Vehicle Leasing Process

[chew]

Hi Friends,

Last week I sold my car to a buyer and he was planning to buy my car via a leasing of CDB. According to the CDB process I had to submit car book and other transfer documents to the Bank so that they can transfer the vehicle to them. Then only they release money to the seller. Still I am waiting until they transfer money to me. Is this the standard process of buying a car via a lease??? Can we trust this process because now I don't have a car and money both..

Thanks

[Quiet]

When you hand over the vehicle documents to the financial institution you get an document called the delivery order/ purchase order, which basically says that you will be paid once vehicle is accepted by the buyer in good condition which implicitly include the transfer of the ownership of vehicle to new owner and the absolute ownership.

So if you have received a valid delivery order you are ok. However even then all financial institutions now do the transfer within one working day and make the payment within two to three working days. If it has taken longer than that i suggest you check with them. Since its CDB, a finance company i suggest you check with some one responsible as those buggers in branches are not trustworthy like in Banks.

[jayanathkarunarathna]

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Edited May 9, 2016 by jayanathkarunarathna

[chew]

Thanks Bro.

[MNI]

When did you handed over the documents ? And did you check whether they have put for transfer. Normally they a leasing company or bank should release the cheque on the same evening on the day they put for transfer.So you better check with them whether they have put for transfer and if so demand for the cheque Some places drag the thing where I had a bad experience with Soft..... finance when I sold my car in 2012

[Crosswind]

Did you agree to a normal transfer? If so, it will take 21 days and the finance company can drag it on to 21 days if they wish. They almost always go for one-day transfer though.

[TheClutch]

Its a standard process, but almost all the finance co/ banks do one day transfer and pay the money to seller, but if you feel it is unsafe ..you can do the transfer at RMV and register the mortgage/absolute ownership in favour of the bank/finance co then claim the money. but that will eat your one whole day at RMV as these transactions feed lot of buggers in RMV officially & unofficially.. just compare the charges the banks takes for transfers with normal charges..almost 60% -70% more than usual charges...last thing you can do is that you keep the car with you until you receive the full payment, but to receive the payment from bank the borrower/ buyer has to confirm the bank that he has received the vehicle in good condition.. but if you have a car everyone wants..he will confirm... its a simple bargaining power.