Transfer of Lease to the person making lease Payment

[masifm]

Hello Everyone
I have just bought a lease car from my Cousin, who soon plans to depart Pakistan, about 50% of the lease payment has been made and rest remaining.
Is it possible to get the car leases transferred to my name, as at the end of the lease period, car will be transferred to my cousin's name and and he won't be here so that i can get this transferred the car in my name.

Many thanks in advance.

Best

[hasham143]

ask the bank. i leased a car from mezan bank and lease transfer was not an option there...maybe a different bank has different policy.

When the lease start they do a credit check to see if you can pay the installments. so transfer is a problem when your salary is less than your cousins salary and/or you have a few credit card or other outstanding loans from banks and according to the banks calculations you cannot pay the installments (even if you actually can)..

[kamyykk]

some bank like askary n islami lease car on bank's name which can't be transferred while mcb lease on my name so i can transfer it. . .whats his bank?
KK

[masifm]

Thanks hasham143, I've checked with the bank, lease is not transferable. Anyhow thanks again for your response.

[masifm]

Thanks for your response kamyykk, it is Bank Al- Habib, i've checked with them this afternoon, it is not transferable.

[hamz80]

No lease is ever transferable.
The bank conducts credit due diligence on the person originally leasing the vehicle.
Even if someone sells a car within lease contract on a stamp paper, that carries no legal value for the purchaser. On default, the original lessee, will be responsible for repayment.

[kamyykk]

well thats not the case in mcb. . .as i recently leased n its transferable !
KK

[adnanniazi_2000]

You are mistaken with the MCB as well. Lease (car financing) is not transferable because of its nature. It is kind of a loan extended to a party which cannot be transferred to another. If the basic contract under financing agreement of bank; is with a person A. How can it become an obligation of person B to repay the bank who has not even signed a single document? There is a need of having a separate agreement/contract through which bank can swap loans but that is not lease transfe. That term is known as loan swapping through which a bank take overs an already extended loan of person by another bank by paying off that bank. Its a different concept

[kamyykk]

ur theory is true for banks who lease as owner is bank. . .mcb lease on my name n if i wish to sale, i alongwith bank rep n buyer carry out paper work n new guy continue instalments !
KK

[adnanniazi_2000]

In my opinion, That's something which is done out of bank's books. Car4u reps can only facilitate such thing without putting anything in paper (obviously bank's papers) and only in their personal capacity because as long as the currency period of loan is being continued the car is non-transferable, and only after Bank's NOC the actual transfer can take place. However, practically the leased/financed cars do get sold before Bank's NOC and it happens not only in MCB but everywhere in Pakistan. But I repeat it does not happen with the explicit knowledge of the bank which means it is being done without legally/officially involving the bank and bank does not have any legal binding to abide by the sale terms between buyer and seller. Plus, bank have a right to repossess (even the instalments are regular) the vehicle after it comes in its knowledge that the vehicle has been sold to third party by the borrower without Bank's NOC.

That applies to financing and leasing cases both.

[qwertypoiu]

If i have a car and want to sell it to someone that guy can contact the same back and get it approved.. it is possible with every bank..

Every bank entertains this.. buyer needs to have the capacity to pay the installments

[kamyykk]

agreed !
KK

[adnanniazi_2000]

Consumer ppl r real jugglers in the banking industry. They can do certain things in the name of "bringing business" and earning commissions which doesn't have anything to do with banking practices and norms. What they practically do is .... loan swapping i.e. create another loan for settlement of previous loan.

[salman_ahmad2]

Bro in your case You and Your bank is the owner of ur leased car.there is a doc called Hire purchase Agreement in excise that you signed at the time of documentation.after payingoff, ur bank will give u noc along with ur file that bank kept. You have to take that NOC to excise and asked them to erase that hire purchase agreement from their record as u have paidoff the loan amount and here is the noc.excise will charge a nomimal fee around 2k for this then you are the only owner of ur car. And yes you cant transfer your car to any other person before payingoff and getting noc from bank.because u r not the only owner. Check ur car book there will be mentioned that car is leased from mcb as hire purchase agreement