The conditions for transferring ownership of a rental car ending with private ownership are set, when you want to rent one of the types of cars that the customer wants, and this is in order to guarantee the rights of the contracting parties to the contract. Banknet website will provide all the details of this service and the conditions specified by the bank in this article.
Conditions for transferring ownership of a rental car ending with private ownership
The conditions issued by the bank for the transfer of ownership of the rented car can be specified as follows:
- The customer is obligated to pay all the installments that were agreed upon with the responsible bank and it is stipulated that they be paid at the specified and agreed time.
- Record all the installments that the customer has paid in the places designated for them.
- The rent amount agreed upon in the contract is not reduced by one of the parties.
- A solution must be found by both parties that is acceptable in the event of delay in paying the installments on time
- Agreed upon but must not be overdue for a large number of installments.
- The bank has the right to obtain the car and to terminate the terms agreed upon in the contract, if it does not commit to paying on the agreed-upon time.
- An agreement is reached between the two parties about the reason for the customer renting the desired car. Therefore, the customer is the one who bears full responsibility in the event of any damage to the car.
- The hired customer is responsible for paying the fees for operational maintenance.
- The lessee is not entitled to give the car to any person without informing the bank or institution responsible for it, while the bank or company has the right to give the car or sell it to any other party without informing the lessee.
- The bank has the right to get the car if the terms agreed in the contract are not complied with.
- The customer must pay all the signed installments when he wants to own the car.
- It is required to pay an amount of money, which is an investment compensation to the bank, and this amount matches the financial value of three installments of the rental price.
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Conditions for rescinding the contract and returning the car to the bank
The renting customer can terminate the contract and return the car to the bank, by:
- Pay the fees specified for the termination of the contract and the fees for returning the car to the bank.
- Pay the amount payable for traffic violations, which is the fine.
- Pay the required amount as a result of using the car, and the bank calculates it based on the number of kilometers the cars have been used for.
- Pay the specified amount of the monthly installments so that the customer can extract the car return form.
Procedures for transferring ownership of a rent-to-own car
The bank determines some of the procedures that must be followed when wanting to transfer the ownership of a lease-to-own car, through these steps:
- The customer who applied for renting the car must pay the value of the installments that were agreed upon with the responsible authority.
- The customer applies for the transfer of ownership to the authority responsible for this, and he can do this by going to one of the bank’s branches or entering the bank’s website.
- Pay the fees for the full ownership transfer service, then contact the customer within 5 days to announce the bank’s opinion regarding the application submitted for approval.
- The renter applies for a backup copy of the car key, and then the bank sends the key to the renter.
Procedures followed to return the car to the bank and terminate the contract
If you want to cancel the contract and return the car to the bank, the customer must do the following:
- Going to one of the bank’s branches and submitting the contract termination document and returning the car to the bank.
- Fill out the required data in the form for the request to return the car to the bank, which includes the data of both the renter and the car.
- The reason for applying must be specified.
- The customer will be contacted within 48 hours from the date of submitting the request.
- The bank sends an employee to one of the car showrooms located near the customer’s residence in order to:
- Determine the financial division of the vehicle that he wishes to acquire.
- Determine the difference amount and agree on how to pay it.
- Payment can be made in cash to the bank or in installments over a period not exceeding 6 months.
Documents Required for Transferring Ownership of a Rent-to-Own Car
The bank specifies some documents for customers wishing to transfer the ownership of a lease-to-own car, which include the following:
- Request Form 215.
- Documents to clarify the personal identity of the client.
- Documents related to the transfer of vehicle ownership to the customer who wants to do so through the responsible authority.
- Preparing documents for all of the following:
- Technical Inspection.
- Environmental examination.
- Extinguisher life.
- The car license, the customer gets:
- The certificate that includes the information from the bank.
- The certificate of releasing the party in relation to traffic violations from the responsible authority.
The importance of a lease-to-own car
The importance of signing this contract is:
- Preserving the rights of the parties who signed the contract.
- The lease agreement includes all the information about the parties in detail.
- The contract contains all data related to the rented car.
- The contract contains all the data on the insurance period, the value of the installments to be paid, and the method of payment.
General Traffic Department procedures for transferring ownership of a rental car
The customer implements these steps at the General Traffic Department when going to transfer the ownership of a rental car with ownership, which are:
- Preparing all documents that have been previously announced.
- New license plates that include the new numbers must be placed in place of the old plates.
- The customer obtains the car license after completing the following:
- Good vehicle inspection.
- Car license renewal.
What are the procedures taken against the tenant in the event of late payment of installments
The bank takes some measures against the lessee when the installments are late, which are:
- The bank communicates with the customer over a period of 15 days when the payment is late.
- The bank specifies for the renter a period of no more than 5 days for the payment during which, even if the bank is not entitled to take the car from the renter.
- The bank specifies for the renter an additional period for payment of 30 days in order to be able to pay and retrieve the car.
After reviewing the terms of transferring ownership of a rental car ending with private ownership, we see that the bank was able to provide this service to help customers own the cars they want, or just rent them while adhering to the terms that have been contracted, so that they can benefit from them.
Source: موجز مصر by www.mogazmasr.com.
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