I have a loaned a car from Standard Chartered which is still for payment for 3.5 years. With the time I have now, it is impossible to have somebody bought it at the remaining price. is it fine to just go to the bank and surrender the car?
You can transfer the ownership to new person who is ready to buy your car with remaining loan amount (continue) there are lot of car agents/sellers doing the samein Industrial area, but you will not get any money.
U should be able to go to the bank and surrendor ur car.
Bank will do either of the two.
1) Get the car evaluated, ask you to pay the balance. Bank will surely charge a big chunk of its remaining interest over the loan duration as well. You can reduce this interest if you can prove that you have been laid off from ur job.
2) Bank will auction the car and u will pay the balance amount.
Its ideal if u can find someone who is ready to buy the car and just transfer the loan on his/her name. Or u can sell it urself and pay to the bank (offcourse u have to add some extra cash of ur own)
The bank doesn't want your car it wants your money plus interest. Talk to your bank and come up with a plan otherwise they may delayed your exit from Qatar.....
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You can transfer the ownership to new person who is ready to buy your car with remaining loan amount (continue) there are lot of car agents/sellers doing the samein Industrial area, but you will not get any money.
member you DID NOT loan the car from the bank. You got money from the bank and you need to pay interest on this loan you took
You cannot sell the car by yourself unless you finish the loan terms, The car is still under the bank's name.
Better option as you stated is to find someone whose willing to continue the loan terms & transfer the loan to his account!
U should be able to go to the bank and surrendor ur car.
Bank will do either of the two.
1) Get the car evaluated, ask you to pay the balance. Bank will surely charge a big chunk of its remaining interest over the loan duration as well. You can reduce this interest if you can prove that you have been laid off from ur job.
2) Bank will auction the car and u will pay the balance amount.
Its ideal if u can find someone who is ready to buy the car and just transfer the loan on his/her name. Or u can sell it urself and pay to the bank (offcourse u have to add some extra cash of ur own)
I hope something works out for u soon.
The bank doesn't want your car it wants your money plus interest. Talk to your bank and come up with a plan otherwise they may delayed your exit from Qatar.....
what kind of cars do u have maybe some one is intrested to continue the loan ad it here best way
wake up.. banks deal with $$$ not cars
what are you thinking
you want to get rid of your car, sell it and bring $$$ to the bank
Go and talk to your bank..... there would be a solution with the bank........... best of luck