Leasing\Buying a LEASED CAR

[devilhimselff]

Guys what are the PitFalls regarding buying/Leasing an Already LEASED car, does the bank transfer the car in your name ?
Cause the contract is between the original buyer and Bank, how does it work if the original owner sells it.
Can the original owner sell it?
Does the Bank Allow it?
I mean its pretty useless if you dont get bank's permission.

[toofast]

Original owner has to pay in full first to transfer the car.

[matrix]

I don't think leases can be transferred. The remaining principal on the leased car has to be paid back to the bank before they release its documents, and then if you want the car leased again, it can be done through a bank/leasing company.

[khashraf]

@devil, bank has its name on the original papers so you cannot sell a leased/financed car without banks permission. you first pay the remaining principal amount, and the early pay fine and get the car transferred exclusively in your name. Then you can sell the car and the guy buying it will transger in his name etc.

some banks waiver the early pay fine if you get a second car leased from them.

[beeberg]

ownership can be transferred from bank between orginal buyer and second buyer. i have got leased kia classic i have to pay only 9 installments. i am having an open letter. bank is interacting with me. i hope it satisfies your question.

[malikg115]

NO NOT AT ALL POSSIBLE
THESE RENTAL PEOPLE R DOING THIS
GET A STAMP PAPER AND JUST USE THAT
BUT IF THE ORIGINAL OWNER IS CALLED HE SAYS HE HAS A PER IF NO INSTALLMENT IS PAID FOR SAY 1 OR 2 OR 3 MONTHS U CAN TAKE HOLD OF THE CAR SSSO GO & GET THE CAR BACK . U R FREE
ACTUALLY BANK HAS CHECKED A PERSON & GAVCE HIM THE CAR, BANK CANNOT GIVE IT 2 SOMEONE ELSE.

[hhh]

A friend of mine transfer his leased vti to other party, so it is possible.

On registration book, it is mentioned that bank is owner of the car, but banks usually have such documents in which user or a person who uses the car is mentioned a contract person.

[devilhimselff]

I see.
The thing is that there are often cars on the sale that are Leased from the Bank by someone and they are selling it.
I thought that how can one sell it if its Leased from the Bank. Yes the banks confiscates the cars in case of a Default, but thats something else, as Bank is itslelf taking action and Auctioning the car.
Anyways I will also ask someone in the Bank about this too, and post the reply.
As hhh said that it is done, so I guess it can be done. Good info guys. Thanks.

[mianzarif771]

I want a car on lease. I have budget of 2 million rupees. All my family is in abroad. I don't have to whom I say for my Guarantee also don't have Pakistani bank account. I'm looking for a bank leased Hilux in Lahore. Or some private leasing. Can anyone suggest me what to do. As I want a Hilux double cabin with this budget in Lahore. I'm okay with installments because of our family business in abroad