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Home » Reader question » Reader question: My Thai wife can no longer pay off her Toyota Yaris
Dear readers,
My Thai wife bought a new Toyota Yaris 2 years before our marriage. The result is that this new car has only 7.000 km on the clock and is not being used. Now, partly due to the crisis, she can no longer pay her monthly payment of 8.700 baht per month.
Ask:
- Can she now return her car to Toyota and arrange something?
- Can she independently sell the car to a third party?
- Can she resell the 7 year contract to a third party?
She has now paid every month for more than 2,3 years (approximately 220.000 baht). The purchase price was around 700.000 baht
She will probably be blacklisted, but that's not a problem.
In short, what can she expect and what is the best thing to do?
Regards,
Marcel
Editors: Do you have a question for the readers of Thailandblog? Use it contact form..
I think it would be better to present this to the seller. Because if there is a loan, then there will be a contract. There are the conditions.
Dear Marcel,
If a car was bought on credit, then not your wife, but the financial institution owns the car until the final payment is made.
If it is no longer possible to make the monthly installments, then - usually after 3 installments have not been paid - the financial institution will confiscate the car. However, the 7-year contract will continue, unless someone else buys the car and takes over the contract or buys it off in 1x.
Normally there is also a guarantor when entering into the 7-year contract. He will be the first responsible to pay the monthly amounts.
Without the permission of the financial institution, your wife cannot sell the car, because it does not yet belong to her. Toyota itself will not be able to do anything.
The best option is to find someone willing to take over the contract and get approval from the financial firm. She will have to find a solution with the financial firm. Doing nothing leads to an ever-increasing debt.
Failure to pay further can lead to all kinds of unpleasant things, including confiscation of other property and a negative report to the credit bureau.
Or perhaps you can assist her financially for the monthly payment.
As an employer, we received a request from a credit company to transfer the wages of a staff member directly to them due to payment arrears for a car. Wasn't a court decision so we refused that.
In the end, the business took over the debt with a 20% discount and immediate payment.
If the questioner has the money to buy the car all at once and then sell it, the value is too high to sell it to a private individual. A dealer will be 30% below the value of cars offered on websites.
There will always be a loss when you sell. Perhaps the buyer has a piece of land somewhere that can be converted as collateral and then there may be more room
Someone will pay.
She is your wife. Because you are married to her, you have also taken her trades and walks to you. Pay the credit company ThB480K. Then that problem is over. Then sell the Yaris and limit your loss. Apparently your wife does not need that car because in the past 2 years only 300 km per month. Otherwise, you could consider paying the monthly installments yourself.
Shame Henk, I've always learned that you should never bill someone else.
I do not approve of your attitude towards Marcel, sorry!
Not everyone can just cough up 480000 THB. And if it would interest you, I also drive less than 300 km a month and do need my car.
Marcel asks a question and I answer at my best discretion. There are always options, and one of them is that the bill would indeed have been made in the first instance.
Dear Henk . He is not responsible for the car because he married her when the financing was already taken. You are solely responsible for all matters entered into during the marriage.
Henk's proposal is the most constructive, despite comments about it. Paying off yourself and then selling freely is, in a financial sense, the neatest and also the cheapest solution.
Dear Marcel,
What an embarrassing situation for you and your wife.
I would say, first talk to the financing party about possible solutions and how much time your wife is allowed. In the worst case, they confiscate the car for an auction sale and your wife is left with the residual debt.
Depending on the financing party, option 3 could be a possibility. Option 2 only seems possible if the financing party agrees to another collateral, such as a piece of private land or that you pay it off early.
All in all options that cost time and money. You can check what the car is worth [the asking price] at taladrod.com or rod.kaidee.com.
Given the low mileage and 1 owner, if you go for option 2, I would try to sell this privately on bahtsold.com and see if a foreigner wants to buy it. A Thai usually only wants / can only buy on installment. I wish you and your wife much wisdom and success in the steps to be taken.
Thank you for the responses and advice
The car has a term of 84 installments of 8.632,00 baht per installment
already paid 28 installments
remaining 56 installments in cash = 483.392 baht
Official papers TOYOTA
She currently has an interest-free “Covid” deferral of 3 months, but then she will again
have to pay off 8.632 baht per month
The current market value is around the amount that is still open, but an auction will be well below that
If we sell/auction it or hand it over, she will have to accept the 24 months that have been paid as a loss.
So my question is:
Sell and take a loss OR continue to pay (so keep the car) despite the financial problems
If I continue to pay, will I be much more favorable at the end of the ride?
Her job has been halved and almost terminated due to the Covid situation and bought the car on her own initiative BEFORE our wedding and without any consultation.
Obviously I got very angry, but I wasn't married yet and the Covid situation wasn't there yet either.
What Petervz mentioned is relevant
I'm looking for the best solution
Thanks so far…………….anyone interested?
I will ask the editors to post data and photos
Thank you
Dear Marcel,
Since your wife hardly uses the car, keeping a relatively new car due to depreciation always costs money. In addition, interest, Toyota maintenance and the mandatory insurance / road tax. The latter is relatively peanuts in Thailand.
