It is important that when buying a car, you make sure that there are no limitations to doing the business. One of them, which is still in the name of a financial institution. How do you know if a car has a pledge?
A pledge means that a property, in this case, a vehicle, was financed through a loan from a bank to acquire it. It is known that a car is pledged because an inscription appears on the property card that says: Limitation of Property.
What About This And Other Domain Limitations?
As long as the vehicle is in pledge and it is not lifted, that is, there is no peace and safety with the bank, no business can be done. Thus, the money of the business is to be used to pay the debt. In case of doing so, according to the Mobility Secretariat, it would be a risk for the buyer.
How To Know If The Car Has A Pledge?
The pledge that a car have is noted in the registry. This information is collected to give you a complete report where you will know the vehicle’s pledge, along with other possible domain limitations.
You will be given all the legal aspects you need to know about the car backlog (รถค้างค่างวด, which is the term in Thai), as well as other very useful information.
How Long Does It Take To Lift A Pledge?
The process to lift a pledge can take between 2 to 10 days, depending on the case. A form from the bank’s office must be filled out, and a photocopy of the citizenship card and property card must be attached. After these processes, you must go to the Transit Secretariat and pay for the lifting of the garment.
Take into account that if the owner is a legal entity, the certificate of existence and legal representation should be valid for no more than thirty (30) days.