Unable to pay installments, return the car to the finance company.

Many people buy a new car, hoping to use it to facilitate their travel, but then encounter unexpected events because they are unable to continue paying the installments. They want to return the car to the finance company, but they do not want to pay the difference. To help you relieve your worries, we have a way to help you not have to continue paying the car installments and can return the car to the finance company without paying the difference.

What should I do if I can't start paying the car installments?

For those who are starting to have problems finding money to pay the car installments in time due to loss of income or other necessary expenses that increase until it looks like they can't continue paying the car installments and want to return the car to the finance company but are afraid of paying the difference, there are still 3 options that can help solve this problem:

Selling the car down payment to someone else

The first method is to sell the car down payment to someone else, which can be done in 2 ways:

The car buyer has a lump sum to pay the seller for the car at the agreed price. That lump sum will be used to close the car payment with the finance company, and the rest will go to the seller. In this case, the buyer must make an appointment to go to the finance company to sign the sales contract together with the seller.
The car buyer has some of the agreed lump sum to pay the seller for the car, but it is not enough to close the car payment with the finance company. In this case, the buyer and seller can make a sales contract among themselves. However, if the buyer takes the car and does not continue to pay the finance, the seller must pay the installments to the finance company instead, without claiming that the car has been sold.

Return the car to the finance company

For those who cannot find a new buyer, they can return the car to the finance company by contacting the finance company to cancel the hire-purchase contract, which is in accordance with Section 573 of the Civil Code, which states that “the lessee may terminate the contract at any time by returning the property to the owner at his own expense.” However, they must ensure that the car is in good condition and has not breached the contract or missed any installment payments in the past month.

Refinance

If you still want to keep the car and do not want to sell it to anyone or return it to the finance company, you can choose to refinance by applying for financing with the same or a new company. If the refinancing is successful, it will greatly reduce the installment payments you have to make. For example, if you used to pay 15,000 baht per month, you will only have to pay 8,000-10,000 baht per month. However, you have to accept that you will have to pay the car installments for a longer period. Or higher interest rates

Return the key chain to the employee's hand

How to return the car to the finance company without paying the difference

Now that you know how to deal with the problem of being unable to continue paying the car installments, those who still want to return the car to the finance company but do not know what to do can follow the steps to return the car to the finance company as follows:

Do not default

The first important thing to do if you decide to return the car to the finance company is to make sure that there are no outstanding car installment payments. If there are, they must be paid in full before the day you return the car. Because if you default on the installment payment, there is a risk that you may be asked to pay the outstanding installments and the remaining installments.

Check the condition of the car carefully

You must take the car for an inspection to make sure that there are no damaged parts and that they are properly repaired. Because if the finance company finds out, they can claim for damages or refuse to accept the car back.

Write a letter to cancel the car lease contract

When the car has been inspected, write a letter to cancel the lease contract, specifying the following details:

Address, date, month, year of writing the letter
Attachments such as photos of the car's condition, photos of damaged areas, including documents for bringing the car in for repairs
Name of the car buyer and name of the finance company
Product details, such as car brand-model, chassis number
Payment details, such as installment payments, deposit
Informing the intention to return the car

Go to the police station to record the daily record

After completing the draft letter, take the letter to the police station to record the daily record. Then contact the finance company to inform the intention to return the car.

Return the car to the finance company

After completing the above steps, you can drive the car to return it to the finance company along with the letter of cancellation of the lease contract and the daily record form from the police station.

For those who cannot continue paying for the car and want to find a source to buy a car with finance, Autovilla offers a service to buy cars at high prices, many models, many brands, with easy closing of the sale, receive money immediately, helping to reduce the expenses from the monthly car installments. For more information, please contact

Srinakarin branch, Tel. 097-921-9552

Romklao branch, Tel. 095-906-0633

Lam Luk Ka branch, Tel. 092-940-5098

Reference information:

Return the car to the finance company Considered to have voluntarily terminated the contract, no right to sue for the difference. Retrieved on March 20, 2024 from https://www.thairath.co.th/news/local/1778751
Can't pay the installments? Return the car quickly! 'Consumer Council' recommends that debtors who are in arrears of installments, 'Finance' seizes and charges 'the difference'. Retrieved on March 20, 2024 from https://www.isranews.org/article/isranews-news/119340-TCC-overdue-car-payment-solve-problem-news.html
Can't pay the car installments, continue or stop here. Retrieved on March 20, 2024 from https://www.setinvestnow.com/th/knowledge/article/380-tsi-what-to-do-when-cannot-carry-on-car-payment