If I were you I would put the car up for sale and pay off monthly until the car is sold. Because the car is relatively new and has hardly made any kilometers, I would not sell the car to a dealer, but put it up for sale myself.
If your wife occasionally needs a car, then renting an old reliable Honda or Toyota of more than 20 years old is an option. The latter should cost no more than 60.000 baht. I have such a car and it costs me 4.500 baht in WA insurance and road tax.
Marcel, look up that contract first. There are probably penalty clauses because the 'bank' suffers damage if you suddenly pay off when the interest rate drops. Perhaps there is some negotiating; asking costs nothing. I would act accordingly. If you can get a good price, try to pay off suddenly; then the car is yours again and you are free to sell.
You can just drive down to a number of car dealers and ask what else they offer for the car.
If the price is sufficient to pay off the debt, then you are lucky, otherwise you will take a loss.
Usually it is not too bad what you can get for your 2nd hand car. The prices here are much different than in the Netherlands. If you are lucky you will even find a garage that wants to take over the loan.
You will of course have to pay off the debt first because only then will you get the title deed with which you can sell.
Dealers often already have an enthusiast for your car without you knowing it.
Sold my old trusty Honda Freed last year and every dealer we went to honestly said that there is a lot of demand for certain types of cars, including ours fortunately.
Ours was paid off, but I think those dealers would be happy to arrange that for you, especially if it's a popular model.
I'll get started on your advice
Next week I will be in Thailand (first 14 days ASQ)
Then I will negotiate with the financing company Toyota Lease in BKK
Maybe I'll come up with a good bargain
If not….then I will continue to pay and meanwhile try to sell (trader/individual)
Does anyone know how I upload photos here…..I thought you could place an ad for sale here for free
Thank you all
Perhaps useful if you do not show that it is no longer possible to pay off the amount.
I think it would be better to say that she is going to the Netherlands. When they know they can't pay anymore
the amount will be much lower. Good luck.
Dear Marcel,
Selling now is a sad thing, you lose more than the payment unfortunately it is no different.
Take your loss and that will only increase the more you pay off unless the car is really needed.
good luck !!
It obviously depends on the specific conditions of the loan contract, but in some cases it works so that after 3 missed monthly payments the institution marks the loan as 'bad debt' and you make an 'offer' to pay off the loan in one go with a discount up to 1%. They call that a "haircut." That is supposedly cheaper for them than legal hassle.
You must of course have enough money to be able to pay off that loan in one fell swoop. And your wife has to play the game of those 1 missed monthly payments; she will have to answer the necessary harassing phone calls from the bank before a higher-ranking official makes such an offer.
There is a website with a forum, in Thai, where your wife can find all the information about this kind of situation: http://debtclub.consumerthai.org/forum.html. Worth reading, in which borrowers share all their experiences with the specific banks, with do's and don'ts.
The website is only accessible from Thailand.
The only good advice I can give:
1. Read the contract carefully,
2. Negotiate with the bank for takeover and (unfortunately, do the farrang's job) pay.
Suppose your partner pays for another 24 months and then can no longer pay and the bank passes on the car, then you will also lose that.
Dear Marcel,
Try to sell the Toyota Yaris through Thailand Blog.
There is a section for that.
I would too, with the Harley I already had a nice reaction a day after placement last week.
Jan Beute.
A year ago I bought a Nissan March for my girlfriend from a dealer in financed bank repossessed cars. 18 months young and 17k on the odometer for 205.000 Bht. Selling to the trade is therefore not an option. He paid a lot less.
Maybe 150 to 175 thousand, say 30% of the new price.
If you can afford it, just pay it off.
Covid will pass again and my wife can work again and of course needs a car again.
And she won't get a better car than the one she has now. And old cars cost tons of money.
Moreover, you can always sell if the need arises.
Success.
Her car, her responsibility. Let her come up with a solution herself. I certainly wouldn't just jump in with money.
Sales: who can and wants to buy a car now? Price will be low.
Loan remains and still has to be repaid. Pay off on contract, is that possible, what is a penalty clause for a large amount at once? If the car is confiscated by the lender, the loan will continue to run and you will lose the car. Maybe the car has a residual value, considerably low which you will get and there will still be a residual debt.
Keep: Then you will have to pay. The car stays and you can still use it, also your wife separately since you do not live in Thailand. If the possibility arises that she can find a full-time job, but that she has to travel for it, then the car is there. You stay mobile in Thailand.
The question is whether you can and want to? Then it is an investment. You are now married and will have to make the decision through deliberation, that is life. You also made the decision to get married, knowing that she had this debt.
The car is new, you know what you have. If things go better later on, you will have the same problem again, because you will need a car again. Well, now it's biting through.
Do know that when you are with her in Thailand, you can move around.
Do not put too much petrol in it and then leave it there and let it be driven on a regular basis.
Roger seems to have experience and comes up with some useful tips for Thailand I think.