Mr. Piyasak Ukritnukun
, Managing Director, Ngern Tid Lor Public Company Limited, has revealed that the company is stepping up its service standards by guaranteeing the return of vehicle registration books following a vehicle registration loan within 15 days after the customer successfully closes the account. For hire-purchase loans, the guarantee is within 30 days after receiving the complete transfer document. Ngern Tid Lor is the first service provider to offer this guarantee to build confidence for customers. The company will also offer 500 baht to customers if the return of the vehicle registration book is later than specified. A quick return is important because customers might want to sell their valuable asset for capital or simply seek the peace of mind that comes with reclaiming the asset.
Some service providers might intentionally return the vehicle registration book late as they use the document to borrow from a bank to enhance their source of funds. However, as a larger operator with capital and liquidity, Ngern Tid Lor does not need to use customer assets as collateral for borrowing. Moreover, Ngern Tid Lor complies with ethical business standards by keeping all important customer documents in a designated storage area to prevent damage, loss, or theft. Customers often select a vehicle registration loan plan based solely on interest rate, not taking into account fees and service standards. In fact, these are fundamental features that the customer has a right to be able to consider and which will help them avoid issues that might prevent a successful loan application.
Ngern Tid Lor
is a member of the Vehicle Title Loan Trade Association (VTLA)
, established in 2018. Currently, there are 10 members with more than 7,000 branches nationwide and over three million customers. The association aims to raise the standards of the business and provide access to standard, fair, and transparent funding sources for low-income people while reducing dependence on informal funding. More information can be found at www.vtla.or.th.
Conditions for guaranteeing the return of the registration book:
- Reserve the right for customers who close their accounts from 1 July 2021 onwards until there is a change.
- The number of business days starts from the day the customer successfully closes the account, excluding Saturdays, Sundays, and public holidays.
- If the customer closes the account through a channel other than a branch, the customer must not have any outstanding balance or tracking fees pending in the system.
- The customer must keep a record of their final payment, following the closure of the account, for checking purposes.
- The company reserves the right to compensate customers with 500 baht in cases of delay caused by the company only.
- If the customer receives the vehicle registration book later than the specified period, according to the conditions, they will receive 500 baht. The company will transfer the money to the bank account within 7 days after the return date has passed. The customers will receive an SMS notification of money transfer into the account.
- Conditions are as specified by Ngern Tid Lor Public Company Limited.
Source: Bangkok Post