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Sep 20, 2020

Leased vehicles illegally pawned! Featured

The Vehicle Importers Association of Sri Lanka (VIASL) states that it has now been about 06 months vehicle imports have been stopped and that it is thought this would last for around 02 years.

Sampath Merinchige, President of the VIASL says that the vehicles currently available in the local market are being sold at extremely high prices and stocks are running out fast.

He emphasized that non-essential imports are restricted due to issues pertaining to the state's cash reserves. He also urges not to purchase vehicles at such exorbitant prices.

Meanwhile, it is reported that about 40% of automobile dealers have gone bankrupt in this backdrop.

Illegally pawning leased vehiclesMeanwhile, light has been shed on a company that illegally pawns cars purchased through leasing companies.

It is reported that over 170 vehicles including luxury cars illegally pawned in this manner, are currently parked at a parking lot in the Makola area.

There is no legal right to pawn such vehicles.

Police say that measures have been taken to provide 24 hour police security at the parking lot and that investigations have commenced to ascertain whether these vehicles were used in any criminal activities.

Police say that such places pawning leased cars were reported from several parts of the island and legal action would be taken soon.

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