Advice on selling Altis 1.6 leased from Meezan Bank

[yusufjee]

Guys

I hope to get an answer to my query at this forum. I have a Corolla Altis 1.6, 2015 model in dark gray color. The car is leased from Meezan Bank with RV. The lease is ending in august this year but the RV amount of 480,000 PKR will be pending at the end of the lease. Due to a few financial problems it seems to me I will not be able to pay the RV amount of 480,000 PKR.

So I am thinking of selling the car before the lease ends. Is it a good idea? What is the best way to find someone who will purchase my car and will pay me the full amount which I will then pay to meezan bank for RV. My car is in excellent condition and only driven 35000 KM. Maintained at toyota airport motors lahore.

Any advice will be very useful so please let me know what is the best course of action for me.

Thanks
Yusuf

[umairzafar]

Your close friend or close relative can purchase the car from you. Any stranger would never buy a vehicle which is leased by bank and he cant transfer that vehicle to his name. Or you can borrow 5 lac from someone till you sell your car

I dont know if you can ask bank rep to sell that vehicle on behalf of bank and deduct the RV amount.

[fastian04]

There are dealers in Samanabad Lahore who will buy and pay you. Another best option is to take ready cash of the amount, clear with mezaan and then clear the readycash loan.. quickest and u will not have to sell car on bargain

[qwertypoiu]

First check with your banker if they can help you regarding RV payment.

Selling leased car is easy it almost same as selling normal car. For instance you demand 17 lacs for your car you find a buyer he will pay you 480k(remaining bank payment) you will pay the bank and within 2 weeks bank will clear the car and give you file. Remaining amount buyer will pay you then

Basically you will take cheques from buyer and give car/ car book to buyer. It's easy process

[yusufjee]

Ok thanks for the reply guys. Much appreciate. I like the samnabad option and I think I wont have to sell for less.

[asifkidwai1]

Advertise it on pakwheels and hopefully you'll find someone who will take care of RV...

But have alternate ready in case you needed to sale your car urgently Carfirst.com can be solution they will take care of your remaining payments with bank and pay you rest of the agreed amount....

Its hard to sell leased car i had same dilemma last year Ramadan i had my car leased from JS bank and was trying to sale it for 2 months many people come and go they like the car and condition as it was only 6000kMS driven like new car but all of them are skeptical of the leased transaction they agree to pay my demanded price but on a condition that i shall first payout the loan get the documents....

So in the end i end up selling my car to Carfirst though did get 50k less than what i was being offered by some prospect buyers but Carfirst managed everything by themselves and paid the loan to bank and remaining balance to me so i had a good experience with them though it did come at a cost...

[yusufjee]

Thank you sir for this very very useful information.

[moeezjaved2003]

For how much would you like to sell your car (if installments and rv is on buyer )

[moeezjaved2003]

i am interested . if the car is in my range i will contact you

[yusufjee]

So I am looking to sell for 22lac and if you want to pay remaining 3 installments and RV then minus those.

2200000 - 481000 - 29241 - 29241 - 29241 = 1631277

round to 1631000 PKR

[moeezjaved2003]

Is your car available now?

[yusufjee]

No sorry. It is now sold.