I want to know if we can finance a car which is on open transfer letter, almost every used car I'm seeing in Karachi is on open transfer letter, I don't know why they don't transfer it on their name.
You will have to transfer it before you finance it.
Bank will make the pay order on the name of the owner. See if the bank can hand over the payment to you. In that case, the payment would be open.
Rather discuss it with your bank. Since they will keep all the original documents and maybe also responsible for transferring the car on your name
I think NO.
As far as I know, Open transfer letter is not a good sign for Excise, LEAs, etc. and might also not be legal.
Then banks, which will be financing it, will never allow an Open transfer letter car.
I think, to avoid resale losses, and avoiding coming in tax collection authorities radar, like FBR, etc.
First owner dillema. I mean how does it makes a difference if the car is 1 owner or 10 owner.
The car sells on condition.
Mostly Open letter car having following issues..1. Previous owner NiC copy expired2: Dealers or investors3: Bank defaulter or crime reports4: No maintenance history 5: No Self satisfaction
Sir ye baat main aur aap to samajh saktay hain, but bohat saray baqi log nai...
Is sab ka simple solution hai, you can bound the seller to get it transferred on your name. So incase their is a issue it is resolved before purchase.
Quick update everyone, so it is possible to get a financing on open letter cars, you just have to get a seller agreement between u and current owner( who has possession ) of car, with an invoice from first owner to current guy.
I just got my car from HBL.
@basitali87@chinyoti@mistarshahzaib@pwuser151331743166@pwuser151331713773
That's wonderful and great to know, and heartiest congratulations and felicitations on your purchase.
May it serve you long, may it serve you well. IN SHA ALLAH. Ameen.
Which car did you buy, make, model, model year, etc. and did HBL prove the overall convenient? like considering financing / leasing % or mark-up? etc.
Aslam-o-alikum brother, hope you will be fine .. kindly APNA WhatsApp share KR skty Hain , I need your help , plz plz plz
