Transfer of Car Loan
#1
Just Joined
Thread Starter
Joined: Mar 2009
Location: Sharjah
Posts: 3
Transfer of Car Loan
Hi,
I hope someone can help us with this dilemma!
There is a good chance my partner (we are not married) will be made redundant at the end of this month and will consequently lose her work visa and residency. As a British passport holder she will have no problem remaining in Dubai (with the odd visa run required), our problem is her car.
I can pay the car loan (HSBC), but with no residency she won't be able to re-register the vehicle when it is due in May. Does anyone know if it is possible to transfer a car loan from one person to another in the UAE?
Is there any other way around it?
Cheers
Steve Bradley
I hope someone can help us with this dilemma!
There is a good chance my partner (we are not married) will be made redundant at the end of this month and will consequently lose her work visa and residency. As a British passport holder she will have no problem remaining in Dubai (with the odd visa run required), our problem is her car.
I can pay the car loan (HSBC), but with no residency she won't be able to re-register the vehicle when it is due in May. Does anyone know if it is possible to transfer a car loan from one person to another in the UAE?
Is there any other way around it?
Cheers
Steve Bradley
#2
Re: Transfer of Car Loan
Hi,
I hope someone can help us with this dilemma!
There is a good chance my partner (we are not married) will be made redundant at the end of this month and will consequently lose her work visa and residency. As a British passport holder she will have no problem remaining in Dubai (with the odd visa run required), our problem is her car.
I can pay the car loan (HSBC), but with no residency she won't be able to re-register the vehicle when it is due in May. Does anyone know if it is possible to transfer a car loan from one person to another in the UAE?
Is there any other way around it?
Cheers
Steve Bradley
I hope someone can help us with this dilemma!
There is a good chance my partner (we are not married) will be made redundant at the end of this month and will consequently lose her work visa and residency. As a British passport holder she will have no problem remaining in Dubai (with the odd visa run required), our problem is her car.
I can pay the car loan (HSBC), but with no residency she won't be able to re-register the vehicle when it is due in May. Does anyone know if it is possible to transfer a car loan from one person to another in the UAE?
Is there any other way around it?
Cheers
Steve Bradley
#3
Just Joined
Thread Starter
Joined: Mar 2009
Location: Sharjah
Posts: 3
Re: Transfer of Car Loan
Thanks BlueCat!
We thought about that but were worried that the registration process actually checks the validity of the residency and would show cancellation!!
Has anybody actually done this before?
Cheers
We thought about that but were worried that the registration process actually checks the validity of the residency and would show cancellation!!
Has anybody actually done this before?
Cheers
#4
Re: Transfer of Car Loan
Have heard of quite a few people (before the crunch..) who, when they sold their cars, simply transferred the loan and re-registered it in the new persons names. Dont see a problem, especially when you tell them she has lost her job. They'll be relieved as heel that it wont be collecting sand at the airport...
#5
BE Enthusiast
Joined: Jun 2008
Posts: 788
Re: Transfer of Car Loan
Have heard of quite a few people (before the crunch..) who, when they sold their cars, simply transferred the loan and re-registered it in the new persons names. Dont see a problem, especially when you tell them she has lost her job. They'll be relieved as heel that it wont be collecting sand at the airport...
#9
Just Joined
Thread Starter
Joined: Mar 2009
Location: Sharjah
Posts: 3
Re: Transfer of Car Loan
Hi Guys,
Thanks for all this!
I think officially transferring the loan to me and then re-registering in my name sounds the obvious and best option.
Thanks for the help!
Cheers
Thanks for all this!
I think officially transferring the loan to me and then re-registering in my name sounds the obvious and best option.
Thanks for the help!
Cheers
#10
Lost in BE Cyberspace
Joined: May 2008
Posts: 5,125
Re: Transfer of Car Loan
only if they fit the banks lending criteria, as that has been changed a lot in the last few months. hence why some cars are sold then not sold, because people cannot get or take over the loan payments etc depending on who you work for etc.
#11
Re: Transfer of Car Loan
Er I dont think you need to reregister the car on time.... i know a lot of people who have left their reregistration till 6 months+ past its due date.
#12
Re: Transfer of Car Loan
Any time, Steve....