Selling a car with a loan from an Islamic Bank
Hi,
I would like to sell my car. The issue is that I bought it with a loan from the QIB and it is therefore not my property and is registered under the name of QIB. Is there a way I can sell it without having to pay myself the remaining og the loan cash? Any other ideas/options?
Thanks @zackm. I am afraid I cannot change the Istimara because the car is registered in the name of the bank. So I might need to bring the buyer to the bank with me, pay the remaining, clear out the loan and get the car in my name, and then go together to register it under his name.
You need to clear your loan first, if you can't then talk to your bank how to clear it. The buyer of your car may need to go to the bank with you after you change the istimara to the buyer's name. But get all the facts from the bank first before you exchange the istimara. Most likely the price you get for the car will cover most of the loan, but not all, so be sure that you can also cover the remaining of the loan after you sell your car.
No it is a VW Passat
http://www.qatarliving.com/vehicles/carsedan/advert/vw-passat-2012-low-mileage-65000qar
is it corolla