What should I do if I want to sell the car before the lease ends? | Ask Banky

Editor-in-Chief Mohamed Salah

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Editor-in-Chief Mohamed Salah

What should I do if I want to sell the car before the lease ends?

Asked by Banky team 2 months ago
Banky team Reviewed editorial answer

You can't treat it as your fully owned vehicle if the bank still holds the title.

Steps

  1. First, ask the bank for the settlement amount and the mechanism for terminating the lease or transferring ownership.

  2. Then, find out if selling to a third party is possible and how.

  3. Making an agreement with a buyer before knowing the ownership status could create a commitment you can't fulfill.

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