.

 

The bank was not named in the Tnews story.

 

Source: TNews

 

-- © Copyright Thai Visa News 2017-07-27

[canuckamuck]

Was he late on payments? How long was it missing? Too much missing information.

[worgeordie]

"But then it was stolen from near where he was working in Bang Bua Thong, Nonthaburi in January."

So stolen in Nonthaburi,and ends up at auction in Chiang Mai,where he lives,looks like the Bank

wants him to pay the rest of the payments off in one go,(in case it gets stolen again).

 

regards Worgeordie

[tonray]

After theft, why did he not report it and get settlement from insurance ? At this point (6 months) the car should belong to the insurance company and he should be out of the picture. Settlement for book value should have gone to satisfy at least part of the remaining loan.

[colinneil]

Something missing in this story.

Stolen in january, now bank wants over 300.000 for him to get it back?

What about insurance? if it was stolen, claim on insurance, ohh wait a minute probably not insured.

[edwardflory]

INSURANCE???? What Insurance??? I dont need no stinking insurance. I just had to say!  Sorry.  Food for thought.

[hansnl]

The real question is, if the vehicle was stolen, how did it end up at an auction house?

[snowgard]

Maybe the bank took it away because him not paid the monthly rate? They are the owner and the leasing contract gives them the right to do it. And maybe the letters from the bank gone to another address or gone lost with the Thai Post.

[natway09]

Lease or hire purchase,,,,,big difference ?

[snowgard]

1 hour ago, natway09 said:

Lease or hire purchase,,,,,big difference ?

No!!! I made a hire purchase contract for a Toyota Vigo Prerunner and paid 250.000 THB down. And paid more 5 years 10.500 THB monthly.

 

This was in real a leasing contract but the Toyota dealer told me they only use this contracts for sale. 

[ttrd]

10 hours ago, colinneil said:

Something missing in this story.

Stolen in january, now bank wants over 300.000 for him to get it back?

What about insurance? if it was stolen, claim on insurance, ohh wait a minute probably not insured.

Not unlike other articles created by thai journalists where the points seems to be missed during translation....;)

[balo]

Him not pay , we take car , him pay 350k to get back .  

 

 

[Lupatria]

There's a new trend here- pay them in candies!

[HHTel]

Sounds very much like a repo to me, not a theft.

[inThailand]

9 minutes ago, HHTel said:

Sounds very much like a repo to me, not a theft.

Agreed! The bank doesn't want his truck they want their money. No money, no truck and no honey!

[Roger Harris]

Most not insured here, they live on a whim and a prayer, not forgetting Buddah of course

[wgdanson]

So he paid Bht 500,000 in Bht10,000 installments = 50 installments, which is just over FOUR years, not FIVE as he said. Repo for sure!

And Bht 850,000 sounds about right for that vehicle.

[4MyEgo]

I would suggest the bank has taken possession of the vehicle after it was found, the reason for that would simply be that he did not insure the vehicle again and thought, you know what, I am left out of pocket if I keep paying the bank.

 

One could assume that the bank did the right thing, i.e. to offer the original owner the 1st right to buy the vehicle back before selling it at auction, as the bank is the owner of the vehicle until the funds are paid, i.e. they hold the title until all borrowed money is paid back.

 

I know a girl who bought a scooter for 60,000 baht, did a few payments, sold it to a friend of a friend for 30,000 baht, the bike now being in Laos, and her crying she couldn't pay the money back after the bank wrote to her, tried calling her to no avail.

 

The bank put on a debt collector who was ruthless and managed to get her to get her mum to sell part of her (inheritance), i.e. land, the mother still alive, and settled the account for 70,000 baht, that or go to jail.

 

The funniest part about it is, she never reported it stolen, and this is one reason the debt collector homed in on her, rightfully so, silly girl as a 60,000 baht scooter ended up costing her 100,000 baht, i.e. 30,000 baht which she blew on drinks, drugs and the rest, and another 70,000 from her mother selling her inheritance to keep her child out of jail, me personally, would have let her go to jail, lesson learned, this way, she learns nothing and will probably F up again, gotta be cruel to be kind as they say.

[gk10002000]

On 7/26/2017 at 11:31 PM, colinneil said:

Something missing in this story.

Stolen in january, now bank wants over 300.000 for him to get it back?

What about insurance? if it was stolen, claim on insurance, ohh wait a minute probably not insured.

yeah, but in most parts of the world, if you take out a loan, you have to insure the vehicle.  The car guys don't trust you to make payments if the vehicle is damaged or stolen.