May 29, 2024

HearPets

News, Tips, and Stories for Pet Lovers

What Is A Pledge: Everything You Need To Know

A pledge is a guarantee given to a creditor equivalent to a repayment commitment. This guarantee comes in the form of a lien on an object which therefore becomes “pledged.” When purchasing a vehicle by financing (credit, long-term rental, leasing, etc.), the credit organization generally places a pledge on the vehicle to guarantee the repayment of the contracted loan. Therefore, the vehicle’s pledge is one of the financing conditions.

As contractual security, a car remains pledged for the duration of the financing until full repayment of the loan. Once the credit has been repaid, the financing organization proceeds to the lifting of the pledge allowing the registration of the vehicle in the name of the purchaser. We will explain on this page how to know the administrative situation of a vehicle, how to raise a pledge, and if it is possible to sell a pledged vehicle or you can find help (หาตัวช่วย which is the term in Thai) here.

How To Cancel The Sale Of A Pledged Car?

If you did not know that the vehicle was pledged at the time of the sale, you could request cancellation. The same applies if you cannot lift the pledge of the vehicle, you have just purchased. To cancel the sale of a pledged car, you must start by sending a formal notice to the seller – by registered letter with acknowledgment of receipt. In the event of a dispute, you have the possibility of appealing to a conciliator or directly having recourse to justice.

How Do I Know If A Vehicle Is Pledged?

To know the administrative situation of a vehicle and whether it is pledged or not, it is enough to ask for a certificate of the administrative situation (commonly called a certificate of non-pledge.

How Do I Know Why The Car Is Pledged?

By consulting the certificate of non-pledge of the vehicle, the name of the institution having affixed the pledge can give you clues as to the reason for the pledge. But it is always better to contact the creditor directly to find out the reason and the amount of the pledge.