Car loan - serious issue
rczr
(Querist) 08 November 2013
This query is : Resolved
I took a car on loan, after paying for few months i had to move to USA then i approached a used car dealer and sold car to him for which he gave me a delivery note and he said he will take care of paying to finance comapany. after 2 months finance comapany called me about not getting any payment on this. now that car dealer saying that car met with an accident and it is with police. not paid to finance company, and finance company is behind me for paying the loan. I am in USA now. How can i take care of this situation? by not coming to INdia. where the person from finance company is treating the following.
1. filing a case against me
2. filing a case against my father who is a senior citizen, who is gaurantee on this loan.
3. reporting to US emporium.(what exactly this means)
Please i need immediate help on this
Rajat Bindal 09917149977
(Expert) 08 November 2013
1. If the car has hypothecation charge on it the sale would be subject to charge.
2. If you have the sale contract, the car will be treated as sold and charge gets transferred to purchaser.
3. Tell your banker that you had sold the car with charge and the liability to pay loan lies on buyer.
4. Alternatively you can file a case (through your father) for claiming accidental damages from insurance co.
Sudhir Kumar, Advocate
(Expert) 09 November 2013
I am sorry Mr Bindal. He never said that car was actualy sold. It appears it was merely handed over.
Sudhir Kumar, Advocate
(Expert) 09 November 2013
finance company is on right track.
take the car from police on superdari which you alone can do. sell it and pay the loan.
file case against car dealer for the loss you suffer including cost of coming to India.
Sudhir Kumar, Advocate
(Expert) 09 November 2013
repeated
http://www.lawyersclubindia.com/experts/Car-loan-serious-issue-433541.asp#.Un2KNyfQzmk
R.K Nanda
(Expert) 09 November 2013
repeated query.
V R SHROFF
(Expert) 09 November 2013
IF U HAVE DOCUMENTATION, U TRF LIABILITIES TO used car dealer , OR ALLOW finance company TO CLAIM ACCIDENT RE-REIMBURSEMENT.
PAYING ANY DIFF ..
It seems u kept finance co in dark, so their action is legal & valid.
Raj Kumar Makkad
(Expert) 13 November 2013
How much times, the same query shall be repeated by you?
ajay sethi
(Expert) 13 November 2013
repeated query no reply
rczr
(Querist) 03 December 2013
Sorry, I have not posted the query twice, first time there was a error and page was blank. when i click submit button. i am not sure if it was my internet connection or the problem with the posting, anyway i have requested admin to remove any one of it.
