SNB- BANK ALAHLI CAR LEASE TRANSFER

Last activity 23 August 2022 by hafeezomer

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hafeezomerMember21 August 2022 08:57:30

Is there anyone who recently transferred the lease to another person's name.

I would like to transfer but when i went to bank they are providing me details of what the buyer has to pay. It is saying 5% plus 15% vat on the existing price. But after that would they add their interest rate? If they do then the car will be expensive than the new one.

Kindly if someone advise on the complete process.

Thanks.

Veronique Da SilvaTeam21 August 2022 20:00:09

9005

Hi hafeezomer,

Welcome to expat.com!

I hope other members clarify that for you.

Vero

Expat.com team

hafeezomerMember23 August 2022 12:40:54

I went to SNB bank and as usual their system was down and in Jeddah at Al Nakheel center the manager told me that the system may remain down for 3x weeks. However he gave the calculations for buyer in this way.

-The buyer has to pay 15% vat as cash which cannot be included in the price and have to be paid upfront.

This 15% is on the cash value of the car

- The buyer then pay 5% cash deposit if he is SNB customer and 10% if any other bank customer

- The the buyer pay SR.2000 for transfer

Then they will charge their interest on the remaining amount, so if the seller's installment was coming 1000, now for buyer it would be more than 1000.

He also told that they did it to discourage the buyer as with this kind of money the buyer is better off taking a new car.

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