Fraudulent scam on financing a two wheeler from a pvt financing c
My name is Basit Ali, I am a resident of okhla, new delhi. I bought a Yamaha FAZER from Adarsh Yamaha, E Block Lajpat Nagar I, which was priced at 90,500 INR on road price. Since I was looking for easy financing scheme which would not be stressful to pay off, I took a 3 year EMI scheme with 10.95% per annum flat simple interest made available by a PVT financing company based in gurgaon.
I made an initial payment of 23,500 INR on 27th Sept 2014. And the rest was supposed to be paid in instalments. Now my financer made a fool out of me and abused my trust by getting me to sign all doc without explaining and when asked about the loan amount which still stood at 90,500 INR as per the loan sanction letter, he said it was the on road price even though it was clearly mentioned as loan amount.
Now, even after paying an initial amount of 23,500 INR how can my loan amount be still 90,500 INR? It should have been 67,000 INR. Also at 10.95 ? Sole interest I wouldn't be paying an EMI of 3130 INR for 36 Months, would I? It should be something around 2100 INR approx.
I did only one wise thing that being the mode of payment using debit card and not cash, so my statement shows the money going to Adarsh Yamaha. And since they aren't listening and are adamant that the loan amount is 90,500 INR that makes me pay interest on my own initial payment of 23,500 INR along with the rest amount of course.
I am in a mental distress as I am a self earning youth of 22 years, who works hard at an MNC I wouldn't be able to pay an illicit amount of 1,31,000 INR for actual principal of 67,000 INR. When my father came to know about it he was very angry at my stupidity but it was a mistake but making a mistake doesn't necessarily mean I have to pay someone illicit amount of money just like that. Dad says he's willing to pay the interest for this one month and the remainder in cash at one go but we need some legal advice as I have almost signed on every page they asked me for.