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A request to repeal the existing leasing rules

The Joint Association of Leasing and Debt Payers states that the existing leasing laws should be repealed and the pre-2000 leasing laws should be implemented as even vehicles that have defaulted on two or three lease installments are being seized.

He said that according to the existing law, vehicles are seized by thugs and even after the vehicle is sold to another person, the owners of the vehicles sometimes have to pay money to the leasing companies.

Mr. Sanjaya Mahawatte said that before 2000, the Leaseholder Act was in force regarding leasing and under this Act, a vehicle was acquired in a legal manner in default of lease installments.

He further stated that according to the Rent Freehold Act, the owner of the vehicle will be entitled to the vehicle after paying 75% of the lease installments and according to the existing law the ownership of the vehicle will not be available until the lease installment is 100%.

Mr. Mahawatta said that the Treasury had issued a circular two months ago stating that the vehicle could not be impounded, despite several installments being defaulted due to the recent Covid situation.

He said that some leasing companies had started forcibly acquiring vehicles due to the current economic crisis. (colombotimes.lk)

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