Is it safe to buy a leased car?

[saaron]

Hi,
I am thinking about buying a car which is bank leased by someone else. A friend of mine told me that the car will still be on his name and that I will not be able to transfer it on my name in bank documents until the installments are fully paid. Also the person from whom I am buying the car will need to pay the installments on my behalf and I will have to pay installments to him and if he doesn't pay the installments to the bank, I will be held responsible.

Is it true? Please explain how buying a second hand leased car works.

Thanks.

[takko]

its not safe unless u r buyin it from someone trusted,

car will not be in ur name
the seller can take car from u at any point of time and u can't do about it.. u cant' even goto the court

[saaron]

Thanks for your reply takko

[2c]

here is the thing when you buy a leased car and you show that you can pay the installment by yourself then you can request for lease assuming. it is an auto lease transfer and by that the car will be on your name and you pay back the bank.

if you are going on trust basis then trust no one any where.

i thought i will never be scamed by any one in my circle but most of the time i have been scamed by my well trusted peers.

[rockk]

@saroon
bro i had a worst experience of my wife aftr buyn a leased car....its my request not to buy...
thr is a mafia behind ths. who sells u car n aftr a wek thy tell the bank tht thy r not furthr responsible for the car as its sold by thm. and the bank will start to find the car n will take into their custody and only the orignl leasee can get the car released.
furthr the banks dont accept any stamp paprs n trnasfer letrs etc etcc

[takko]

REMEMBER following

-Lease agreement is NON TRANSFERABLE,
-Lease agreement is ONLY between LEASING CO [Bank] and the First customer, any agreement seize to exist no matter how many attestations it has. if u buy a leased vehicle, that agreement is non admissible in the courts
-after buying that vehicle which is not in ur name, even after u pay all the installments, there is no way that u can claim that vehicle legally. more importantly if the original seller is in a bad mood, he can simply call the bank and tell them the vehicle is missing, the bank gonna find the vehicle and handover it to its "right" owner.

[takko]

the only way to have such cars is

buy the car, payoff and refinance it on ur name

[chinyoti]

Get the old owner to pay it off first. Even if u have to pay for it, for example if youre getting the car for Rs500,000 Bank lease is left Rs. 200,000

Then tell him to clear the car first and then you buy it. For Rs. 300,000

[ahmadbila]

ask the owner to clear the car first.see if u can trust him and pay some amount as initial payment to clear the car if clearing cost in not a bigger portion of the price.theres no risk involved if u go this way.

[saaron]

Thanks for your great feedback guys. I have decided not to go with buying a leased car.