How to sell a car that i have leased for 5 year?

[hussy.plus]

I have FAW V2 Islamabad registered. Its a bank leased car, now i want to buy a small car. How to sell it now? What's the procedure? What are pros and cons. What possible frauds am i looking at? and is this normal to sell bank leased cars? Do you have any prior experience?

[abart]

I think one of the problems is that you have FAW brand car I am not saying its not a good car the problem is market value !

[KamranAslam]

contact your bank, tell them you want to move to another vehicle they will re-finance it for you. as far as i remember UBL use to have this process in 2006 dont know for now.

[pistonhead]

You bought a car on lease which has low resale. You should contact bank to find out how you can sell your car.
Your best bet is to find someone, who will pay you and trust you enough to keep paying installments in your name.

[Xulfiqar]

lease as in loan?

is the loan paid off?

if not then you will have to buy it out first or find a buyer with a bank to buy out the loan from your bank. In most cases like this, you get hit with depreciation of the asset but your loan still stands.

This puts you in huge negative if the asset depreciated like a falling rock e.g. if the car is now worth only 500K and your loan is more than 500K you pay the difference if its bought out.

[qwertypoiu]

2 ways..

1)Take your car to showroom see what they offer.. Find a buyer Take token from him of remaining amount you owe the bank, clear car from bank he will pay you remaining amount..

2) Sell car to someone on stamp paper agreement.. Advance payment of what you have paid bank and new buyer keep paying instalments.

Legal legit method is option 1

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[Xulfiqar]

2 ways..

1)Take your car to showroom see what they offer.. Find a buyer Take token from him of remaining amount you owe the bank, clear car from bank he will pay you remaining amount..

2) Sell car to someone on stamp paper agreement.. Advance payment of what you have paid bank and new buyer keep paying instalments.

Legal legit method is option 1

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This option is also called "suicide option"

[hussy.plus]

2 ways..

1)Take your car to showroom see what they offer.. Find a buyer Take token from him of remaining amount you owe the bank, clear car from bank he will pay you remaining amount..

2) Sell car to someone on stamp paper agreement.. Advance payment of what you have paid bank and new buyer keep paying instalments.

Legal legit method is option 1

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I put my car on OLX, i got 5 queries in 4 hours i deactivated the ad because they are all willing to see the car. I wanted to make sure what i want to do first.

The first way you're talking about, is it hard to find a buyer like this? Because i think that's what I'd look forward to do.

2nd way looks a bit rough, all the 5 queries i got from OLX were willing to keep installments in my name.

I think i really am stuck wit this can, i probably would never want to lease a car! I'd never recommend it either.

[hussy.plus]

This option is also called "suicide option"

Can you explain this? What would happen if the buyer stops paying? Where does the legal agreement stands?

[hussy.plus]

contact your bank, tell them you want to move to another vehicle they will re-finance it for you. as far as i remember UBL use to have this process in 2006 dont know for now.

What exactly did you mean by refinancing?

To my understanding, getting a new car? from same bank?

[KamranAslam]

What exactly did you mean by refinancing?

To my understanding, getting a new car? from same bank?

as Xulifiqar said:-

lease as in loan?

is the loan paid off?

if not then you will have to buy it out first or find a buyer with a bank to buy out the loan from your bank. In most cases like this, you get hit with depreciation of the asset but your loan still stands.

This puts you in huge negative if the asset depreciated like a falling rock e.g. if the car is now worth only 500K and your loan is more than 500K you pay the difference if its bought out.

[Xulfiqar]

Can you explain this? What would happen if the buyer stops paying? Where does the legal agreement stands?

You are servicing the loan under your name with the bank/creditor - whatever agreement is done is outside the boundary of the loan agreement - The buyer pays installment under your name in goodwill and whatever agreement you made. Read the terms and conditions that your bank provided.

Once they (your new buyer) stop paying for any reason you are in trouble as you dont have possession of the collateral (the car) - you have to service the payments yourself even if you keep fighting it in court with the other party who signed your "payment agreement".

[qwertypoiu]

Can you explain this? What would happen if the buyer stops paying? Where does the legal agreement stands?

You would have recovered all your money, car would get repossessed by bank but will leave a mark on your credit history... Best thing to do is sell to someone you know who him self cannot get a car leased

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[qwertypoiu]

I sold a car to someone i know like this.. He paid me full amount in 3 instalments.. After that i got the car cleared from bank

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[qwertypoiu]

Best and easy way is find a buyer get 50% money upfront and get it cleared from bank.. He will pay you 50% when you give him bank noc.

Its not rocket science.

Doing thing clearing from bank is no problem.

The biggest problem you face is selling an out of market car

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[faizan_jani]

share pic of car on forum

[faheemsdq1]

Hi,

I think, the leased owner is on safe hand. Bank leased car has tracker and insurance. You can keep tracking at your end. If new buyer does not pay installment, FIR to Police for car theft, Bank and Tracker Company will recover your car. In this case, you will get your car back along with Money. (in sever case if new buyer is "Be Emaan".

What you say about it??