Flower321

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EW NEWBIE

Latest post on 13 October 2016 - 12:54

Hello, I need some urgent advice. I have a car loan (a balloon agreement) which means that I took out a car loan for 2 years with the bank which meant that I paid monthly installments to the bank and at the end of the 2 years the car showroom would buy the car back from me so that the remaining balance for the car would be guaranteed to be paid to the bank. The bank took a security cheque for the balance in case I defaulted on any of the installment payments. Now, I lost my job and haven’t paid the installments for 4 months. The balloon agreement has now come to an end and the car showroom are giving me less for the car as I missed one service for the car. The debt collection team at the bank have been after me for months as I have also exceeded the limit on my credit card. With regards to the car, the collections team want to take the car from me and sell it at auction for any price they can get. The car showroom, due to the balloon agreement are offering me a much better price than the car would fetch at auction. The problem is that the bank won’t let me sell the car back to the showroom because: The full price has to be paid for the car – as I missed 4 installment payments and the showroom are offering me less for the car than originally agreed there is a difference of 15,000 AED. I have however asked the bank to hold me liable for this difference but they’re refused. I owe on my credit card. The bank have also said that they’ve filed a police case against me, which they’ve been saying for the past few weeks. My question is this, what is my option? I don’t want to sell the car at auction but yet the bank won’t let me sell it to the showroom. Any advice would be appreciated. Thank you.

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Flower321

Posts

EW NEWBIE

Latest post on 06 April 2016 - 19:22

Hi, Are you looking to set up a new ladies salon in Deira? I know someone who works for a Business consultancy in JLT, perhaps they can help you. They're called Alpha Business Consultancy DMCC.

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