Selling a bank leased car in 2024

[asad.farooqi2011]

Hi everyone,

I bought a used KIA Picanto 2021 from the bank on installments. I paid around 30% of the total cost as a down payment and I have paid the installments for about a year now(total 5 year installment plan).

Now I have some money saved up and I'm trying to get rid of this car on installments. Can anyone please tell me how I can get that done?

So far the options that I have explored in the market, is that people in such condition get the amount from the next buyer, keep the installments in their own name, and have the new buyer sign a stamp paper saying that the new buyer will keep on paying the installments. That does NOT seem like a very good option to me.

Is there any other option that lets me forward this car to a new buyer without paying the full loan amount back to the bank first?

Thanks

[Proverbial_Slang]

I have heard of people doing that, but it's not a good idea IMO.

[sardarg]

sir @asad.farooqi2011 please arrange to pay off the balance amount, and transfer the vehicle in your name, only after that you may sell it off.

leasing authorities does not allow 3rd party transfers when installments are completed, so if you somehow manage to sell the vehicle buyer will not get NOC to transfer the vehicle.

do not risk your banking credit line through a promissory note from 3rd person. Your cnic credit record with state bank will get badly affected in case of single default.