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Thread: In a quagmire

  1. #1
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    Thumbs down In a quagmire

    Dear All!

    A couple of years back I made the mistake of buying a leased car (Cultus 2006). I kept submitting the installments in the original owner's account thereafter. Last year when i needed some cash, I decided to pay the car off so that I can sell it. The car was leased from bank Alfallah. I paid the remaining dues but was then given the shock revelation that the owner had defaulted on some credit cards of the same bank and the bank will now not give the NOC for the car until the case of credit cards is settled. Now having paid the car off, I am stuck with it. What is the way out in your opinion?
    P.S. If you think you can handle the situation , I am also willing to sell it for a very cheap rate.

    Umair.

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    hmmm....ur throw away price sir??? my relatives may b interested

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    yes that State Bank Law ...

    u wont able to get NOC unless untill customer pays all the defaulted amount/ or clear the account ..

    everybody should know that car has to be leased on ur name or should be pay off at the time of purchase ...

    u made a mistake sir .. try to find the previous owner
    -

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    no one can handle this situation at this point of time .. u have to find the person . ..

    dont sell ur car like this .. as it will really effect the money !! ..
    -

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    Well, I have met the owner, but he has no answers...Habitual defaulter he seems. I heard that the issue could be resolved through a banking court. Have you got any insight on that?
    Why dont you gimme a call at 0322-4643039 to know of the throw away price!

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    Dear Poster, first of all what you did is punishable by law as the sale and purchase of leased car is prohibited by law. Secondly the seller being a defaulter did what he did and now the only way out is if the defaulter himself clears all the outstanding overdue amounts showing in his CIB. You, unfortunately, can only either pursue the original owner to clear his liability and if he does, then bank will give the NOC in name of the original owner. Latter the original owner will sign a transfer form in your favor and then you will be able to confirm the ownership of the questioned vehicle. To safe all this tangled situation sale purchase of leased/financed assets are prohibited. I believe in banking court either the plaintiff is bank & defendant is borrower or vice versa. You cannot sue the original owner in banking court, moreover you are on a very weak ground to sue either bank or the defaulter.
    -

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    sir, u not picking up ur cell ..
    well price depends as this car cannot be transferable unless untill u get NOC ..

    try to find ppl who willing to buy this type of vehicle for them ..
    -

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    Scorpion80! Can you please call again?

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    Quote Originally Posted by saainumair View Post
    Well, I have met the owner, but he has no answers...Habitual defaulter he seems. I heard that the issue could be resolved through a banking court. Have you got any insight on that?
    Why dont you gimme a call at 0322-4643039 to know of the throw away price!
    In banking court, you will be the guilty who broke the law at 1st place while purchasing a leased/financed vehicle.
    Suggestions required

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    I don't know crap about 'money' but can't you juts sell it to the bank minus the defaulted cc amount? There must be some way out of this.

  11. #11
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    law is as the friends say but its better to go to some lawyer and discuss this.
    i asked my wife but according to her there is no way out of it
    except for the above suggestions
    let the power of youth explode

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    Hmmm...I guess i really am screwed. I did ask the bank but they also said there's no way out of this and i honestly dint know its against the law as i had been seeing so many ads about leased cars sales. It seemed like a norm and nothing out of the blue. Anyways thankyou for taking time out to consider my situation.
    I guess i'll have to use it out.
    P.S. If you know anyone who wants to buy it at a cheap rate and use it out, do refer. Thanks a lot once again.

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    We really hope you get it sorted out soon, and to the best of your interest. Good luck!

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    Bro! Instead of selling your car at 'very cheap price' y don't u clear that bugger's defaulted amount and get the NOC?

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    Because the bugger's defaulted amount is hovering around the 4 lac mark!!! He really did turn out to be a scum, eh!

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    Quote Originally Posted by saainumair View Post
    Because the bugger's defaulted amount is hovering around the 4 lac mark!!! He really did turn out to be a scum, eh!
    You must calculate your loss in case you have to sell the car anyway.. If its more than 4 Lac then its better to clear the defaulted amount than taking a loss of more than 4 lac in selling the car.
    Of all the things i have lost, I miss my MIND the most...

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    "Using it out" is not an option IMHO.

    The 'bugger' (as he's being referred to) may be pursued further for recovery by the bank and they may go to the extent of confiscating the vehicle as well. You'll be left with absolutely nothing.

    You'll have to sort this issue somehow I believe.
    A Post-Wh0re is a user who's only aim in life is to increase his post count. He/she gets off by receiving likes and mentions, and considers his post count a medal on his skinny chest. A post-Wh0re is the human equivalent of Chihuahua..bickering pointlessly, effortlessly, permanently.

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    or you can go to court claiming he framed you and convined you to buy this car through other means.!
    you have any sales reciept? when is it dated?
    ask a good lawyer if you can blame him for cpc 420 telling you he would pay the full amount taking money from you and then you ended up in this

    I would have referred you to my wife but she's mostly in murder and drug cases
    let the power of youth explode

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    Quote Originally Posted by saainumair View Post
    Because the bugger's defaulted amount is hovering around the 4 lac mark!!! He really did turn out to be a scum, eh!
    one little hint for my above suggestion and i'm not a lawyer hence telling you again to go to a lawyer.
    "any agreement done under false means or mental or physical pressure is void" basics of agreements.
    if you can go through this then the sale of car is void and the man we are talking here is chargeable to cpc420
    one other advice donot file a criminal case file a civil case if you want money criminal cases in these matters are usually used to scare not take money.
    let the power of youth explode

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    Alrite...I had not yet thought of this legal route, but now I wud give it a shot...
    SYD...If its not a bother can you ask your wife for a reference in this regard...Just send me the number if you can...and yes thanks a lot...

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