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Old 19th March 2012, 16:13   #16
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

Thanks all

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Originally Posted by swarooppatil View Post
Has the bank provided you a written acknowledgement of you handing over the keys? If that is the case you can still push for them to return them
As i mentioned, the loan was taken 5 years back. The current manager said they stopped this procedure long back and they no longer take the keys.

This is a small branch, and the manager has said that he will surely look into this and inform me if they find the spare key(but how to really put pressure on them!!)

As of now i can only think of constantly bugging them to see if the key was found. hoping that they will sooner or later really search for it.

None of my loan agreement papers talk about key being held by the bank. I should have been smart enough to get it in writing though.

If i dont see any success in another couple of weeks, looks like i have to go and replace the lock assembly(boot,door and ignition!!! any idea how much does it cost for Swift ?)

Going forward, i hope people dont fall for such requests and if required get a written statement saying bank is holding on to the key
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Old 19th March 2012, 17:34   #17
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

Simple buddy, get the entire lock set changed. Never now when bad times may come calling, with a new lock set you can be at peace and even if the spare key is with someone (read that as some one at the bank), they will be able to do nothing.
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Old 19th March 2012, 18:11   #18
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

Quote:
Originally Posted by rajshenoy View Post
...
As i mentioned, the loan was taken 5 years back. The current manager said they stopped this procedure long back and they no longer take the keys.

This is a small branch, and the manager has said that he will surely look into this and inform me if they find the spare key(but how to really put pressure on them!!)

As of now i can only think of constantly bugging them to see if the key was found. hoping that they will sooner or later really search for it.
....
From your description it looks like the Bank officials are aware that they used to keep a key with them. So keep bugging them to find the duplicate key. In the event it cannot be traced, see if they will pay you the cost for replacing the lock and keys (a fat chance, since there is nothing in writing, but no harm in asking).

For the past five years you were driving around without a worry since you knew the bank had the spare key locked away at some secure place. I for one could have never lived without the spare key since I always take the spare key with me on out of the city trips.

In case of a vehicle theft you need to surrender both the keys to the insurance provider. If not, they deduct some percentage from the pay out.

For complete peace of mind, I would say change the lock and get a new set of keys.

Last edited by pjbiju : 19th March 2012 at 18:13.
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Old 19th March 2012, 18:17   #19
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

The bank has/had 1 key and there obviously is/was someone in-charge of it.

Given that the bank has other details like car reg. no. and your address; it makes your car only more vulnerable in case someone at the bank runs up to mischief.

I'd consider it prudent to change the lock assembly.

But, really sloppy business ethics by the bank.
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Old 19th March 2012, 18:32   #20
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

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This is a small branch, and the manager has said that he will surely look into this and inform me if they find the spare key(but how to really put pressure on them!!)
If that is a small branch, it is quite possible that the keys were kept at a bigger branch or a Hub. As you say that the procedure has been discontinued and the staff has changed, there are chances that they might not be aware. If you remember the people who were processing your loan, you could try to get their contacts from the branch guys, or ask the current staff to contact them directly. You can still keep pressurizing them and also see if there are possibilities of escalation. By the way, when you closed the loan and completed the documentation, did you sign the papers acknowledging receipt of all papers and belongings?
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Old 19th March 2012, 18:44   #21
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

Yes keeping one key was the norm till about 5 or 6 years ago. I had my GTX loan with ICICI and luckily for me it was noted in one of the papers that the key is with them and it will be returned on closing the loan. They lost my Palio GTX key four years later and on hearing that its a Palio and the exorbitant cost of replacing the lock assembly for the door , ignition and boot they appointed nearly all staff present on one day to search for my key and finally they did find a box of about 100 and more keys and mine was among them.

None of the banks do it now as in the event that the vehicle is stolen the bank too becomes a suspect; especially if there has been default in payment.
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Old 19th March 2012, 20:02   #22
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

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Originally Posted by swarooppatil View Post
By the way, when you closed the loan and completed the documentation, did you sign the papers acknowledging receipt of all papers and belongings?
Nope, i did not sign anything, the manager signed the NOC and form 35(two copies) which were signed 5 years back.

As there were no originals, he did not ask for any sign from my end.

This is a classic example of PSU banks and over a period of time things getting forgotten.

