Buying a bank leased car

[chinyoti]

any ways we are going off topic, chado mitty pao cheers

[devilz_apprentice]

How wud u have a ready delivry car when a car is on over booking?

This is similar to the scenario of purchasing a car by paying "own" on it.

U took it out of my reply regarding registration. It has nothing to do with the getting leased car on "own". Read my reply again n carefully. It was an analogy.

Technically, the bank is the second owner on papers and if the OP does what u r saying, he will be the third owner. The reason being, a bank does not book a car on its own name. A person(probably an employee of the bank) books the car on his own name on behalf of the bank. The car first gets registered on his name n then transfered to bank (hence the bank is the second owner).
This is similar to the scenario of purchasing a car by paying "own" on it. The car first gets registered on the name of the person who booked it n then gets transfered to the new owner.

U quoted this:

In this case, the prospective lessee books the car on his own at first and when it is delivered the car first gets registered on the name of the lessee and then transfered on the name of the bank.

But i also mentioned this:

In tht case, the bank pays the prospective lessee to purchase the car on his own from any of the dealers approved by the bank. The delivery papers are then issued on the name of lessee and hence the car is transfered on his name instead of the bank.

As i said, read my replies carefully. Cheers!

[logged]

+1.
I recently purchased a car which was initially leased from bank. Previous owner cleared all the installments, the bank then issued an NOC, relinquishing its ownership rights, and issued a transfer deed. The owner then gave both the documents to me n i simply registered it on my name. No issues whatsoever.
In scenario u r describing, u'll b mentioned as the 4th owner of the car on the book. But one thing confuses me, if the car is on open letter then the seller doesn't really need to transfer it on his name first in order to sell u. Do look into it.
Also, the NOC issued by the bank is only valid for 40 days.

Regards.

Thanks for reply guys and sorry for the debate. I got better understanding of the scenario now.

Owner Bilal (relative of seller Ashraf) is the real owner/bank lessee who got the car on his name but it was really for Ashraf - his relative. The bank issued NOC on Bilal's name and Bilal gave an open transfer letter to Ashraf. But for it to be totally legal, the car will first have to be transferred to Bilal's name (original owner/bank lessee) and then to my name. Ashraf won't register on his name so I will be the third owner.

I guess that scenario is fine? Unfortunately, Bilal is out of country at the moment but he left his NIC copy, NOC, attested transfer letter etc. behind with Ashraf (the seller). So I guess it should be no issue?

[devilz_apprentice]

Thanks for reply guys and sorry for the debate. I got better understanding of the scenario now.

Owner Bilal (relative of seller Ashraf) is the real owner/bank lessee who got the car on his name but it was really for Ashraf - his relative. The bank issued NOC on Bilal's name and Bilal gave an open transfer letter to Ashraf. But for it to be totally legal, the car will first have to be transferred to Bilal's name (original owner/bank lessee) and then to my name. Ashraf won't register on his name so I will be the third owner.

I guess that scenario is fine? Unfortunately, Bilal is out of country at the moment but he left his NIC copy, NOC, attested transfer letter etc. behind with Ashraf (the seller). So I guess it should be no issue?

After the NOC was issued by the bank, the original owner/lessee transferred the car directly on my name. So according to my experience, the owner doesn't really need to transfer the car on his name first in order to pass on/sell the car. Maybe the transfer deed that was issued by the bank was actually issued directly on the name of the owner/Bilal. In this case, the car is technically not on open letter. Do look into thoroughly.

[logged]

After the NOC was issued by the bank, the original owner/lessee transferred the car directly on my name. So according to my experience, the owner doesn't really need to transfer the car on his name first in order to pass on/sell the car. Maybe the transfer deed that was issued by the bank was actually issued directly on the name of the owner/Bilal. In this case, the car is technically not on open letter. Do look into thoroughly.

Yes. The bank issued the transfer letter on owner/Bilal's name but the owner gave his own transfer letter which is open transfer letter.

[DrUsmanNawaz]

Dear friends, i am about to buy a car and i have to pay today, honda city 2008 it is.... it was leased by a Person A, after completing installments, a Person B bought the car from Person A, and the bank issued a NOC in the name of Person B, as the Person B is brother of bank manager of same bank... now i am Person C and buying the car from Person B, and he has assured me to issue a NOC from bank in my name to avoid double transfer... Is it all safe...?

Bank manager will issue a NOC to me + sign a transfer deed with me...

Urgent Help Required Please...

[DrUsmanNawaz]

Dear friends, i am about to buy a car and i have to pay today, honda city 2008 it is.... it was leased by a Person A, after completing installments, a Person B bought the car from Person A, and the bank issued a NOC in the name of Person B, as the Person B is brother of bank manager of same bank... now i am Person C and buying the car from Person B, and he has assured me to issue a NOC from bank in my name to avoid double transfer... Is it all safe...?

Bank manager will issue a NOC to me + sign a transfer deed with me...

Urgent Help Required Please...

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[pwuser152012270338]

Men aik garri kharidney ja raha hn documents nhi dekh skta ku k bank men hain lease b transfer nhi hoskti to mjhey kya dekhna chahye ar kya krna chahye