The loan was disclosed to you or not?? Because after adding up it seems that you have to pay way beyond the price.
The owner must settle the loan and then sell the car to you. If not file a case under sections 406 and 420 of the IPC.
regards
Car title transfer
I purchased a second hand car from a person giving him Rs.3,35,000/- against total amount of purchase Rs.4,60,000/-, but the car owner has loan on the car estimated Rs.3,27,000/-, transfer procedure is done on 500 stamp paper where all details has been written on, now can we have nay legal right to say owner to settle loan and transfer car to our name, if he deny to settle any other right to us.
Asked 6 years ago in Business Law
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9 Answers
1. You did a great mistake by not getting NOC from bank or financial where the car is hypotheticated to.
Now the seller may vanish with the money leaving the creditor to recover loan amount by attaching your car and selling it.
So get in touch with the seller and get the proof of release of loan asap.
Then get your name registered with the Motor Vehicles Authority.
You can ask owner to pay off bank loan from sale proceeds of car and to transfer car in your name
if he denies issue him legal notice to repay bank loan and to transfer car in your name
the car cannot be transferred in your name until the loan is not cleared,
send him/her a legal notice to settle the loan on the car and transfer the same in your name,
Hello,
Please elaborate your query
from the facts as told by you, it is advised that you do not purchase a vehicle which has a loan attached to it. Ask him to pay the loan, take NOC and then get the RC transferred to your name.
Regards
You need to inquire the same first before buying the car. Now you can send him legal notice to clear the same and if not adhered file cheating complaint as well as suit against him to clear the loan
Give a legal notice to car owner to clear the loan and transfer the title and show your readiness to pay the remaining amount as per the agreement if he fails to transfer suit for same can be filed.
You should have arrived at an agreement in this regard properly before paying him.
However you can issue a legal notice to him to settle all his dues and transfer the vehicle to you as per law.
The RC cannot be transferred to a new buyer until and unless the Hypothication stamp is removed. ask seller to pay loan and settle and obtain NOC from bank, if seller refuse You can send him a legal notice through an advocate and file suit for recovery.
