WANTED bank leased(installment basis) car for my personnel use in KARACHI

[RajputMunda]

Asalam-O-Alaikum Pakwheelers
I required BANK LEASE car in Karachi, Can't find any up-to-date Thread on it..
Kindly if someone Please help me out for giving precious information of selling or buying forum of bank leased cars selling on installments..
Thanks in Advance

[Sharabhi]

best of luck for the search but dear my brotherly advise not to buy car on installment or do any kind of business which is based on interest, if u have money of getting a fx then better buy a fx or charade etc and safe some money and then buy good car. But dont buy leased cars

[Enigma90]

Well Bro I can give u some numbers but a strong advise never ever go for a used leasing car, issues are very complicated with such a car...

[raza1]

I have personally seen an issue with my close friend.

Lease cannot be transferred to other person, so we need to enter into an agreement and we take a blank transfer letter from seller and start paying remaining installments.

My friend after successful payment of last installment, went to bank for getting the car cleared and collecting documents. The bank said they cannot clear the car as the lessee (seller) is defaulter of his credit card for 120k. If he is in urgency then he may pay 120k and get the car cleared.

Stay away fro leased cars.

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[RajputMunda]

@Sharabhi
Thanks For your advice Brother
But the Matter is Me n My brother wants to buy a new car & preferably if its on ISLAMIC BANKING then we can save big amount which could be spent on mechanic's garage for using old car.. As Car on Lease so it will be New Model , Less Driven , insured and rest amount will be paid via installments.. it suits us n INSHALLAH in near future after buying That Car we will clear the Lease.

[RajputMunda]

It Will be Appreciated Bro if You provide me the numbers of Those sellers who willing to sell their Bank Lease car
Thanks

[RajputMunda]

:o
@Raza1
Thanks Bro For your tips..

[Xulfiqar]

I have personally seen an issue with my close friend.My friend after successful payment of last installment, went to bank for getting the car cleared and collecting documents. The bank said they cannot clear the car as the lessee (seller) is defaulter of his credit card for 120k. Sent from my Nokia 3310 using Tapatalk

that is highly illegal, how can any bank change heads of account on a loan that already has collateral, that means that if the lessee is somehow in soup and pays off his car first then decides to attack the bills - he will not have ownership of the car until everything is settled., even if such car is now old and nearing EOL which means that the residual cost will be next to zero in their books.Very fishy bank... Ask them for their authorization to do this?

[raza1]

that is highly illegal, how can any bank change heads of account on a loan that already has collateral, that means that if the lessee is somehow in soup and pays off his car first then decides to attack the bills - he will not have ownership of the car until everything is settled., even if such car is now old and nearing EOL which means that the residual cost will be next to zero in their books.Very fishy bank... Ask them for their authorization to do this?

That is not illegal at all. Actually my friend was not the bank's customer / lessee, so the bank said the lessee account is reported to CIB and need to get clear. And these agreements in respect of leased cars are illegal.

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[Xulfiqar]

That is not illegal at all. Actually my friend was not the bank's customer / lessee, so the bank said the lessee account is reported to CIB and need to get clear. And these agreements in respect of leased cars are illegal.Sent from my Nokia 3310 using Tapatalk

well, I have a few very high ranking friends in finance and myself also know a little bit of banking, according to SBP and also ISRF-1 you cannot change an account head midway under any circumstances. I would really question the authorization of such act specially a bank trying to piggy back an unsecured loan onto a secured loan without valid reason. I would also like to meet the auditors both internal and external for such a bank.Finally a person maybe a criminal reported to CIB, it does not mean the person's open accounts would be shot down. It means the person has lost credibility with banking specially for unsecured loans. If your statement is correct that is is legal, then a person owes money on a CC account but has paid of his vehicle loan account, the bank will come and confiscate the car against the CC account.. <--- that would not fly no matter if Fidel Castro was running the show.

[Xulfiqar]

hmph - the member 2C is very well versed in these, he needs to be unbanned.

[raza1]

well, I have a few very high ranking friends in finance and myself also know a little bit of banking, according to SBP and also ISRF-1 you cannot change an account head midway under any circumstances. I would really question the authorization of such act specially a bank trying to piggy back an unsecured loan onto a secured loan without valid reason. I would also like to meet the auditors both internal and external for such a bank.Finally a person maybe a criminal reported to CIB, it does not mean the person's open accounts would be shot down. It means the person has lost credibility with banking specially for unsecured loans. If your statement is correct that is is legal, then a person owes money on a CC account but has paid of his vehicle loan account, the bank will come and confiscate the car against the CC account.. <--- that would not fly no matter if Fidel Castro was running the show.

They did not change the account head. The car lease account was there running separately, and his credit card account was running separately. A stranger went to them and asked for documents of car and said HE has paid all the rentals. Bank said who are you, the agreement which you have entered into with our defaulted customer is void. This is the legality if this transaction. Ask your friends about legality of these agreements.

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[Xulfiqar]

well - for sure the bank will only hand over the ownership of the collateral to the lien holder or the hiers of the lien holder if applicable, but a bank can not in any way shape or form declare to even the original lienholder that he/she has an outstanding CC account hence the car cannot be handed.The

[Enigma90]

It Will be Appreciated Bro if You provide me the numbers of Those sellers who willing to sell their Bank Lease car
Thanks

Bro u have disabled ur PM option, so rather thn giving the number here, im giving u the link of an ad, ive seen lots of ads by this guy..number is in the end of ad

Bank leased Toyota VIGO 2012 (4X4), a guide, for sale, as well as the desired car rental 0.0322 to 7,211,335 , neat Fully insured , VIGO 4X4 BLACK , head lights Reem - Karachi - Cars - Used Cars

[RajputMunda]

Bro u have disabled ur PM option, so rather thn giving the number here, im giving u the link of an ad, ive seen lots of ads by this guy..number is in the end of ad

Bank leased Toyota VIGO 2012 (4X4), a guide, for sale, as well as the desired car rental 0.0322 to 7,211,335 , neat Fully insured , VIGO 4X4 BLACK , head lights Reem - Karachi - Cars - Used Cars

@Enigma90
Thanks Bro For Your Interest
I called on that number he says its a Fake add.. He does not have any VIGO..I am trying from my side also..

[RajputMunda]

I just wanted to know guys is there any FORUM here on Pakwheels Platform which guided me more on Selling / Buying BANK LEASED VEHICLES , If yes Then Please Provide me the Link of that Forum..

[RajputMunda]

Bump :)!!!!

[Xulfiqar]

you cannot take ownership of a vehicle with a lien, the previous owner needs to clear it out with the credit agency/bank/modaraba etc.. Do not try to make a deal on a transaction - you will lose your money.

[RajputMunda]

Bump!!!

[RajputMunda]

I want To BUY Bank Leased Honda City / Civic
Please Contact me If You want to sell Bank leased Honda In Karachi