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|7th January 2009, 17:12||#1|
Join Date: Jan 2009
Location: Navi Mumbai
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Selling my hypothecated car to another person whos taking a loan
I am buying a NHC and selling off my Indigo. I went forward and booked my NHC making a down payment. I got a customer to buy my indigo, but his bank wouldnt touch it till I get an NOC.
Now, it didnt strike me as a big problem until it dawned on me that I need to pay off the debt first (its a double whammy when you have paid down payment for the new car).
Is there a way out of this like - I go with the client and his DSA, and they make the payment on my behalf. When I get the NOC, I can give it to them. Also the bank will send the NOC by mail only.
I am kind of skeptical of all this. What if:
1. he backs out (okay - I can take an advance from him)
2. the bank will give the client DD when I give the NOC. How can I make sure I get my money.
I know I am not the first person to encounter such a situation, please let me know if theres a way out.
|8th January 2009, 09:58||#2|
Join Date: Feb 2004
Thanked: 89,288 Times
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