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Wahanaya Team · 19 days ago
Police curbed forced repossessions — so why are seized-car auctions piling up this month?
In late September, Police publicly clarified that leasing and finance companies cannot forcibly seize your vehicle just because you're in arrears — they need to follow due legal process, and if you resist, they're supposed to get a District Court order rather than tow it off the road. Yet this same month, finance companies are running some of the biggest repossession auctions in a while: LOLC alone is auctioning around 105 diesel and petrol vehicles, three-wheelers included, with Richard Pieris Finance running a similar-sized sale days later.
Borrowers say the clarification is overdue — people have had vehicles grabbed at odd hours by agents with no paperwork, and knowing you can call the police and demand a court order is real protection. Lenders argue defaults are rising fast as EMIs and down payments bite, and slower, court-dependent recovery just locks up bad loans longer, which eventually shows up in everyone's interest rates.
Has anyone here actually dealt with a repossession recently — did the new rules change how it went, or did the agents find a way around the court requirement anyway? And if you're hunting for a deal, would you ever buy a vehicle straight out of one of these auctions, unseen service history and all?
ඔයාලගේ අත්දැකීම් මොනවද - ලීසිං පැහැර ගිහින් තියෙනවද? කියන්න.
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