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Thread: UBL Car Drive - Is is worth buying an Altis?

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    Default UBL Car Drive - Is is worth buying an Altis?

    Is it worth the money buying an Altis with all the attractions given by UBL.THis deal is valid for GLi and Altis only. Advice needed from Rolla drivers & in general condiering other cars in same price range.

    - Zero Payment Penalty
    - Flexible payments
    - Payment holidays
    - Toyota 2 yr waranty
    - Free Tracker with no monitoring charges
    - Free life insurance

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    Nooooooooooooo
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    I think in their ad, UBL did not mention that this offer is only valid for GLI and Altis. How did you get this information? Also, what is the interest rate?

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    Call UBL customer servise 0800 11 825. you will get all the info.

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    I would not suggest anyone to lease a car from bank. In the end, the car costs too much than its value. If you could, purchase it directly, don't lease it.

    The facilities look good only in the adverts. To get the real picture, always read the fine print in the brochure and documents.
    Change of faces won't change anything in Pakistan. www.greenwood.pk

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    I was thinking of leasing the new civic from ubl too... can someone give the true picture off what leasing is all about... the ubl wala's paint a rosy picture but everyone on this forum consistently bashes leasing.. any particular reason why ? apart from the fact that it'll cost a bit more as a whole ?
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    @Evoloution
    Dear bro if u r a business person and u'll get a new car and u'll out it on rent and u r gettin 30-50k of it permonth then it's feasible for u.
    but if u r an employee or doing some business and u'll be giving 30-50% of ur earning as installment, wat do u think wat'll hapn if u dont have ur job & ur bussiness doesn't go well...

    i've heard it from the receptionist of ABL where i went to get info abt lease, she told that lease is a total loss for customer and no loss in any case...

    u'll be warnd if u miss one install & if u miss the 2nd one then dont consider the car as urs, the bank will get it from u in any case and will auction it and after regaining there money the rest will b returned to & u know Govt Mall's auctions rates..

    And the last but not the least and the most imp one.
    leasing from bank is usury(Sood) and please study the endings of usury's persons in this world and after death... we r all muslims and shud also consider life after death...
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    @ zubair530 thanks a lot for your reply... the problem is'nt of the payment.. we're just not comfortable in making such a big lump sum payment.. what i was asking was are there any hidden charges.. more specifically, how much do u end up paying more than what u would have by cash over a 3 yr lease.. with tracker and insurance..

    any help is greatly appreciated...
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    @Evolution
    By the time when i was on research for lease,
    i was giving 2Lac downpayment + 20K charges etc,
    then i had to give aprox 10K/mon for twoyears for Mehran and 12K/Mon for 3Yrs for a coure.
    Rest you may calculate how much does it costs.
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    Fully agree with zubair .......
    And the state bank gave a press relese some time back that there is NO bank in Pakistan which is charging less then 17% interest ............... the claims of even less then 9% are ******
    And once u get in, there is no way out...... most banks even don't allow the lease transfer..... the only way is to buy the car from the bank...... that also after giving a 5-6% penalty..... it's a policy of the bank to back out of the "no prepayment penalty" on the pretext that u r breaking the contract..........came to know this from a senior banker.... what the hell does prepayment penalty means then?????????
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    Dear Zubair530,

    Leasing is quite acceptable by any principle of Sharia. You are confusing leasing with car loans/financing which are controversial from a Sharia point of view.

    The differences between car leasing and loans are numerous and significant, but require an in depth explanation which is beyond the scope of this forum.

    Cheers
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    @ Evolution
    A colleague of mine has leased the new civic from ubl. he paid some 350,000 Rs as downpayment and first yr insurance. He is paying 27000 Rs per month for the first year. he gave me a rough estimate that over the period of 5 yrs he will be paying 7-8 lac Rs more than the actual value of the zero meter civic.
    NOT ADVISEABLE AT ALL FOR SOMEONE WHO WORKS REALLY HARD TO EARN A RESPECTABLE LIVING

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    For leasing to work in your favor, you should make at least 50% down-payment. This way, you save on your bank balance, and keep the monthly payments affordable.

    Recently, my father leased a Suzuki Cultus VXL from Bank Al-Falah. Down payment 50% and term one year. At the end of the term, we paid only 15K extra.

    My Suzuki Liana is also leased from UBL. I am paying 9.5K per month including insurance.

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    In pakistan there is no such thing as "leasing"! You are literally FINANCING the car, ie BUYING it by BORROWING money from the bank and then repaying them monthly. People who make excuses about their jobs need a car etc, well if you can afford down payment of 2 lakh you can afford to save money for a few months and buy a used car of 3 or 4 lakh cash up front. Pakistanis got by for so long before this "leasing/financing" facility showed up.

    Dont confuse it with different terms. Leasing in usa is you pay for the depreciation of the car for a set period of time and you can only drive so many miles and after which you return the car to the company, and this does not exist in pakistan so NO one in pakistan is LEASING a car!

    Correct me if I'm wrong someone but people are just buttering up the fact you are borrowing money from the bank and paying interest on the money , its still interest no matter what you call it, fees, transaction charges, insurance UP charge, etc etc etc.

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    Agree with @YoBoy
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    Yoboy and Zubair530,

    You must read the fine print in the lease forms then. Some of the things you have pointed to are addressed in them quite clearly.

    I repeat, leasing as it is practiced in Pakistan is not a controversial financial product/service with respect to Islamic principles.
    -

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    I do not know about other banks but UBL are big liars.

    Their zero prepayment penalty (PP) is a big fraud slogan. Last year, i asked them to settle my loan and they asked for 5% prepayment penalty, I said that UBL was advertising No PP, but the bank officer replied that condition has been changed. The ad also promised a free tracking device, but they said that that offer had been continued (I am talking about last year).

    The had a fixed loan agreement, but after 12 installments increased the mark up rate to 11 percent. I protested, but they said the bank had the right to change any condition in the agreement. WTF.
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    I invite you to prove me wrong than if its Islamically allowed!!?

    How can you justify someone paying 8 lakh total for a car that has a market value of 5 lakh. Just explain that to me.. Seriously. Its wrong, its haram. Its one of the biggest sins! Man your not allowed to even take a SMILE from someone for borrowing money!!! But ok ya Pakistani banks have made it so proper and islamic and put it all in the small print. BS! =)

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    Advertising science
    Write some benifits that are only for word
    Put stars on that
    And at the corner write the condition in such a small that a reader missed it.
    In some televisoion adds a women read these condition in so fast that a Listenr easily missed it

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    This is leasing:

    A person wants to buy a car which costs 100k. but he has only 25k. He decides to go to a leasing company. They tell him that if he pays them 25k now, he can pay the remaining 75k in installments. Until he has completed paying all the installments, the car will be property of and in the name of the leasing company, and the person will be renting the car from the leasing company. Therefore he (or she) will make/pay periodic lease payments for the car which can be at the going market rental rate, or other suitable benchmark. Simply put, this is leasing and this is how it is being practiced in Pakistan and the rest of the world and there is hardly anything against Islamic injunctions in it.

    This is exactly how leasing was also practiced in the times of Prophet Muhammad (PBUH).

    This is different from car loans because among numerous other factors:
    1. lending is being done against a real physical non-consumable asset (not money)
    2. the asset remains the property of the lending party until the end of the lease period, after which the asset is to be sold off by the lending party.

    Finance in general, and Islam/Sharia compliant finance products and services in particular, are a very exciting, detailed and interesting subject which deserve to be analyzed in depth.

    Sadly, there are so many misconceptions about Islamic finance and regular finance that are ingrained in people's minds.
    -

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