Thailand News
If your car is stolen while on hire purchase you can stop paying installments, says Thai lawyer
A leading lawyer has said that most Thais believe that if a car is being bought on hire purchase the buyer has to continue paying for it by keeping up the instalments.
Wirat Wangpitiphanit told Daily News Online that this is not the case, reports Daily News.
If a vehicle is stolen the purchaser should get a police report and give it to the finance company. Insurance – which is compulsory in HP agreements – will cover it.
The buy does not need to pay any more installments. If the vehicle is found the installments then must continue.
Lawyer Wirat said on his page @tanaiwirat.com that this is one of the common misconceptions that Thais have about the law.
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