Currently, the Thai economy is still experiencing a slowdown, coupled with a surge in household debt. This is partly due to the COVID-19 pandemic, which has prevented the economy from fully recovering, resulting in most people’s income not returning to its full potential. Even if their income has fully recovered, many still lack the financial capacity to repay multiple debts. Auto loans are one such issue that many parties are working to address. Dr. Disaworabut Law Office will divide this into two cases, as follows
   – If you have a good payment history and have never missed or been late on a payment, you can return the car without any additional charges.

   – If the credit history is bad and there are 3 months of overdue payments, the finance company will repossess the car and auction it off. If there is a remaining balance, they will sue the car owner.

 

If I can’t continue making payments, what should I do?

   – Return the car if there has never been a missed payment.

   – We would like to negotiate a settlement if served with a summons and can explain our financial difficulties.