Selling A Car With A Lease

[luckey007]

thank you much for the replies everyone. i have resorted to keeping the car than thinking of crazy ideas to get rid of the burden. i think they probably states in the terms and conditions that the car can not be sold to another party without settling off the 5 year commitment. this is the biggest problem when we dont properly read the terms and conditions. they can screw us over. sucks for me. but thanks for you time.

Still you can go to the courts and challenge those terms and conditions.If those terms are unlawful you can get rid of them. Because the law is accepted that in these incidents both parties are not equal and one party can suppress the other party with their power and can lead for an unfavorable and unethical agreements.I again recommend you to meet a good lawyer.

[xax]

You can transfer all of your rights and liabilities regarding the car by the doc called the "power of attorney" and it seems you are safe even in the courts. I have seen this type of docs. Visit a lawyer and discuss the possibilities.

well i was in the same fix with my first car when i wanted to sell it pre-maturely. i ended up transferring the ownership with a 'power of attorny'. however legal it is, it's still not sure what happens if the current owner defaults the payments. i'll try to send you a copy of the power of attorny contract we had but i need to see where i put it first.

personally though, i wouldnt recommend this method since it's risky.

[Watchman]

well i was in the same fix with my first car when i wanted to sell it pre-maturely. i ended up transferring the ownership with a 'power of attorny'. however legal it is, it's still not sure what happens if the current owner defaults the payments. i'll try to send you a copy of the power of attorny contract we had but i need to see where i put it first.

personally though, i wouldnt recommend this method since it's risky.

From my exposure to law, I dont think a PoA is applicable. The owner of the car is still the finance company. You may want to 'handover' all your rights and liabilities related to the car to a 3rd party but still the car's OWNER would have to agree.

[Sylvi]

Members,

I was for long time with LOLC then on the request of the manger of Com bank I went to them my first Lease with Com Bank I settled 1 year before the Lease period. I did not get any reduction.

The Vehicle I use now again I went to Com Bank. They take long time to process papers It was more than 10 days finally I wanted to get my papers back as CF promised to give the Lease in Four hours when I contacted them for their paper advertisement only wanted three bank statements and the copies of my immovable property.

So I went to my Com Bank branch wanted the Invoice which A*W gave me even that they were delaying more than 15 minutes. Then I got up and said bit loud give my Invoice back Manager over heard this called the officer Very lethargic lady who was handling the papers got the senior assistant manger to give me the delivery order in three hours.

Com Bank is the leading bank for more than a decade.My opinion about Com Bank is very slow in giving vehicle Lease.

Sylvi Wijesinghe.

Edited June 19, 2011 by Sylvi

[forever_benz]

watchman is right. even if a POA is signed, the owner of the car, in this circumstance, commercial bank would have to agree. but if the person you decide to hand over the vehicle after the signing the POA, defaults the payments, it is the original lessee who will be liable for any damages and payments. commercial bank has made me regretted banking with them. should have known better. my father doesnt want to take any unnecessary risks, and he doesnt mind making payments to keep the car. in the meantime, i get short term rental requests from people i know.

[rajithsoza]

Sorry for the ignorance but I've just bought a vehicle on lease three months ago. Does this mean I can't sell it? I want to make use of the money to buy another car or transfer the lease to purchase another car. The lvehicle's cost was 2.6 million. Any good leasing companies you guys recommend for purchasing a car for around 5 million. With a monthly lease of 30,000? It just needs to be at that price till November. Feeling utterly lost as I really don't like the car (it's a swift), can anyone provide me with some advice.

[forever_benz]

Sorry for the ignorance but I've just bought a vehicle on lease three months ago. Does this mean I can't sell it? I want to make use of the money to buy another car or transfer the lease to purchase another car. The lvehicle's cost was 2.6 million. Any good leasing companies you guys recommend for purchasing a car for around 5 million. With a monthly lease of 30,000? It just needs to be at that price till November. Feeling utterly lost as I really don't like the car (it's a swift), can anyone provide me with some advice.

if your lease was obtained from commercial bank, you probably cant transfer the lease. cz my lease was from com bank too. banks are not flexible with vehicle leasing. you would have been better off obtaining a lease from a finance company. i'm not sure which one is the best. you should probably consult somebody before you do anything. but NTB is being very customer oriented and flexible. talk to this guy if you want. his name is Roshan and he works at the NTB navam mawatha as the lending officer. 0714298557

[rajithsoza]

Thanks for the advice

[forever_benz]

hi all,

sorry to reawaken this thread. but i need to consult your experiences and advises again. the axio is still with me, convinced that i cant sell it with a lease. but here's the new deal. i've contacted a car sale guy who agreed for an asset change on the lease. which means he will be buying the axio off me, while the lease which was originally scheduled to the axio would be rescheduled to the car that i'm looking at right now. its a mercedes benz W210 .so the difference would be 1.2 mil which i will have to obtain another loan for from another bank. the existing lease would be paid for like it was set up initially. just that the W210 would replace my axio. he says that it is possible in any bank. but few months ago i contacted com bank about an asset change, and they refused. what do you guys think? is this possible? is there anyone who has gone through an asset change with com bank? i mean, they just have to agree to this right? although people obtain 5 year leases, what if they get fed up of the car after sometime? what if the car encounters a really bad mechanical issue that makes the owner not want it anymore? there has gotta be a way around it, right? i would really really appreciate your replies guys. thanks in advance.

[harshansenadhir]

hi all,

sorry to reawaken this thread. but i need to consult your experiences and advises again. the axio is still with me, convinced that i cant sell it with a lease. but here's the new deal. i've contacted a car sale guy who agreed for an asset change on the lease. which means he will be buying the axio off me, while the lease which was originally scheduled to the axio would be rescheduled to the car that i'm looking at right now. its a mercedes benz W210 .so the difference would be 1.2 mil which i will have to obtain another loan for from another bank. the existing lease would be paid for like it was set up initially. just that the W210 would replace my axio. he says that it is possible in any bank. but few months ago i contacted com bank about an asset change, and they refused. what do you guys think? is this possible? is there anyone who has gone through an asset change with com bank? i mean, they just have to agree to this right? although people obtain 5 year leases, what if they get fed up of the car after sometime? what if the car encounters a really bad mechanical issue that makes the owner not want it anymore? there has gotta be a way around it, right? i would really really appreciate your replies guys. thanks in advance.

Asset change is possible and even you should be able to reschedule for the new amount. Classic example is warranty return of a vehicle with a lease.