Advice7 min read5 views
Updated 5 November 2026 · Written by the Wahanaya.lk team
The leasing company, registered as 'Absolute Owner,' keeps the original CR book until your lease is fully settled. You're given a certified photocopy to carry in the vehicle, and the financier must write to the DMT to release the CR once you've paid off the facility.
In almost every vehicle lease in Sri Lanka, the finance or leasing company keeps the original Certificate of Registration (CR) book for the whole lease period, because they are registered as the "Absolute Owner" of the vehicle until you finish paying. You, as the lessee, are given a certified photocopy of the CR book to keep in the vehicle and use for day-to-day matters like insurance and the revenue licence.
This surprises a lot of first-time lease customers, who expect to get the full CR book the way you would with a cash purchase. It helps to understand why this happens, what you should actually be given, and what to do when the lease ends.
The finance company holds the original CR book because, legally, they own the vehicle until your lease is paid off. Under the Finance Leasing Act, the absolute owner is the party entitled to repossess the vehicle if you default, and the CR book is the document that proves that ownership. Handing over the original to you, the lessee, would weaken their legal position and make it harder for them to prove ownership if there's a dispute or a repossession. This is normal across Sri Lankan leasing companies and isn't something specific to one financier — you'll find the same practice whether you lease through a bank, a licensed finance company, or an Islamic leasing provider.
Instead of the original, you should receive a certified or stamped photocopy of the CR book, showing the finance company as absolute owner and you as the registered owner/user. Keep this photocopy, your insurance certificate, and your revenue licence together in the vehicle at all times. If your finance company hasn't given you a certified copy, ask for one in writing — don't just take an uncertified photocopy yourself, since some police officers and third parties may want to see the finance company's own stamp or signature on it.
It's also worth keeping a copy of your lease agreement or payment book in the vehicle, since it shows your account number and confirms you're the person entitled to use the vehicle under the facility.
Yes — because the finance company legally holds the original as absolute owner, a certified photocopy from them is the normal and accepted way for a lessee to carry proof of registration. What matters more day to day is that your revenue licence and insurance are valid and match the vehicle. If you're ever unsure what you're required to carry, it's safer to ask your financier directly, since practices can vary slightly between institutions.
Finishing your last instalment doesn't automatically get you the CR book back. The finance company has to formally release its absolute ownership with the DMT first. In practice, this means:
Don't assume this happens by itself — many people only chase it up when they want to sell the vehicle or renew insurance as sole owner, by which point it can take a few extra visits to sort out. If you're planning to sell soon after settling your lease, start this process early. You can check typical transfer costs and compare your car's value against similar listings on /price-check before you advertise it.
You can agree a sale and take a deposit, but the actual ownership transfer at the DMT (form MTA-6) cannot go through while the finance company is still the registered absolute owner — unless they issue a Letter of Set-off or No-Objection letter. In practice, many sales of leased vehicles are structured so the buyer's payment first settles the outstanding lease balance, the financier then releases the absolute ownership, and only then does the transfer get registered. If you're buying a vehicle that's still under a lease, always ask to see proof that the seller's lease balance and the release process are being handled properly before you hand over any money — you can post or browse listings with this clearly disclosed on /vehicles and /post-ad.
Since the finance company is the registered absolute owner, it's their responsibility — not yours — to report the loss to the police and apply to the DMT for a duplicate CR book if the original goes missing while they're holding it. If you lose your own certified photocopy, ask the finance company for a fresh one rather than trying to get a duplicate yourself, since you're not the absolute owner on record.
If you're not sure where you stand with your own lease documents, you can ask other buyers and sellers who've been through the same process on the /forum, use the /leasing calculator to plan your remaining payments, and check /safety-tips before meeting anyone to complete a sale or handover.
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