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Satya (Sienor Analyst)     30 September 2016

Repayment of car loan in case of car owner's death

Hello Members,

Could you please guide me in this context:

My father took a car on bank loan from Orissa when he was working there. He moved to Hardoi for job where he died in an unfortunate car accident in the same car and I as a legal heir got the car released from the police station through court order as it was a death case.
 
 The Car is parked at repair centre and the car repair expenses are upto 3.8Lacs and it has a remaining loan of 4.5Lacs.
 
1)The question I have here is as a legal heir am I responsible to repay the loan? Bank collection agent says what has happended to the car is not their lookout they want their money and they claim that being a legal heir we are bound to pay the same.
 
2)We are not interested in the keeping the vehicle in our possesion and want the bank to take the custody of their asset but they want us to bring vehicle from hardoi to odisha so that they can have a look and then decide that they will take the custody or not.
 
Regards,
Satya


Learning

 4 Replies


(Guest)
Insurance will cover repairs, get it repaired and surrender the vehicle.

arpit shukla (,)     30 September 2016

Check validity of insurance . Vehicle is on loan then must be insurance is also taken by bank as normally they do . Check first that , for further you can call me on 9825371788

arpit shukla (,)     30 September 2016

Check validity of insurance . Vehicle is on loan then must be insurance is also taken by bank as normally they do . Check first that , for further you can call me on 9825371788

advocatepassy@gmail.com 971794 (Advocate)     02 October 2016

agree with Arpit Shukla


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