Tootsfriend wrote: ↑Mon May 01, 2023 11:01 am

Doc67 wrote: ↑Mon May 01, 2023 10:19 am

Tootsfriend wrote: ↑Mon May 01, 2023 7:10 am From tuk-tuk owner to luxury Ford owner in just 5 minuets.

https://www.khmertimeskh.com/501282025/ ... n-payment/

I suspect Ford is trying to break the Toyoto / Lexus stranglehold in the market and is throwing everything to improve its market share.

Zero down payment and zero interest all sounds very enticing, especially for expats* who can figure out a way to drive their new car to Thailand, flog it in Pattaya and live off the proceeds for a while.

I would like to see what the terms are for years 2-5 and also whether these loans require collateral other than a lien on the vehicle.


Just what Phnom Penh needs: More American Oafmobiles driven by people that can barely see over the steering wheel.





*

“We believe that everyone deserves the chance to own their dream car, and with our zero down payment and 12-month zero interest payment offer, we like to make that dream become a reality for numerous Cambodians and expats alike.”

I think you may have got the wrong suspects.

I suspect Wing is trying to break the Banking and Finance stranglehold in the market and is throwing everything to improve its market share.

I dunno. I take your point that Wing may well want to increase its presence in this sector, but these types of giveaway deals usually have a party that is assuming most or all of the elevated risk. Ford has the financial clout to do this, a bank has no reason to assume such elevated risk, just to expand its loan book with high-risk loans - and all to promote the Ford brand. It may be a mixture of the two.

Anyway, I might make enquires into a 100% loan zero interest loan on a $100,000 car, and see what the terms really are...

Doc67 wrote: ↑Mon May 01, 2023 10:19 am

Tootsfriend wrote: ↑Mon May 01, 2023 7:10 am From tuk-tuk owner to luxury Ford owner in just 5 minuets.

https://www.khmertimeskh.com/501282025/ ... n-payment/

I suspect Ford is trying to break the Toyoto / Lexus stranglehold in the market and is throwing everything to improve its market share.

Zero down payment and zero interest all sounds very enticing, especially for expats* who can figure out a way to drive their new car to Thailand, flog it in Pattaya and live off the proceeds for a while.

I would like to see what the terms are for years 2-5 and also whether these loans require collateral other than a lien on the vehicle.


Just what Phnom Penh needs: More American Oafmobiles driven by people that can barely see over the steering wheel.





*

“We believe that everyone deserves the chance to own their dream car, and with our zero down payment and 12-month zero interest payment offer, we like to make that dream become a reality for numerous Cambodians and expats alike.”

"....who can figure out a way to drive their new car to Thailand, flog it in Pattaya and live off the proceeds for a while."
HOW:
to get a car out of Cambodia into Thailand the car needs be in your name an you need possession of the book>which you wont have if your paying it off
add on that cars / truck's are cheaper in Thailand>>>>>

phuketrichard wrote: ↑Mon May 01, 2023 11:31 am

Doc67 wrote: ↑Mon May 01, 2023 10:19 am

Tootsfriend wrote: ↑Mon May 01, 2023 7:10 am From tuk-tuk owner to luxury Ford owner in just 5 minuets.

https://www.khmertimeskh.com/501282025/ ... n-payment/

I suspect Ford is trying to break the Toyoto / Lexus stranglehold in the market and is throwing everything to improve its market share.

Zero down payment and zero interest all sounds very enticing, especially for expats* who can figure out a way to drive their new car to Thailand, flog it in Pattaya and live off the proceeds for a while.

I would like to see what the terms are for years 2-5 and also whether these loans require collateral other than a lien on the vehicle.


Just what Phnom Penh needs: More American Oafmobiles driven by people that can barely see over the steering wheel.





*

“We believe that everyone deserves the chance to own their dream car, and with our zero down payment and 12-month zero interest payment offer, we like to make that dream become a reality for numerous Cambodians and expats alike.”

