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Old 15th September 2011, 14:58   #16
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

This is a weird situation.

What will the bank do if customer is unable to pay the EMI?

With no car in the picture, the bank manager will be screwed upside down for transferring the amount without hypothecation details.

Or Dealer might have some special "tie-up" with the bank for such arrangements.

Just try going to MGF & cancelling the booking. Maybe that itself will speeden your car delivery.
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Old 15th September 2011, 15:38   #17
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

it is now tht they are saying it has waiting period.at the point of booking they said 1 month.but then they said we will write 40 days to be on the safe side.max 40 days was wht they told us.other dealers were saying 2 months at tht point of time.thts why we went with MGF thinking we wud get it earlier with them.
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Old 15th September 2011, 15:51   #18
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

This doesn't sound pleasant.

Send Hyundai management (not the stupid Customer Care) a nice email with all documents and even a link to this thread. Cc the management of the Hyundai dealer and possibly even the one from the bank.

Wait to see how prompt and sincere their response is and then pursue the legal course.

I'd like someone proficient with the law to tell me : apart from the fact that the dealer broke the promise, has it done anything illegal (by accepting full payment and not delivering the car). Pardon the question, I just want to know how strong a case the OP has.

Also, the document mentions "tentative" date of delivery : how fool-proof is that?
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Old 15th September 2011, 16:06   #19
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

Something is not sounding right here, Banks don't disburse the full amount until the car has been assigned, PDI is done and the customer has signed some forms. Banks need the cars registration number against the loan of the car hence i see a nexus here between the Bank officials and the Dealer. I might be wrong though.

If i remember correctly someone in my neighbor did the same will ask her what was the situation. Looks like the banks get you to sign some clause to do disbursement even before having the car in sight. Please check before pulling the Bank officials.
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Old 15th September 2011, 16:08   #20
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

Dont think any law has been broken. The document clearly says tentative delivery date after 40 days. Sounds like a promise that "if you pay full cash i will make you jump the queue" gone bad. Still dont understand though how bank can wire transfer without even seeing the car documents etc !
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Old 15th September 2011, 16:09   #21
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

My cousin had the same problem with his accent crdi booking about 7years ago.It was a palakad dealer,dont know more details.anyway the matter was resolved by the dealer agreeing to provide free music system to negate the excess interest he had payed.
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Old 15th September 2011, 16:19   #22
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

Quote:
Originally Posted by mayankjha1806 View Post
Something is not sounding right here, Banks don't disburse the full amount until the car has been assigned, PDI is done and the customer has signed some forms. Banks need the cars registration number against the loan of the car hence i see a nexus here between the Bank officials and the Dealer. I might be wrong though.

If i remember correctly someone in my neighbor did the same will ask her what was the situation. Looks like the banks get you to sign some clause to do disbursement even before having the car in sight. Please check before pulling the Bank officials.
Yes thats true, unless you give a go ahead the bank does not wire tranfer the amount. A car first has to be alloted and chassis number etc needs to be entered in the forms of the bank by the dealer, once amount is released the invoicing is done post which the car is registered. Something is not right here, how can Bank release an amount without even a car being allotted.
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Old 15th September 2011, 16:32   #23
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

i have no clue bro.its icici bank.i have sent a mail to the hyundai management.so far no response.
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Old 15th September 2011, 16:37   #24
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

Quote:
Originally Posted by garyjacob View Post
i have no clue bro.its icici bank.i have sent a mail to the hyundai management.so far no response.
Follow it up very urgently and regularly. Once Hyundai gives you a favourable response and pulls up the dealer, wriggle the dealer hard for not living up to his promise.
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Old 15th September 2011, 16:41   #25
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

Quote:
Originally Posted by garyjacob View Post
i have no clue bro.its icici bank.i have sent a mail to the hyundai management.so far no response.
Did you try this Hyundai Motor Company :: Sales Feedback Coz for Tata its feedback link sends e-mail to all big shots in the company.
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Old 15th September 2011, 16:46   #26
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

This is a very strange matter.

Why on earth would you handover a full cheque and ICICI would transfer an amount of a car that does not exist ?

The normal method ( an example ) would be -

Step 1 - Pay the booking amount ( 50k / 1Lac )

Step 2 - Wait for the Car to arrive - Meanwhile lets say you are given 3 months - You arrange for the balance to be financed or prepare a draft of the balance down payment.

Step 3 - You are called / notified by dealer that your vehicle is arriving / arrived

Step 4 - You take a bathe and armed with your down payment / Bank Cheque - go and see your car, After all inspection done, handover the cheques / DD / Bank Loan Cheque - they give you a receipt.

