Ramesh 17 February 2020

Forceful repossesion of vehicle by NBFC without notice/intimation

Dear all,

I took vehicle loan from Sundaram finance in 2016,I paid dues correctly upto August 2019, but due to some financial troubles iam unable pay the dues. I have 4emis pending from November and still 4more emis complete the contract.

Oneday 15th Feb an executive called me "your account in NPA ,it's comes to legal team you need to come to office along with the vehicle,we just need photos of vehicle" so I went to the place where they said at 9pm. They just collected key from me and send a notice to my WhatsApp asked me to pay the due amounts to return the vehicle.i requested them to give two days time to clear the dues but in vain.

They just parked my vehicle at their godown and send me back at that time.

I need suggestions that whether 1.repossession can possible without intimation/legal notice.
2.Is this the correct way to take the vehicle in that manner?
3. I just want clear the dues & remaining amount also, what are my rights .
Can anyone suggest me regarding this Thanks in advance

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5 Replies

SHIRISH PAWAR, 7738990900 (Advocate) 18 February 2020

Dear querist,

You can clear all the dues and take possession back of your vehicle. And still company did not hand over vehicle in that case you can approach police station and file complant.

Regards,

G.L.N. Prasad (Retired employee.) 18 February 2020

Such are the ways of recovery adopted by NBFCs, and they have such rights as per HPA. Just get rid of the obligation at the earliest as you have to pay the amount with heavy penal interest today or tomorrow and avoid disturbing yourself and spoiling your credit rating.

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 18 February 2020

Watsapp messages, email messages might have been sent to you for your emi notices. Check it.

Ramesh 18 February 2020

yes sir...they send intimations of loan payment only not for repossesion

Raj Kumar Makkad (Adv P & H High Court Chandigarh) 18 February 2020

As you are ready to clear all outstanding dues with penal interest so there remains no dispute Get the money deposited by making some bargain if possible and then your vehicle released.