Hypothecation with tata motors finance
Naveen Jain
(Querist) 04 October 2012
This query is : Resolved
Respected Members,
My client had dealt with Tata motors Finance Company and obtained a loan for Rs. 1,68,000 for Tata Nano Car.
He used It for 4-5 months and paid the installments for 4-5 months. then he surrendered the car..
the finance compahny is now demanding Rs. 1,35,000 and are saying that they sold the car for 42000 only.. what defence can i take.. and are calling the client to bombay..
what act will apply on it...\
plzz answer is there any act which applies on laon/ hypothecation agreements
Devajyoti Barman
(Expert) 05 October 2012
First see the agreement with the Finance Company.
If nothing helpful is there then file complaint in consumer forum in your city if it has any branch office there.
Guest
(Expert) 05 October 2012
Depends upon the conditions stipulated in the loan agreement. At first, get a copy and examine details of the agreement before proceeding further.
malipeddi jaggarao
(Expert) 06 October 2012
Agreed with the experts advice. It appears your client acted in haste to possess the car and used for few months and surrendered. One has to go through the clauses in the agreement if there is a provision to surrender the hypothecated goods. Obtain a copy of agreement and study first before deciding for further action.
Guest
(Expert) 06 October 2012
Dear Jaggarao,
Not a haste in possessing the car, but I believe, haste in surrendering the car, as he could get a good value in the open market after use of mere 4-5 months.
