Car loan
Nandesha
(Querist) 05 April 2013
This query is : Resolved
The story is as follows....
I wished to purchase a car.
I booked a car rom X vendor.
I availed a loan from a nationalised bank.The vendor got the formalities done..
After the loan was aproved,and the money was given to the dealer by the bank
The dealer could not provide the vehical for a loag time ,
he gave me the money in cash(The entire loan amount) and told me that i could pay him the money on delivery of the car,as a mutual understanding between me and him.
iagreed as i had a financial crisis and thought it a good option as i am already paying loan on the vehical loan.
the car loan is active and there is no legal issue yet.there is no registration or RTO work done yet.as there is no car in exigistance,and no one - except the dealer and me are aware about this .
I am a law abideing citizen and wish never to be accused of any charges.In a casual discussion-one of my friend informed that some were ,some one was arrested for such a case.i wish to know if i can be charged with any legal charges or any criminal case.
if very please let me know a solution of this .
Sudhir Kumar, Advocate
(Expert) 05 April 2013
The loan is taken from a nationalized bank so it was a public money.
The loan was taken by convincing the bank that you will use it for purchasing a car.
Loan was taken from bank without intimating them about your financial crisis otherwise they may not have given the loan.
You have purchased no car.
what more evidence do you think is needed for booking you in a cheating case ?
who will believe that vendor had no car?
you have said that there was financial crisis you have not stated what did you do with that money.
Who will believe that you wanted to buy a car despite financial crisis.
Given facts indicate you are guilty and you have more facts to disclose during police remand.
Devajyoti Barman
(Expert) 05 April 2013
Either get the car soon or surrender the loan.
Dr G V Rao
(Expert) 05 April 2013
Ignorance of law is no excuse......both you and the car dealer stand accused of cheating....either return the money fast or face avoidable serious problems.....
Vidhi Joshi
(Expert) 05 April 2013
Follow up with vendor or surrender the loan, to avoid further complications.
CA Ayush Agrawal
(Expert) 05 April 2013
Dear Author,
A Weird Case.
First is When You Obtain a Loan The There is Hire Purchase Deed, in which you can sold/discard that vehicle without taking permission from bank.
you can't use that money directly or indirectly.
even bank dont give you loan without having full papers of vehicle...how you managed to get the loan ???
and how dealer can return you money ?
since in more than 95% cases, banks and dealer have mutual agreement....??
lots of questions in my mind that only you know well....
well regarding expert views, i can tell you at an earliest you get the car or pre close the bank loan by paying the pre closure charges.
Thanks.
Sudhir Kumar, Advocate
(Expert) 05 April 2013
further it is nationalized bank and the bank officials are also within CBI jurisdiction if they have connived with him
Nandesha
(Querist) 06 April 2013
Well thank you for the views and advice .
A > The loan was applied 6 weeks ago.
B > dealer had problems in avaiblity of car. a small time dealer offered me hevy discount and could not provide me car.
C> I have not yet used the money - Financial crisis reffered to short term need.
D > there is no issues yet as i have not deposited the cheque given by the dealer.
This was an option given by the dealer as i am makeing a fuss to give me the car.
The contents posted by the experts have stopped me from encashing the chque. But Now my query is the first emi -The down payment and other charges such as insurance and registration charges have been debited from my account and the dealer is unable to produce the car.
What am i supposed to do ? should i approch the bank and inform that the car has not been delivered or is there any legal step to claim the car and resolve this case with the dealer.
also do tellme what ami supposed to do with the cheque given by the dealer asi have not used it.
Option given by him...
"Sir i am unable to provid ethe car as i have some unexpected problem in my dealership with the company. sir i will give u the cash u can buy the car from another vendor and pay the loan uninterupped emi's.if any one approches u u can say that u had financial crisis."
I discussed this with a friend who is aware about banking terms he informed that i may get into a soup.hence i have posted this to get the appropriate overview of the situation.
Mr. Sudhir - There is nothing futher to be revealed. I wanted to see how safe is an option given to me by a lay man who dosenot understand how serious law can be .I wish to hold the tag of a law abideing citizen.
Mr. ayush - i am an ameture in law - even i am surprised how the vendor has managed to get the money credited into his account or how has the bank debited the EMI without delivery of the car.
Now i am confused ! and there is no situation yet . just concerned as i dont want to get into a situation .
Thank you for the advise Again . and god bless you for you view!
Devajyoti Barman
(Expert) 07 April 2013
you are already advised enough. DO as you wish now.
prabhakar singh
(Expert) 07 April 2013
When you state "After the loan was approved,and the money was given to the dealer by the bank" it goes for granted that it is so done only when debtor submits in writing about the receive of delivery of the article to his satisfaction to the dealer which dealer submits to the bank before he gets payment for the bank.
Even your explanation does not disclose about it.What explanation you have for it.
Sudhir Kumar, Advocate
(Expert) 07 April 2013
If you want to hold the tag of law abiding citizen the surrender loan to bank. You should not have accept did from dealer if you were law abiding.
given facts simply prove that you wanted a fraudulent loan and used car dealer as as conduit.
Th e-mail of the vendor itself indicates that he had advised you to manipulate financial crisis story probably the money was intended to be used for other purpose.
you never insisted the money to be restored to bank and got cheque in your name.
IT IS ONLY NOW YOU HAVE SAID THAT CHEQUE IS NOT USED BY YOU. this how people suffer wrong advise by hiding facts.
In this case you can return cheque to supplied and ask him to give cheque in the name of bank or you can contact bank if they can get the cheque endorsed from you in their favour.
you also take note that about two decades back there was a banking loan scam registered by CBI where bank loans (though paid with interest more than usual) taken for other purpose were used in stock market, Many Bank officials also joined the applicants to be in police custody and face prosecution.
Vijyant Nigam (09807349001)
(Expert) 07 April 2013
to safeguard your self from further problems. return the money to the bank with written clarification. u have not committed any wrong till now. u will save your self from getting blacklisted and debar from future loans. establish and increase your goodwill and credibility.
Nandesha
(Querist) 07 April 2013
The dealer is insisting me to either 3 more weeks for the delivery as of now or use the cheque .
After the advide given by the experts i will not do such a sucidal act.
Dealer is requesting me not to aproch the bank- reason not being disclosed to me.
He is assuring me delivery of car in 3 to 4 week from now .
But it is already 6+ weeks now.
and one EMi has already been deducted.
I accepted the chq as the EMI is deducted and only then i realised the aproval of the loan . till then i was ignorant about the loan , i has asumed that it had delinced as the dealer was not answering my calls for some time ,and i was unable to visit him .
I agree my ignorance,and am repenting for it .
I have decided to personaly visit the bank and discussthe matter with the manager or some official.Hope this is the right step and will not need an advocate to do so.
I feel really stupid ,but i also understand how one can be easily misguided ... I am glad to post on this website and thank all the experts who have advised me without and bias or selfish intention.
Special thanks to Mr . Sudhir
Mr Prabhakaar Singh - ihave not signed any delivery not or any other document which mentions delivery - i ampositive as i have an habit to read documents before i sign -even if it takes time .well i do ignore fine micro prints like terms and conditions as it is too small to read in a form as any other lay man or even professional do .
Experts hope my decision to approch the bank is right - i am going against the dealers advise
prabhakar singh
(Expert) 07 April 2013
Well Nandesha!
if you are that then you are safe.
prabhakar singh
(Expert) 07 April 2013
BUT DO NOT ENCASH THE DEALERS CHEQUE.
