Leasing payers rally against unlawful vehicle seizures

Adwani Friday, 31 January 2025 05:09 PM

Seizures of Vehicle is not unlawful, failure to settle the Installments in time is unlawful. If the seizures of vehicle becomes unlawful, than leasing of vehicles will constitute an illegal deal between the lessor and client. Many clients just simply try to use the vehicle without taking care about the lease installments.

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Kumar Friday, 31 January 2025 05:10 PM

Better to change the name to Association of Leasing and Debt Defaulters

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Just Another Citizen Friday, 31 January 2025 06:29 PM

So they want the financial companies, banks, etc to give them the vehicles for free? Stop blaming the system and pay on time or deal with the consequences.

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Yohan Friday, 31 January 2025 06:46 PM

People should learn a lesson. Avoid loans and leases as much as possible. Live within your earning limits. Issue with most middle to lower class Sri Lankans is that they want to show off to relatives, friends and neighbors and end up with massive debts where majority fails to settle leasing installments. If some one really wants to get a vehicle on lease, make sure to pay with cash at least 80 percent. Then you have to get only 20 percent via lease. That also should be within your earning limits. Say at least make sure you have cash for 6 more installments. This way less chance that you will end up like the people shouting here. No one can save you once you end up in this situation as vehicle is a property of leasing company until you full pay.

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Next rapists will complain about unlawful judges Friday, 31 January 2025 07:52 PM

Leasing company has everything to lose if it does anything unlawful. These people are clearly those who refuse to pay or cannot pay monthly payments and unhappy when they can't have lease vehicles for fee, when the they themselves behave unlawfully and cannot get away with it.

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P Kunchithapathan Saturday, 01 February 2025 02:32 AM

The nation's banks and leasing companies are flourishing by extending credit for vehicle purchases. Their marketing divisions adeptly highlight the allure of these automobiles, enticing customers into a relentless financial cycle. As the CEO of a prominent Taiwanese bank astutely observed, "In Sri Lanka, banks appear more preoccupied with vehicle leasing than with fostering the capital market, which could, in turn, invigorate the national economy through enhanced productivity. Financial institutions ought to shift their focus towards promoting large-scale solar farms and supporting small and medium enterprises. Governments, too, bear responsibility for their failure to develop an advanced public transportation system, thereby compelling citizens to indulge in an automobile-buying frenzy, burdened by exorbitant interest payments."

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Mahila Saturday, 01 February 2025 06:44 AM

"Leasing payers rally against unlawful vehicle seizures"??? Could anyone of those protesting kindly explain, "WHAT PART OF THE POLICE or LEASING COMPANY ACTION IS ILLEGAL"???? Is it (('ILLEGAL'), enabling vehicle for USE by Lessee by "Leasing Company" (LC), after LC paying in FULL, the MOTOR DEALER, based on 1. Verification of information provided by 'APPLICANTS – Income and expenditure, Tax Returns (if provided)'!? Any changes in the circumstances of such details notified forthwith to ‘LC’ by Lessee!!?? 2. Or Lease payments AGREED amounts not being paid by Lessee on “Scheduled DATES” as agreed and ‘SIGNED OFF’ in the contract before vehicle release!!?? Which ONE? Your EXCLUSIVE CHOICE of “KAPATIKAMA”?????

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What happened to the KOTA UDA game? Saturday, 01 February 2025 08:02 AM

There was a time, when repayment of instalment is due, the vehicle users remove all four wheels of the vehicle and put the vehicle on wooden logs. They call it "KOTA UDA". So that the vehicle cannot be seized. What happened to the KOTA UDA game?

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Adwani Saturday, 01 February 2025 10:24 AM

@Sokrates - By the time you go to courts to get the necessary legal order the vehicle will be further depreciated and worn out. Already legally both the parties have agreement, but the client always fail to return the vehicle officialy despite having the financial constriants.

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Dr. Dee esquire Saturday, 01 February 2025 10:39 AM

They should only finance customers who can pay atleast 40% down. Full leasing should be stopped. If one cannot pay leasing on a full lease scheme, they have zero financial responsibility. Also it makes less business sense as the higher interest cost will eat into margins, hence the default. Especially in rural areas and for vehicles, they take on a full leasing paying 3 installments down, hack the vehicle for two seasons, make good money and leave it be seized due to non payment, the leasing company is left with a vehicle with scrap value!

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thilak Saturday, 01 February 2025 04:07 PM

In a lease the ownership of the vehicle remains with the leasing company. If the lessee cannot make the monthly lease payments then he/she should return the vehicle to the leasing compamy. If not the leasing company can seize the vehicle.

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THE BANKS AND OR LEASING COMPANIES NEED TO GET A COURT ORDER AND SEIZE THE VEHICLES END OF STORY. Saturday, 01 February 2025 05:57 PM

WHY ARE SOME OF THESE PROTESTORS HIDING THEIR FACES, GUESS THEY ARE TOO ASHAMED TO BE IDENTIFIED AND OR MAYBE STOOGES WHO HAVE PURCHASED A VEHICLE ON BEHALF OF A CORRUPT POLITICIAN OR ONE OF HIS STOOGES. SOME OF THEM DO NOT LOOK AS THOUGH THEY CAN EVEN AFFORD TO PURCHASE A VEHICLE AND PROBABLY JOBLESS.

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