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Old 25th June 2008, 21:50   #1
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Default Loan woes with HDFC Bank

Hi Guys,
I recently decided to buy a car(my first). My options were:
1. an used OHC (preferably a VTEC)
2. Palio 1.6 Sport
3. Swift petrol or diesel

I searched around for a used VTEC for a while but couldnt get my hands ona good one. After test driving 2-3 i found that they were badly maintained or had had an accident etc. After a while (and a lot of advice from my friends), decided that if i can afford it, a new car will be better than an old one.

I tried going to Manipal motors to test drive the Palio (Its the closest from my house). After 2 visits and not a few phone calls i couldnt get them interested in giving me a test drive. (Its been almost 4 weeks since i left my name and number at the showroom after promises of a call back soon as the demo/TD car was available for a test drive and still havent heard from them).
When they were acting lilke this when i wanted to buy the car from them, i wasnt sure how the service quality would be like AFTER i actually bought the car. Which really broke my heart cz i love the car. (Anyone from Fiat reading this??).

So the only one left was the Swift. I find the car quite nice to drive, very responsive (within reason, considering the engine size) and very manuverable and nimble. Basically fun to drive (I personally like the heavy an stable feel of a Palio, but ...)
So i decided to buy the car. The Swift DDiS is a brilliant car, and nothing i've driven compares to the low and mid range torque this thing has (referred to in some threads as pocket rockets). But the waiting period on this was waaay to long. Dunno what Maruti is thinking.


Finally, on Monday Jun16th i went down to RNS Motors and booked a Swift VXI. I made a down payment of abt 2.6 lacs and applied to HDFC Bank for the remaining amount (2.5 lacs).
I was promised that the loan would be prossesed in 3 days (since this was monday evening, i assumed it would be done by fri latest). After 2 days i recieved a call from RNS guys saying that there was a problem with the loan application and they sent someone over to get another one signed from me.
After another 2 days they called me and said they need the offer letter and deatils of the job previous to the one i was working at before (i recently changed my job and was there was just over a yr and 4 months and these guys wanted details of the one before that).
I promptly provided it and they approved the loan. After that i signed the loan agreement and gave 7 signed cheques for security. (A li'l rough sailing till now but still ok).

Today i just heard from them again asking for statements for another account from which i gave the security cheques. I'd already provided an online banking printout as owner ship proof for the account, which they'd accepted at the time of signing the loan agreement (in addition to a cancelled cheque they took for checking it, or so they claimed).
The car showroom guys are saying that they cant deliver the car till the bank gives them a DO (Not sure what that is, but thats what i was told).
Is this normal? Isnt there some limit on how long the bank can keep dragging on the loan application process?
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Old 26th June 2008, 09:53   #2
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Cancel the order and the deal.
Get your 2.5 lacs back.

Demand an interest for the money you have paid.
Then you will see that the loan is approved and things move at a fast pace.

Make some noise, else..they are going to take you for a big ride.
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Old 26th June 2008, 10:42   #3
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Quote:
paranoidAndroid : Today i just heard from them again asking for statements for another account from which i gave the security cheques.

The car showroom guys are saying that they cant deliver the car till the bank gives them a DO
There seems to have been a goof-up between the dealer & the bank. If the security cheques are from the same account from which you will pay the loan, things are simpler. And you would also have had to provide proof & documents of only one account.

Looks like the people involved in your transaction were not aware of the correct processes, and they are now trying to clear it up.

Reg the clearance from the bank for delivery of the car, the bank is basically paying the balance (loan) amount to the dealer. That's when the dealer gets his money and will release the car. The bank may be holding things off till they clean up your paper-work, esp after what has happened.
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Old 26th June 2008, 10:50   #4
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Quote:
Originally Posted by raajks View Post
Cancel the order and the deal.
Get your 2.5 lacs back.

Demand an interest for the money you have paid.
Then you will see that the loan is approved and things move at a fast pace.

Make some noise, else..they are going to take you for a big ride.
Exactly, your the customer and you have full noise making rights. If they still won't budge make your threat a reality. Just get your money back and go to the next maruti dealer.
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Old 26th June 2008, 10:55   #5
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Quote:
Originally Posted by paranoidAndroid View Post
Today i just heard from them again asking for statements for another account from which i gave the security cheques.

