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Kratos
#1 Posted : Friday, October 03, 2014 11:48:45 AM
Rank: Veteran

Joined: 9/19/2011
Posts: 1,694
Any bankers out there who can help? I took a loan to purchase a van but am now rethinking the idea. I want to sell the van midway through the loan repayment. The van is registered under both my name and the bank. Can i legally sell it and give the bank the balance from the sale to clear the loan balance? Your help will be much appreciated, thanks.

“People will believe a big lie sooner than a little one, and if you repeat it frequently enough, people will sooner or later believe it.” ― Walter C. Langer
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kizee1
#2 Posted : Friday, October 03, 2014 2:28:21 PM
Rank: Member

Joined: 9/29/2010
Posts: 679
Location: nairobi
yes you can, for as long as the buyer is not in a hurry to receive the logbook you can
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jerry
#3 Posted : Friday, October 03, 2014 4:10:06 PM
Rank: Elder

Joined: 9/29/2006
Posts: 2,570
Read the early exit clause. You may have to pay the interest for the whole term!
The opposite of courage is not cowardice, it's conformity.
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Kratos
#4 Posted : Friday, October 03, 2014 4:16:52 PM
Rank: Veteran

Joined: 9/19/2011
Posts: 1,694
Thanks @Kizee & Jerry, let me do my math and see the way forward.

“People will believe a big lie sooner than a little one, and if you repeat it frequently enough, people will sooner or later believe it.” ― Walter C. Langer
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kiriita
#5 Posted : Friday, October 03, 2014 4:47:07 PM
Rank: Member

Joined: 4/20/2008
Posts: 437
jerry wrote:
Read the early exit clause. You may have to pay the interest for the whole term!


I believe early repayment penalty is now outlawed under the recent consumer protection law?
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Intelligentsia
#6 Posted : Monday, October 06, 2014 12:53:02 PM
Rank: Elder

Joined: 10/1/2009
Posts: 2,436
kiriita wrote:
jerry wrote:
Read the early exit clause. You may have to pay the interest for the whole term!


I believe early repayment penalty is now outlawed under the recent consumer protection law?


True, the prepayment penalty is no longer in place.
@Kratos, you can sell the van I hope its market value is higher than your loan bal. in which case entire van sale proceeds will be deposited in ur loan account and bal. credited to your a/c or per your instructions.
Hw fast you get your logbook varies from bank-to-bank - wengine ni chap chap, wengine utangonja.
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Bigchick
#7 Posted : Monday, October 06, 2014 8:18:48 PM
Rank: Elder

Joined: 2/8/2013
Posts: 4,068
Location: At Large.
Kratos wrote:
Any bankers out there who can help? I took a loan to purchase a van but am now rethinking the idea. I want to sell the van midway through the loan repayment. The van is registered under both my name and the bank. Can i legally sell it and give the bank the balance from the sale to clear the loan balance? Your help will be much appreciated, thanks.


Go to the bank with the buyer.

Get an undertaking from the bank for release of log book to the new buyer upon full settlement of the loan balance.

It should not take more than 24 hours to release logbook after loan repayment.

And yes hakuna penalty ya early repayment.
Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
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Kratos
#8 Posted : Monday, October 06, 2014 8:58:12 PM
Rank: Veteran

Joined: 9/19/2011
Posts: 1,694
Thanks @Intelligentsia & Bigchick.

“People will believe a big lie sooner than a little one, and if you repeat it frequently enough, people will sooner or later believe it.” ― Walter C. Langer
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westkate
#9 Posted : Tuesday, October 07, 2014 9:49:35 AM
Rank: Member

Joined: 5/3/2014
Posts: 133
Location: nairobi
Am also wondering if there is any bank of finance institution that can finance a residential plot worthy 4 million.at the best rates .
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mawinder
#10 Posted : Tuesday, October 07, 2014 10:07:16 AM
Rank: Elder

Joined: 4/30/2008
Posts: 6,029
westkate wrote:
Am also wondering if there is any bank of finance institution that can finance a residential plot worthy 4 million.at the best rates .

COOP bank, Savings and Loans a subsidiary of KCB, HFCK, KCB.Talk to all of them and pick the one with the best rate.
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