How to sell a bank owned car ?

Ask any questions regarding Autodealer.ae and how it works! If you have any Comments please feel free to share them here.

Moderator: azi malik

  • Share

How to sell a bank owned car ?

Postby Khayyal on Sun Oct 14, 2012 3:13 pm

Am selling currently my Jeep which is owned by the bank. What is the process if I wish to sell the car and have a buyer ? Unfortunately I cannot pay the remaining amount so would need to use the buyers cash. Thanks for helping.
Khayyal
Newbie
Newbie
 
Posts: 2
Joined: Sun Oct 14, 2012 3:10 pm
My Ride: I don't know what I ride
My Profession: MD
My Dream Ride: Porsche 911

  • Share

Re: How to sell a bank owned car ?

Postby root on Sun Oct 14, 2012 10:32 pm

You'll need to talk with your bank, as you cannot sell it before you've settled the mortgage! Your buyer might want to take over your loan if s/he qualifies by the bank to get a loan. Or you'll need to get it settled through some bridge loan which the bank should be able to arrange.

Hence, in short, talk with your bank :)
Come and discuss at the most lively forums about Cars, Bikes, 4x4s...at http://www.autodealer.ae at the Autodealer UAE Forums.
User avatar
root
Site Admin
Site Admin
 
Posts: 3637
Joined: Tue Aug 02, 2005 1:45 am
Location: Dubai
My Ride: VW Touareg V8 2005
My Profession: Car Enthusiast
My Dream Ride: This month: Nissan GT-R

  • Share

Re: How to sell a bank owned car ?

Postby Brembo on Mon Oct 15, 2012 7:42 pm

you will have to settle the loan with bank first. for that you need to find a buyer who will trust you enough to hand over xxxxx aed. once loan settle with bank they will give a letter which you can take to rta and transfer ownership to new buyer.
all this cannot be done in a day as the bank will take their normal processing time which could be anything from 2-4working days. kinda sucks but thats how it is.
User avatar
Brembo
Street Racer
Street Racer
 
Posts: 630
Joined: Sun Mar 04, 2007 7:43 pm
My Ride: riced up honda civic
My Profession: delivery boy
My Dream Ride: toyota corolla white

  • Share

Re: How to sell a bank owned car ?

Postby Khayyal on Mon Oct 15, 2012 8:21 pm

Thanks Brembo.
Khayyal
Newbie
Newbie
 
Posts: 2
Joined: Sun Oct 14, 2012 3:10 pm
My Ride: I don't know what I ride
My Profession: MD
My Dream Ride: Porsche 911


Return to Questions or Comments about Autodealer.ae

Who is online

Users browsing this forum: Majestic-12 [Bot] and 7 guests

cron