Many motorists believe that it is impossible to register a pledged car. This information can be found here and there on the Internet. However, this is false: yes, it is possible to register a pledged car. Here’s why and how, also have in mind that some companies provide 24 hours consultation (ปรึกษาได้ตลอด 24 ชม. which is the term in Thai) on car pledge.
Let’s Set The Scene: What Is A Pledge?
Let’s start by recalling some concepts. According to the Larousse dictionary, a pledge is a contract by which the debtor or a third party relinquishes possession in favor of the creditor of movable property to guarantee payment of the debt; the creditor’s right to movable property. More simply, it is a question of putting a property as collateral when a loan is used to acquire it. A pledged car is, therefore, a vehicle attached to debt and can be seized if the owner does not reimburse it.
Why Do Some People Think That It Is Not Possible To Register A Pledged Car?
Among the documents that must be given to the buyer of a used vehicle is the famous certificate of non-pledge, from its official name certificate of an administrative situation. This document indicates whether there is a pledge on the vehicle concerned and whether the vehicle has been stolen, seized, administratively blocked by the Public Treasury or an administration, etc.
This document, which therefore makes it possible to know precisely the situation of a vehicle, aims to INFORM the buyer. The prefecture does not require this document to issue a gray card simply because it is the one who holds this information based on it and verifies it before issuing any gray card.
Why Buy A Pledged Car?
One might wonder what the point of registering a pledged car is. Some opportunities are offered at very attractive rates due to a pledge attached to the vehicle. It is, therefore, possible to make good deals by buying a pledged used car.