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About fittobethaied

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    Udon Thani

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  1. Susco, are we on the same page? This will be car "financing" through the dealership and not "leasing". Is your method also the same for regular car financing?
  2. Thanks Susco! The 949,100 was just a sample calculation that my son sent me on a photo off his phone. I don't have access to the calculator app so that I could figure the monthly payment on the 974,000 which is the true cost of the truck including VAT that he wants to buy. Your calculations seem to add up to the monthly figure that is quoted on that photo of the calculator, so it makes sense now. It appeared to me that an extra 7% VAT was being added into the monthly payment when in fact the additional charge was actually accounted for in the way they compute interest on the entire beginning b
  3. Yes, I know it's very confusing. In the US we have Truth in Lending laws and every single penny has to be explained to the purchaser or loan applicant, but over here they withhold information from a customer and never fully disclose details...just dance around any objections and the customer just caves in and agrees because they are raised to not make too much trouble for people. It's really pretty despicable and extremely frustrating.
  4. Thanks Chungju, but I don't think you can see it like that. The interest rate is definitely 2.69% just like we would calculate interest back in the US, but through the algorithm in the Thai calculator they have filtered in an additional 7% for the Value Added Tax (VAT) on each monthly payment. Interest goes to the bank and the 7% goes to the government.
  5. Thanks LukKrueng! That certainly sounds plausible, but the figures don't bear that out. Financing a balance of 759,300 in this example shows a spread of 815 Baht in a monthly payment including 7% VAT and the same balance without VAT on another calculator.
  6. My stepson is negotiating to buy an Isuzu truck and has been quoted a price of 974,000 Baht which includes the 7% VAT tax. They ask for 20% down and balance over 84 months at 2.69% interest with financing arranged through the dealership. They enter those figures into an auto loan calculator app to determine the monthly installment, and inside the calculator is a toggle switch to turn on to calculate another 7% VAT tax into the monthly installment. In other words, they are trying to charge him the VAT twice. I keep telling him this is not correct and the VAT should be taken off the sales price
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