Guide8 min read4 views
Updated 15 November 2026 · Written by the Wahanaya.lk team
When a buyer pays through a lease or bank loan, their finance company sends an approved valuer to inspect your car and registers itself as absolute owner on the CR book before you get paid, so expect extra paperwork and a short delay versus a cash sale.
When your buyer plans to pay with a lease or vehicle loan instead of cash, their finance company becomes part of the sale. The finance company will value your car through an approved valuer, check your documents, and often register itself as the mortgagee or "absolute owner" on the Certificate of Registration (CR) until the buyer finishes paying. You still sell the car and sign the transfer, but the process has a few extra steps and usually takes longer than a straight cash deal.
Yes — mainly more paperwork and patience. In a cash sale, you hand over the CR book, sign the MTA 6, and get paid. With a lease or loan buyer, you also need to cooperate with the finance company's valuer, provide a letter of no objection for the mortgage entry, and wait for the finance company to confirm the loan before the money is released. You are still the one who completes and signs the MTA 6 as the current registered owner, so the legal transfer process itself doesn't change — only who else is involved and when you get paid.
Be ready to hand over or show:
Keep photocopies of everything you hand over, and don't release the original CR book until you're sure the sale is actually going ahead.
The finance company sends an approved panel valuer — usually one regulated under Leasing Council of Bankers of Sri Lanka standards — to inspect the vehicle before approving the buyer's lease or loan. The valuer records the vehicle's condition, checks the chassis and engine numbers against the CR book (often with a photo of the stamped numbers), and estimates the market value, which helps decide how much the finance company is willing to lend. If your car has unresolved faults, mismatched numbers, or poor service records, the valuation can come in lower than expected, or the loan can be declined. Fix small issues beforehand and have your documents in order so the inspection goes smoothly.
This is the part that catches many sellers off guard: payment from a finance company is rarely instant. Typically, you get paid by cheque or bank transfer only after the loan is approved and, in many cases, only once the mortgage or absolute ownership entry is lodged against the vehicle. Agree on the payment method and timing in writing before you hand over the car or the CR book, and don't release the vehicle until the money has actually cleared in your account — not just when you're told it has been "processed."
A letter of no objection (sometimes called a letter of consent) is a signed statement from you, the current owner, agreeing that the vehicle can be mortgaged to, or registered as absolute owner by, the buyer's finance company. The DMT needs this alongside the finance company's own letterhead letter and a certified copy of the mortgage deed before it will record the mortgage or absolute ownership entry on the CR. Without it, the finance company cannot secure its interest in the vehicle, and the buyer's loan generally won't go through.
You, as the seller, complete all copies of the MTA 6 form. You keep copies A and A1, and hand the rest to the buyer along with the CR book. The buyer (or the finance company on the buyer's behalf) submits the remaining MTA 6 and MTA 8 copies, together with the required photos, NIC, revenue licence, and your letter of no objection, to the DMT's Vehicle Transfer section. If the finance company is registering a mortgage or absolute ownership, its own letter and mortgage deed copy go in alongside your documents. Once processed, the new CR book will show the buyer as the registered owner, with the finance company listed as absolute owner or mortgagee until the loan is paid off.
Transfer costs are generally made up of a class transfer fee that varies by vehicle type, a flat DMT service charge, and 1% stamp duty on the declared sale value, as of November 2026 (check current rates at a DMT office, since fee schedules are revised from time to time). In practice, who actually pays these fees — buyer or seller — is usually negotiated between the two parties rather than fixed by law, so agree on this clearly before the sale. Missing the 14-day window from the sale agreement date can trigger a late penalty equal to the class fee, so don't let the paperwork drag on.
If you're still deciding how to price your car before listing it, run the numbers on price-check first, and once you're ready, list it on /post-ad. Buyers comparing a lease against a straight purchase can use the leasing calculator to work out their monthly payments, and it's worth reviewing our general safety tips before you finalise any sale, whether the buyer is paying cash, by lease, or by bank loan.
The safest payment is a bank transfer or bank draft you verify yourself by checking your own banking app or calling your bank — never a screenshot the buyer sends you. Don't hand over the CR book, keys or signed MTA 6 form until the money has actually settled in your account.
Wahanaya.lk team7 min read
Yes — the DMT's ownership-transfer system checks that your vehicle's VET (emission test) certificate and revenue licence are both in date before it lets the transfer go through, so renew an expired VET before you sell, unless your vehicle is exempt.
Wahanaya.lk team7 min read
If a finance company is still listed as the 'absolute owner' on your CR book, you must get them to confirm in writing that your lease or loan is fully settled, then take that letter plus your CR, VIC and NIC copy to a DMT office to have it cancelled before you can sell the car.
Wahanaya.lk team6 min read
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