BANGKOK, 29 January 2013 The Excise Department is expecting to see only 4 percent of non-performing loans among first-car buyers, while urging those purchasing cars on a high purchase basis and thinking they cannot afford to fulfill the installment plan, to cancel their vehicle reservations.
According to the Excise Department, since the introduction of the first-car-buyer scheme last year, there has been a massive amount of loans issued to car buyers. However, the department forecast that only 4 percent of the borrowers would be unable to pay back the money.
It has therefore urged those granted with loans who think they are incapable of clearing the debts to withdraw their orders if they have not yet received the cars. In case the cars are already delivered and tax rebates granted, buyers can still return the money to the government and cancel the program. Otherwise, they are obligated to having the cars under their names for at least 5 years and unable to sell them.
