Leasing companies taken to courts over alleged illegal seizure of vehicles

Wednesday, 19 October 2022 00:21 - - {{hitsCtrl.values.hits}}

Joint Association of Leasing and Debt Instalment Payers has filed six petitions before the Colombo District Courts against the seizure of vehicles by finance and leasing companies for the non-payment of instalments. Association President Asanka Ruwan Pothupitiya alleged that finance and leasing companies are continuing to illegally seize vehicles over unpaid loan instalments.

“While circular No. 01 of 2022 issued by the Central Bank on 20 July 2020 has stopped the acquisition of vehicles until 31 December 2022, leasing companies are arbitrarily seizing vehicles in violation of the Lease Financing Act No. 56 of 2000. They are putting innocent people on to the streets,” he said.

He said accordingly six cases have been filed by his Association against certain leasing companies for seizing six vehicles including several three-wheelers by force.

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