Whenevery applying for a loan, do no show your each and every account. I think you have committed small mistake by giving cheques from different bank. It does not help, but it add woes.

Also, since you have recently changed your job so it is their in rule book of bank that customer should have spent atleast said period in current job. Otherwise they ask for previous company proofs.

But for your misery, they are demanding each and every paper one by one. This is sure the Bank saleman's fault he may be new. Give them your current paper and ask them strictly "Do you need some more paper?"

Anyways don't feel light hearted. Your VXi is on the door of your house. You just have to make little effort to bring her in.

Congratulations in advance.
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Old 26th June 2008, 11:13   #6
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Better to take the loan directly from Bank instead of going through dealer .I got

it from Vijay Bank directly,but need to wait minimum 15 days.No security cheques

and other problems
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Old 26th June 2008, 11:21   #7
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Hey Paranoid,
Just go and ask the dealer to cancel the booking and refund the amount. They will surely come down. They will make a good deal of profit on each booking and they will surely workout something for you so that they dont let the profit slip their hands.

This is a buyers market and shop around first for the loan and then go for the booking.
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Old 26th June 2008, 14:44   #8
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I think agent does not know the process correctly. Still I will not suggest to cancel it, because in anyways you will have to go with all these again with some other dealer.

Just talk to GM of the dealer and ask him for the final list of document.

My suggestion talk to GM, canceling will not help, but will take you to another round. Just hold on buddy, you are not far away.
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Old 27th June 2008, 06:46   #9
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Default Hmmm...

Quote:
Originally Posted by paranoidAndroid View Post
The car showroom guys are saying that they cant deliver the car till the bank gives them a DO (Not sure what that is, but thats what i was told).
D.O is called the Delivery Order, where the bank issues one to the dealer when all the formalities regarding the loan is over. It basically an assurance from the bank for the dealer that he will get rest of his money from the bank.

As some one suggested, ask the dealer to give your money back with interest and cancel the booking - you can see drastic changes.

Cheers,
Jai
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Old 27th June 2008, 12:32   #10
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ancel the booking & demand an immediate refund.

by the way what is the rate of interest offered ?
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Old 27th June 2008, 12:44   #11
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There seems to be some seroius problem with HDFC Bank for car loans, my friend had a similar problem when he had booked a Palio multijet.When we asked them to cancel the booking they promptly approved a loan from Tata finance at an interest rate lower than what was promised through HDFC.
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Old 28th June 2008, 22:43   #12
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Thanks for the support guys. I called up the dealership in the morning and was about to start my ranting and threatening act when they said HDFC released the DO and i got the car, albeit a li'l late in the evening.
And all this was despite my knowing the CGM of the dealership. He lives in my apt complex. They gave me a 4k discount for the trouble (initially they werent giving me any discount). Will be posting pics tomorrow.
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Old 28th June 2008, 23:42   #13
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Congrats AP-OID

Good of you to scream your way thru a 4k discount! Do post the pics!

Quote:
Originally Posted by paranoidAndroid View Post
Thanks for the support guys. I called up the dealership in the morning and was about to start my ranting and threatening act when they said HDFC released the DO and i got the car, albeit a li'l late in the evening.
And all this was despite my knowing the CGM of the dealership. He lives in my apt complex. They gave me a 4k discount for the trouble (initially they werent giving me any discount). Will be posting pics tomorrow.
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Old 28th June 2008, 23:57   #14
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hi paranoidandroid, good to know thatf inally thinsg are moving and you have got your car, now to me thats whats important !

So here i go ....congrats on you new car and do post you car's pictures , have you finalised whats going in the ICE , tyres and alloys?
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Old 9th July 2008, 09:25   #15
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Originally Posted by hellstar View Post
hi paranoidandroid, good to know thatf inally thinsg are moving and you have got your car, now to me thats whats important !

So here i go ....congrats on you new car and do post you car's pictures , have you finalised whats going in the ICE , tyres and alloys?

Got the ICE installed a week or 2 back.
Thread for the ICE:
http://www.team-bhp.com/forum/sound-...ker-ovals.html

I'll be sticking to stock tyres and alloys for now. Will hold that off for a while until i can do some engine mods as well. I was thinking of getting an air filter and MAYBE a Triphase ECU upgrade.
Anyone in bangalore got Viper's Triphase system for a Swift?
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