Lesson learnt : Close the loan asap

I got the details of all the Branch managers in last 5 years. so asked the officials to check and find out if they are aware of any movement of documents/keys

Let me see how much further this can go. Manager is helpful, but unless he realises that i am very serious, he may not actually look for the lost item seriously.
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Old 19th March 2012, 20:27   #23
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

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I got the details of all the Branch managers in last 5 years. so asked the officials to check and find out if they are aware of any movement of documents/keys
As Swaroop said, the keys could be kept at a central location. Contacting one of the Managers who dealt with Auto loans could give some information. Good chances that it is kept safely in some locker somewhere.

In my case, one of the original key was with HDFC for 5 years (2002-2007)and they kept them at Mumbai (loan was from Kochi). After the loan was closed, they couriered the key from Mumbai.
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Old 19th March 2012, 20:44   #24
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

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Originally Posted by bejoy View Post
As Swaroop said, the keys could be kept at a central location. Contacting one of the Managers who dealt with Auto loans could give some information. Good chances that it is kept safely in some locker somewhere.

In my case, one of the original key was with HDFC for 5 years (2002-2007)and they kept them at Mumbai (loan was from Kochi). After the loan was closed, they couriered the key from Mumbai.
Thanks, yes i have asked the Current manager to get in touch with the previous managers and get some update

I shall update on this as i get more clarity. Things are done bit differently in PSU branches compared to private banks, but I hope my decision to always go with PSU banks will not change after this.
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Old 19th March 2012, 21:24   #25
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

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Things are done bit differently in PSU branches compared to private banks, but I hope my decision to always go with PSU banks will not change after this.
That is my view too. The PSUs might be a bit too bureaucratic in their functioning, but are more reliable than the private banks. These kind of incidents are a one off, I myself had a very good experience with Bank of India, while taking the loan as well as when closing it.
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Old 20th March 2012, 05:40   #26
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

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Originally Posted by rajshenoy View Post
Things are done bit differently in PSU branches compared to private banks, but I hope my decision to always go with PSU banks will not change after this.
I have had the opportunity to to have had Four loans from Private Bank and one from PSU bank. Although i must say the process is more simpler at private bank (I did not had to run around while getting the loan), its slightly more painful in PSU (You have to be personally present at the bank to sign documents). Apart from this small inconvenience i find PSU Banks much better as at the time of closing or during the loan period there is less pain.

I have also kind of decided that i will prefer PSU Banks over private.
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Old 20th March 2012, 10:07   #27
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

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I don't see any need to change all the locks; if the company that had the second key can't trace it, fat chance anyone else will.
Could be an insider Job as well! he has the key and probably the address of the registered owner! All it takes is 2mins to drive off with the car! I remember an incident where some mechs at a dealership started making duplicate keys of the cars that came in for service. They then sold the keys and customers' address to thieves.

OP, If you dont mind the cost involved in changing the locks, go ahead! Or else just get spare key cut and get a gear lock or steering to pedal lock for safety! At the most they will make way with your Head unit or candy in the glovebox!

Banks in Mangalore always take the 2nd key and return it at the time of closing the loan. They take the key directly from the dealer along with the paperwork.

I used to pickup similar looking keys from the locksmith and ask the dealer to give it to the bank in place of the OE key! That way i would get to keep both the keys!

Cheers!
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Old 20th March 2012, 11:14   #28
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

Just now i got the call from the bank saying they have found the key and gave some justification.

So good news indeed. Yes, it does require some amount of pushing and nagging but end result is sweet

Thanks all for the inputs.
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Old 20th March 2012, 17:45   #29
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Default Re: Strange problem: Closed the car loan,but bank lost my car key

Hello,

Good to know that you managed to get your car keys back. Yes, you are correct, persistence pays.

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Originally Posted by rajshenoy View Post
If i dont see any success in another couple of weeks, looks like i have to go and replace the lock assembly(boot,door and ignition!!! any idea how much does it cost for Swift ?)
Also just incase if they were not able to find the key, you need not change the entire Lock Assembly. Because that would be a costly excercise.
I am surre you will have Car Key Code (something like IP1234) which is a metal tag attached to your key ring at time of delivery. If yes, then you just need to give this code to M.A.S.S. & they will arrange to getyou a duplicate from Maruti. This would have cost you approx Rs. 1100 to Rs. 1500.

Thanks,
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Old 20th March 2012, 17:51   #30
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Originally Posted by Jignesh
they will arrange to getyou a duplicate from Maruti. This would have cost you approx Rs. 1100 to Rs. 1500
Changing the lock set is more from security point of view. What if the lost key had actually fallen in the wrong hands? Isn't a duplicate key the secondary concern in such cases?
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