"....who can figure out a way to drive their new car to Thailand, flog it in Pattaya and live off the proceeds for a while."
HOW:
to get a car out of Cambodia into Thailand the car needs be in your name an you need possession of the book>
add on that cars / truck's are cheaper in Thailand>>>>>

1. I was joking;
2. Is there any reason that the owner (borrower) won't have "the book"? (whatever that is) and be registered in their name
3. Who cares that trucks are 10/20 or 30% cheaper in Thailand. If you paid nothing and get $30k for it, job done.

schlarry wrote:Look at the reasons for poverty in most Western school and university textbooks, and few, if any mention predatory banking systems, which are all over the world, not just Cambodia. Nationalize banks, a good way to start.

In the past, HE has lamented the number of NGOs in the country - over 7000, iirc. A good percentage are leeches, with around 90% of donations being directed towards expat staff salaries instead of the intended recipients

Nationalizing all the banks in Cambodia is a double edged sword. Turning them all into Iron Man and extended families and inner circle’s private piggy bank is fraught with risk. What banking board would stand up to Chip Mong (or fill in another Okhna) and say ‘No’ to a zero collateral loan or other financial shenanigans?

NGOs provide crucial services to the people that are usually the responsibility of the government. If not for the NGOs, there would be less discretionary spending available. Plus if NGOs fleece their foreigner donors, I don’t think Cambodians lose sleep over that.

There is no perfect answer to these problems. There need to be financial literacy education (something even the US doesn’t do) to start.

These are just my personal opinions.

schlarry wrote: ↑Mon May 01, 2023 11:37 am
In the past, HE has lamented the number of NGOs in the country - over 7000, iirc. A good percentage are leeches, with around 90% of donations being directed towards expat staff salaries instead of the intended recipients

Wasn't that an attempt to force NGO's into the government camp by only allowing NGO's with an MOU with a Khmer ministry?

One of the good things about NGO'S is they can operate outside of the government, in Cambodia they no longer can. The iron hand wants to control all.

Kammekor wrote: ↑Mon May 01, 2023 8:57 pm

schlarry wrote: ↑Mon May 01, 2023 11:37 am
In the past, HE has lamented the number of NGOs in the country - over 7000, iirc. A good percentage are leeches, with around 90% of donations being directed towards expat staff salaries instead of the intended recipients

Wasn't that an attempt to force NGO's into the government camp by only allowing NGO's with an MOU with a Khmer ministry?

One of the good things about NGO'S is they can operate outside of the government, in Cambodia they no longer can. The iron hand wants to control all.

It's just a distortion of a dated report. I think there were about 3000 NGOs at the time but most were redundant and hadn't operated for years. Since then there have been fewer and fewer organizations operating because the country's status and GDP has gone up.

John Bingham wrote: ↑Mon May 01, 2023 9:01 pm

Kammekor wrote: ↑Mon May 01, 2023 8:57 pm

schlarry wrote: ↑Mon May 01, 2023 11:37 am
In the past, HE has lamented the number of NGOs in the country - over 7000, iirc. A good percentage are leeches, with around 90% of donations being directed towards expat staff salaries instead of the intended recipients

Wasn't that an attempt to force NGO's into the government camp by only allowing NGO's with an MOU with a Khmer ministry?

One of the good things about NGO'S is they can operate outside of the government, in Cambodia they no longer can. The iron hand wants to control all.

It's just a distortion of a dated report. I think there were about 3000 NGOs at the time but most were redundant and hadn't operated for years. Since then there have been fewer and fewer organizations operating because the country's status and GDP has gone up.

I don't suppose images of a certain person wearing one of his $2m watches are helpful when holding out the begging bowl.

Wing isn't an NGO or MFI, it is a fully licensed commercial bank.

Tend to agree with Doc tho, this is probably more about Wing breaking into the banking space as one of the big boys as befits its owner & his status, rather than a Ford play who probably could have managed such a deal with numerous other banks. Could be wrong.

In prosperous times this is a real scoop of a deal for all involved - including customers; but with the inevitable heavy landing of the global economy when the US sneezes, can't help but worry that the timing is not ideal. Could be genius, could be a disaster - but I will put money on other banks following suit with other car companies in the coming months; if there is one thing you can guarantee in Cambodia, it is people copying what seems to be a great idea ad nauseum & then 99% failing miserably!