Step 5 - Break coconut and drive away smiling with a grin on your face.

This is a strange matter and I fail to understand what Hyundai will do.

Either cancel this booking or go and get some sense of what is going on from MGF.
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Old 15th September 2011, 20:37   #27
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Post Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

I would strongly recommend you speak to a lawyer about this asap. There seems to be a clear case of circumvention of process, and both the bank and the dealer are more informed than you are. In this situation, you alone may not be able to fight on two fronts. A good lawyer, on the other hand, can bring an end to this by back-channel discussion itself.

Whatever you decide, do not stop following up with the dealer or the bank. Insist on getting information from the dealer/Hyundai directly about the status of the car. Insist on meeting the head of the loan department (who sanctioned your loan) and get justification on how the loan amount was transferred without following due process.

All the best, keep us posted.
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Old 19th September 2011, 22:11   #28
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

Talk to the Top-Management of the dealership. Ask them to show the file that contains your booking details / placing order with the company. Talk right to the higher-ups. No point in talking to sales executives or whatever their designation be, who do not have any power to take a decision.
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Old 19th September 2011, 23:36   #29
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

Quote:
Originally Posted by libranof1987 View Post
I'd like someone proficient with the law to tell me : apart from the fact that the dealer broke the promise, has it done anything illegal (by accepting full payment and not delivering the car). Pardon the question, I just want to know how strong a case the OP has.

Also, the document mentions "tentative" date of delivery : how fool-proof is that?
The legal recourse with dealer is very weak in this case. Dealers don't have to abide by the delivery date if the units are not shipped to them. So they can always find a loop hole or will offer to return the money. Its more a case of who has the smartest lawyer. In this case if the dude doesn't have to pay a dime to engage a good lawyer (immediate family member in the field of law) then he can happily threaten the dealer.

But on the other hand, the bank can be sued for wire transferring the money to the dealer without the vehicle hypothicated to them and without the consent of the customer - You have a serious case there. Send a single legal notice to their legal wing and you will soon find the bank manager at your door steps.

PS - I am not a advocate but my spouse is..

Last edited by SR-71 : 19th September 2011 at 23:38.
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Old 20th September 2011, 00:23   #30
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Default Re: Started paying EMIs, but MGF Hyundai still not delivering my Verna Fluidic CRDi S

Quote:
Originally Posted by SR-71 View Post
But on the other hand, the bank can be sued for wire transferring the money to the dealer without the vehicle hypothicated to them and without the consent of the customer - You have a serious case there.
Am not an expert in this matter, but the above line in bold is the key factor. Did you give consent verbally or by any other means?

Quote:
Originally Posted by mayankjha1806 View Post
Looks like the banks get you to sign some clause to do disbursement even before having the car in sight. Please check before pulling the Bank officials.
+1 to that. There would be some clause for the early disbursement.

Quote:
Originally Posted by garyjacob View Post
it is now tht they are saying it has waiting period.at the point of booking they said 1 month.but then they said we will write 40 days to be on the safe side.max 40 days was wht they told us.other dealers were saying 2 months at tht point of time.thts why we went with MGF thinking we wud get it earlier with them.
@gary,
I am/was in a similar situation - my Vento loan was disbursed & EMIs had started before my car delivery was done.

But I clearly remember my loan executive (HDFC Bank) calling me & the dealer executive for consent of the loan disbursal - I had gone ahead as I had received the dealer's commitment of delivery on mail (fyi - I have got two mail commitments from the dealer, and both not fulfilled!). Later when the delivery date went by, the dealer SE guy stated that he didn't give any consent to the loan executive.

This kind of cases happen with private banks, PSU banks strictly follow the process of car allocation first & then loan disbursal.

While you can have a look at the legal option, I am quite sure both the bank & dealer will have escape options. Instead what you can do is try the "cancel booking" option, but do that only after all other pressure tactics have been tried. Also ICICI bank would have a regional sales manager (or relationship manager) who would be dealing with Hyundai / your city car dealers. Try to get his details & push him.

If you decide to cancel your booking, ICICI will have a penalty clause which wouldn't be high if you transfer the loan to another dealer/manufacturer. But if you opt out of the buying process itself, then the penalty charge might be huge.

For my case, what worked was a back-door push at VW for my car allocation, see if you can resource any such option with Hyundai.

Last edited by ninjatalli : 20th September 2011 at 00:27.
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