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Thursday, August 11, 2022

How Do I Know If A Vehicle Is Pledged?

Do you want to buy a used car? Avoid any unpleasant surprises and ask the seller for the certificate of administrative status (CSA). This document – ​​commonly wrongly called “certificate of non-pledge” – lists any pledges and objections to transferring the registration certificate (OTCI) concerning a vehicle. The CSA details the nature of the pledge or the opposition and the effective date, the reason, and the authority at the registration’s origin. Read more (อ่านต่อ which is the term in Thai) here

Is It Possible To Sell A Pledged Car?

Contrary to popular belief, a pledged vehicle can be sold. Indeed, a pledge does not prevent the sale, provided the purchaser is informed of the administrative situation of the vehicle. Because by buying a pledged car, the new owner becomes a debtor of the loan contracted by the former owner. Therefore, to inform the buyer, the seller must provide a certificate of administrative status less than 15 days from the day of the sale of the pledged vehicle. The pledge must appear on the document guaranteeing that the purchaser buys the vehicle in full knowledge of the facts. Very often, the agreement of the financing organization, which is the seller’s creditor, is also required.

If you bought a pledged car without being notified by your seller, you have two options: ask the former owner to settle the sums owed or cancel the sale. The Consumer Code prohibits deception or temptation to deceive, giving you the right to legal recourse. However, the latter can be very long and tedious. We therefore strongly advise you to request the non-pledge certificate from the seller before buying a used vehicle.

How To Get Rid Of A Pledged Car?

You have the option of parting with your pledged vehicle. If it is in the wreckage, you can hand it over to an end-of-life vehicle center without raising the pledge upstream.

How Do I Know The Amount Of The Pledge For My Car?

The certificate of administrative status or certificate of non-pledge indicates the identity of the institution that pledged the vehicle. By contacting the service concerned, you will be able to know the exact amounts at the origin of the pledge of your vehicle. You can also contact services if you have not received a notice of violation.

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