1/31/2017

What should I do if I want to transfer my contract to another person?

There might be a time that you would wish to transfer your auto financing to your friend and let him continue it so he could benefit from what you have already invested. Now you have come up with the question on how to do this. The steps below will provide you an overview:

First of all, you need to visit the Abdul Latif Jameel Finance branch where you availed your auto-financing. The Credit Officer will discuss with you the procedure on how to transfer your account. He will determine the proper treatment according to the stage of your auto financing. It is recommended that you show up with the new user (your friend) so you both can be informed at the same time about each other’s responsibility in the transfer.

An advantage of transferring your auto financing account is that it may allow you (but not in all cases) to recover some of your funds from what you have paid in your deal with your friend.

Secondly, to implement the transfer, a form needs to be signed by both of you indicating that you would like to transfer the contract to your friend and that he/she accepts it. Both parties need to satisfy the transfer conditions.

Thirdly, your friend will be required to prepare and submit required documents as a new account will be created. Remember, that the car user name needs to be changed. Based upon his capacity to pay, the payment terms will be determined.

Lastly, you will get a clearance for your future reference.

Join ALJUF Club

Receive news and benefits granted only to our Mailing List.