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Old 7th January 2009, 17:12   #1
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Question Selling my hypothecated car to another person whos taking a loan

Hi

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.


thanks
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Old 8th January 2009, 09:58   #2
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I go with the client and his DSA, and they make the payment on my behalf.
No bank will release a payment without an NOC, I doubt this is even an option with the big names. You would have to clear the outstanding loan in this case.
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Old 9th January 2009, 20:43   #3
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I have initiated the pre-closure process.
thanks GTO.
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