Well said :k:
What if the Khoti died while in the lease, would that be covered under warranty or was that “wear and tear”. 14.8% is an awful lot, can I bargain it to 10% and cover the rest by offering a herd of goats. Then again Arabian Horse… Arabian Khota so I guess the 14.8% is for lineage.
[QUOTE]
*Originally posted by rehman1: *
Assalam Aleekum
What happens If you miss a payment.
take care
[/QUOTE]
I think most of such leasing companies have some defined penalty but I don't think it changes your monthly payment.
Antibol : Before I purchased the vehicle, I consulted with an aalim about the 0 percent. Also, I "jewed" down the sales person for about 4k off the sticker. The final amount divided by the number of months was my actual monthly payment - no harm in that.
Nowadays, you can easily knock-off a couple of G's on new cars - you just have to be persistent.
[QUOTE]
*Originally posted by Captain1: *
I think most of such leasing companies have some defined penalty but I don't think it changes your monthly payment.
[/QUOTE]
Assalam Aleekum
So Is It still Islamic. The only one that I read about is
paying a certain amount to a charity established by bank.
Which penalties have you come across.
take care
[QUOTE]
*Originally posted by rehman1: *
Assalam Aleekum
What happens If you miss a payment.
take care
[/QUOTE]
Ws.
The contract that I signed stated that if I missed a payment, Honda Finance Ltd would have the legal right to take the car (which is 100%their property) away from me. I would have violated my agreement which was to be allowed to drive their car as long as I made payments on time.
However, my contract also stated that after half the period of the contract had elapsed, I had the right to stop making payments and simply give their car back to them. This would not constitute a breach of the agreement.
I was looking around a little more and found that whilst these Hire-Purchase agreements are provided by every single car manufacturer in the UK, in North America manufacturer car financing schemes seem to operate like conventional loans instead.
[QUOTE]
*Originally posted by mAd_ScIeNtIsT: *
Ws.
The contract that I signed stated that if I missed a payment, Honda Finance Ltd would have the legal right to take the car (which is 100%their property) away from me. I would have violated my agreement which was to be allowed to drive their car as long as I made payments on time.
However, my contract also stated that after half the period of the contract had elapsed, I had the right to stop making payments and simply give their car back to them. This would not constitute a breach of the agreement.
I was looking around a little more and found that whilst these Hire-Purchase agreements are provided by every single car manufacturer in the UK, in North America manufacturer car financing schemes seem to operate like conventional loans instead.
[/QUOTE]
Assalam Aleekum
after half the period of the contract had elapsed, I had the right to stop making payments and simply give their car back to them. This would not constitute a breach of the agreement.
Nice.
But you lose the deposit.If you decide to return the car.
I think Its like renting an appt where you lose the deposit, in case
you terminate the lease or pay a months rent.
With regard to your first post, the Insurance has to be Tawaful(Islamic Insurance). Don't know much abt It. Neither aware of the correct spelling. This will be Introduced in Pak soon.
I still feel any form of penalties are derived from capitalism.
take care
Re: Islamic Car Financing
[QUOTE]
*Originally posted by rehman1: *
Assalam Aleekum
Is there is such as thing. If yes, what Is It.
take care
[/QUOTE]
----------x-----------------
Gain un-biased knowledge and then apply your commen sense you shall have your answer.
Read all above post and between the lines, your question is being laughed at and replies are all pun intended. Thus making a vital point
of Islam a laughing matter.
Or may be you intended all this ?