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MasterBaker

Need to stop paying car loan due to returning to my country

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I will be leaving Thailand soon and still have 2 years out of 6 years of a car loan. I would like to let bank repo it. Just wondering what could be consequences beside bad credit score if i will decide to come back to Thailand later

 

Thank you

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Just get into your little car drive it to the airport and leave it. if you come back then?

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12 hours ago, cleopatra2 said:

As an alternative have you considered to give / sell the car to someone who is willing to take over the repayments or a dealer

 

10 hours ago, Topcroc said:

Give vehicle details, somebody on this site may be interested in buying completely or an amount of cash and take over the payments.

 

9 minutes ago, thailand49 said:

I think you would have a line out your door if you put a sign stating " give me 100,000 baht and take over the rest of the payment!😴

AFAIK it is not possible to OFFICIALLY take over someone else's payment. The correct way is to sell the car and pay the outstanding balance of the loan, then the new owner should ask for a NEW loan against the car. 

Yes, I know people ARE doing it, but when the loan is fully paid, the finance company will transfer the car ownership to the original buyer - the 1 who signed the loan agreement with them, and not the new owner. Also, as the seller never signed the blue book for ownership transfer, the buyer will have a problem transferring ownership this way.

Few days ago there was a news article here on TV of a Thai person who "took over loan payments" of several vehicles only to use them as a collateral for small loans and basically got the seller to default on their loans...

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It's never a good idea to default on a loan or have a car repossessed, your credit will be worthless. Sell the car and pay off the loan.


Thais do it all the time, almost like a national pass time.

Does matter what you do with it, there will be no reprocussions, especially if you’re not returning.


Sent from my iPhone using Thailand Forum - Thaivisa mobile app
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39 minutes ago, stephehr said:

Just get into your little car drive it to the airport and leave it. if you come back then?

The first sentence is terrible advice.

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18 minutes ago, JaiLai said:

 


Thais do it all the time, almost like a national pass time.

Does matter what you do with it, there will be no reprocussions, especially if you’re not returning.


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

 

No personal responsibility?

 

 

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2 hours ago, LukKrueng said:

 

 

AFAIK it is not possible to OFFICIALLY take over someone else's payment. The correct way is to sell the car and pay the outstanding balance of the loan, then the new owner should ask for a NEW loan against the car. 

Yes, I know people ARE doing it, but when the loan is fully paid, the finance company will transfer the car ownership to the original buyer - the 1 who signed the loan agreement with them, and not the new owner. Also, as the seller never signed the blue book for ownership transfer, the buyer will have a problem transferring ownership this way.

Few days ago there was a news article here on TV of a Thai person who "took over loan payments" of several vehicles only to use them as a collateral for small loans and basically got the seller to default on their loans...

That is incorrect . It is indeed possible to let someone else take over the finance . Procedure is both parties must go to the branch and new party must be approved by the bank by passing banks lending criteria. Once buyer is approved finance would be transferred to the buyers name with some fees 

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OP, legally there are no consequences besides bad credit. Morally as you can see from the virgin mother Marry’s is a sin.

 

however you might be able to sell it cheap to cover the loan or as said, find someone to take over the loan . 

 

Why do not you let us know what kind of car and repayments on it and it might work out well for you

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