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Car Loan From ANB- Final Payment Due - Car Taken by ANB

Hi All,

I have taken Renault Flueance back in 2012 from Gulf Advantage Riyadh  through ANB Car Leasing Finance, I have cleared all my payments in the last 5 years only final payment was due (overdue for 7/8 Days) car has been taken by ANB Recovery and collections department  without informing or giving any official notification.

When approached ANB Collections Office at Olaya Road branch they asked me to apply for a loan for the remaining Final balance, When I did that they have sent me aa sms message stating application awaits approval which will take approx. 10 business days or more

My car is under their possession and they refused to return until they have a conclusion or approval from their management.
Please advise what could be the best solution to obtain the car and what's the process for such an issue.

7-8 days delay on final payment only and the car got picked up by recovery team???

That's really strange. Have heard this for the first time from any part of the world. There must be more hidden issues /facts for their action.

I am surprised too, I have the receipt of payment which I made last month, my due date was 5th of every month and they took my car on the 12 of this month - Strange

You should file an official complain with the bank, asking for immediate return back of the car and demanding explanation.

They have no right to take your car away without notifying you. Take all proof of payment and complain to following:-
a) ministry of commerce and industry
b) Police

My Office recommends me the same I don't want any hassles henceforth I was looking for an easy way and other options before lodging a complain against the Bank.

If you are not going to take some legal action now, I will not be surprised if you will face worse situation later on.

You have to understand, that the car wasn't given to you free or with favors to you. It's business and they are getting profit over the money they paid to /for you.

Let me assume that you have a bubble payment that is equal to your one year of installment. So considering that you have 72 months of equal payments to return back the loan with profit and you have already paid 59 months of payment at the time your car was taken. It means that they have taken one asset of which you are financially owner of 82%.

Imran Khan143 :

My Office recommends me the same I don't want any hassles henceforth I was looking for an easy way and other options before lodging a complain against the Bank.

Judging from your profile picture, I believe you have enough experience to know that there is no easy way to get things back. Specially for something taken away from you.

Thanks for the advise folks !!

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