Returning a financed car

Hi, Isn't it better if you try transfer your car to someone willing to complete the lease program.

Hi, apparently it comes out more expensive for the new buyer this way, because the bank effectively re-sells the car to them and they are required to pay 15% up-front and get only a tenor comprising of the remaining instalments in which to pay the 'new' price...

tykhan wrote:

Hi, apparently it comes out more expensive for the new buyer this way, because the bank effectively re-sells the car to them and they are required to pay 15% up-front and get only a tenor comprising of the remaining instalments in which to pay the 'new' price...

That's messed up...have you tried going to their office opposite Saudia City ?

the car was financed with anb and this is what they told me....

it is messed up alright...

what are the details of the car? how long u have been using it? and how much u have been paying?

I have had it for almost 11 months and the monthly instalment is SAR 4135.

you are messed up and confusing.

tykhan wrote:

the car was financed with anb and this is what they told me....

it is messed up alright...

i'm confused you said first it was NCB......."Does anyone know what the procedure is to return a car to the bank you financed it from in case you don't want it anymore?The bank in my case is NCB."

ANB or NCB? with out having to go to the bank you can do this. sell the car, issue a letter of driv authority for the buyer, but no transfer of ownership yet until the full payment. buyer will pay monthly the remaining balance or he do full payment on the balance to the bank. you sell it less for about 15k riyals.

sorry, it is anb. my mistake...

Isnt it better if you post the name and year of your car and perhaps you will get a buyer here. Are you  just enquiring randomly.

if the car is leased don't think he can sell it ..

hamudi wrote:

if the car is leased don't think he can sell it ..

Yes you are correct, what I mean is to transfer his car lease to someone else that person will take ownership after the last payment. Better than returning the car.

this is an old topic. but for other person's info
if you want to return a financed vehicle, you have some options
you can transfer leasing to other person, bank will make re-calculation with new buyer.
you can sale your vehicle on total price to someone. take money and give to bank, bank will transfer that vehicle to that person.
if you return your vehicle to bank, they will ask you to deposit some money with vehicle to bank.

Can Anyone help me one my issue, I bought a car with SNB with 50% initial payment and balance after 03 years, and I am paying insurance during the all 3 years, can I return the car to Bank and what will be the cost ? will the refund my 50% payment? I want to return the car because dealer Agent AutoZone made a mess by giving me the wrong vehicle trim. I ordered full option but they have processed next level from full option which is lacking some features which I was expecting in Full option.

If I return the car what would be the cost? will they refund my cash in full (50% paid)

I don't think you understand how car loans work.   You are liable to pay the loans despite whatever happens to the car i.e. if it is a wrong trim or if it is totaled in an accident (insurance will pay bank) etc.  There is NO refund and you can't return the car to the bank. 

You can sell the car to someone else and settle the loan with the bank.