Go Back   Team-BHP > BHP India > The Indian Car Scene


Reply
 
Thread Tools Search this Thread
Old 6th March 2013, 23:51   #16
BHPian
 
latentpotential's Avatar
 
Join Date: Oct 2012
Location: IIM, Ahmedabad
Posts: 502
Thanked: 376 Times
Default Re: Mahindra First Choice dealer dupes customers, police seizes sold cars

Quote:
Originally Posted by SirAlec View Post
I am a small towner. But all those guys who bought the cars didn't checked the original RC and Insurance before buying.? thats sheer carelessness.

The normal practice to buy any car is to check the following in original
1. registration certificate
2. insurance
3. permit in case of commercial vehicle.

One more thing, in rajasthan, we still have old fashioned normal paper based RC. in that its clearly mentioned if its hypothecated to any banks or private financier.
So my question is there any provision to check that in smart card based registration.
?

If the original owner has cleared all the dues of banks but didn't removed the hypothecation. A form 35( in rajasthan) accompanied with a no due certificate from the bank on its original letterhead with stamps is required.
Smart cards have a seperate line that clearly states Hypothecated To: ...
latentpotential is offline   Reply With Quote
Old 7th March 2013, 08:57   #17
BHPian
 
Tapish's Avatar
 
Join Date: Jan 2011
Location: Ahmedabad
Posts: 244
Thanked: 238 Times
Default Re: Mahindra First Choice dealer dupes customers, police seizes sold cars

Quote:
Originally Posted by Gotham_City View Post
If a bank / NBFC extends a loan to any company, it will take fixed assets, inventory and a.c receivables as the collateral. It cannot claim that the goods sold to the end customer as part of collateral (and take them in its possesion to recover the loan).
Quote:
Originally Posted by pganapathy View Post
How exactly does the financier get hold of the vehicles and why should the cops take the vehicles away from the owners.
The cars are a collateral as the original documents are with the financier. The people who bought the car do not have any documents. Since the documents are (maybe hypothecated) to the financier, he is still the legal owner.

That said, the customers are surely on a solid footing. Inconvenience is the only price they will pay for being careless.

Cheers,
Tapish
Tapish is offline   (2) Thanks Reply With Quote
Old 7th March 2013, 11:12   #18
mxx
BHPian
 
Join Date: Jan 2005
Location: Bangalore
Posts: 682
Thanked: 101 Times
Infractions: 0/1 (5)
Default Re: Mahindra First Choice dealer dupes customers, police seizes sold cars

Quote:
Originally Posted by Tapish View Post
The cars are a collateral as the original documents are with the financier. The people who bought the car do not have any documents. Since the documents are (maybe hypothecated) to the financier, he is still the legal owner.

That said, the customers are surely on a solid footing. Inconvenience is the only price they will pay for being careless.

Cheers,
Tapish
Quote:
Originally Posted by pganapathy View Post
How exactly does the financier get hold of the vehicles and why should the cops take the vehicles away from the owners.

As I understand it, the dealer borrowed money from someone and didn't repay him. How did the cars wind up becoming collateral.
Still confused. I am not sure about how first choice works. But used car dealers do not transfer the document in their name before selling. So, it is impossible that the cars are hypothetical in the financier's name in the RTO. Do lending agencies provide finance for something that is in the name of some other party?
mxx is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
Mahindra First Choice dealer JK Moto tries to scam. Caught! EDIT : Amount Refunded mayankk Indian Car Dealerships 87 11th February 2015 20:21
Toyota dealer in Gujarat cheats customers of 3 crore Rupees. Now absconding! SirAlec Indian Car Dealerships 21 12th December 2012 20:32
Delta Motors, Gurgaon (Tata Dealer) :Taking customers for a ride kumargandharva Indian Car Dealerships 26 2nd October 2011 00:36
Mahindra First Choice's Monsoon-proof Package at Rs. 149 GTO The Indian Car Scene 20 6th October 2010 15:40
Police raids on Chennai bars / pubs & locking up customers supremeBaleno Shifting gears 53 18th December 2007 21:36


All times are GMT +5.5. The time now is 05:31.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks