Cars on installments by private companies

[pwuser150113270118]

Hi there,
Recently i got to know about getting car on installments from Apex Allied Corporation.

All they ask for is 2 guarantors and the only charge is 5 % fix annual profit and minimum 20 percent downpayment.

Is it to good to be true?
I need to know that if there is anyone who actually got car from these companies or is there any trusted reliable organization to get a car on installments??

[pwuser166331039855]

consider buying it from bank instead.
Meezan, DIB, Faysal, Alfalah, etc. many banks offering cars on installments and more or less almost same rates of downpayment & installments.

[tmuzammil05]

You are right to mention that it is too good to be true.

Let me depict the picture of upcoming events in case you went to buy a car from them. They will take your down payment and some other charges and will then ask you to wait until your case is verified and approved by their company. Even after months and years, your case will neither be approved nor will you get your money back. This is how their business model works.

Think it yourself that why will a person/company be willing to provide lease only on 5% interest rate when they can get 20% return on their money from bank. All they have to do is to put their money in the bank.

This is not happening first time with anyone, there are threads on Pakwheels forum where people have lost their money in exactly similar schemes. I will post the link if I find that thread.

[sohikun]

Here's a tip ~ Never trust anyone, especially when the offer is too good to be true. Approach a reputable bank, rather then trusting a pirvate " kompani". Here's a additional tip, "family" or "family friends" sab phele maarte hain (scams). I learned this the hard way, haha !!

[tmuzammil05]

Here it is.

Yes, everyone stating that they are fraud is right. They have taken money from my cousin too and asked him to provide two guarantors. After their so called verification they have asked him that one of your guarantor isn't qualified on our terms, please provide a new one and ask both of them to provide their departments guarantee too. Which obviously just to come up with a reason of rejection. I mean who'll ask you for a guarantor's guarantee. They say it's our company policy. Then when he asked …