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Old 18th June 2009, 14:14   #1
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Default Bank Repossessed cars - Fraud alert!

Hi,

I need advice on buying a seized car from ICICI bank. I was looking for a used gypsy in the used car market. A 2nd hand dealer told me he can get a 2006 gypsy which was seized by ICICI for a attractive price

It was an good deal but I din't get to inspect the car since it was Saturday evening. My dealer told me I can visit the seized car godown in Peenya road and bribe the guard there. He will allow me to inspect the gypsy but without test drive.

I thought there is no point going all the way just to do a visual inspection. My dealer had another idea. Pay 40% of the total value as advance and he will pitch in the rest of the amount and get the vehicle released and get a NOC from Mumabi head office. Then after inspection from my mechanic, I can go ahead or cancel the deal. He will refund my money and will sell the gypsy to others. He also gave me a cheque for the 40% of the amount he took as a advance.

He took all the relevant documents(Address proof, license etc) and said the car will be relased in 10 days. It is almost 3 weeks now and the car is yet to be released and he keeps telling that NOC is still pending. He also says that if you are not interested come and collect the money. But the deal is too sweet to be broken.

Now I'm wondering if he is delaying this purposely and regrets quoting that price. How can I verify that. Could someone clarify what is the procedure in getting a NOC and duration for getting the same. Does anyone see any pitfall in this deal.

Thanks in advance.



PS: I did not interact with ICICI bank directly till now regarding this deal

Last edited by bkishore_77 : 18th June 2009 at 14:19.
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Old 18th June 2009, 14:36   #2
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This is what ICICI does. When a person has almost paid off the loan (2-3 instalments left) they don't encash the cheques saying there's no balance in the account etc and charge you a fine. As you are fighting to reverse the fine more than a month goes by and the do the same with your next cheque. Using this as 2 defaults, they seize the car. The RTO (at least in Goa) knows this. So they insist that for the transfer or removal of endorsment for hypothecation, the original owne r has to come to the RTO and sign in front of the inspector. Now which person who has been cheated by ICICI will come and sign. Even if he comes he'll tell the inspector what ICICI has done. Of course there are the genuine defaulters. They will never come to the RTO. In short it means, you cannot transfer the car.
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Old 18th June 2009, 14:42   #3
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Sadly i think you have been had.

Take the money and flee.

ICICI sucks.
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Old 18th June 2009, 14:48   #4
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Originally Posted by pedrolourenco View Post
This is what ICICI does. When a person has almost paid off the loan (2-3 instalments left) they don't encash the cheques saying there's no balance in the account etc and charge you a fine. As you are fighting to reverse the fine more than a month goes by and the do the same with your next cheque. Using this as 2 defaults, they seize the car.
Such blatant cheating . By the way when I asked the dealer to provide the registration details of the gypsy, dealer got back saying the ICICI agent is not willing to reveal the detail coz it would create a problem with the original owner. He was giving some vague reasons why he cant share these details. I'm lost....
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Old 18th June 2009, 14:53   #5
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You are clearly being cheated. Demand the money back quickly. Please be sensible enough not to part with money with some possibly crooked secondhand auto dealers without even seeing the car and understanding the details and processes involved.
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Old 18th June 2009, 14:53   #6
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Hi,

Instead of solely relying on the Dealer, you may contact the local Collections Manager in Bangalore. There would be atleast 2-3 Collection Managers for Bangalore. yes, it takes a phenomenally long time to get things moving internally. If the HO is not frequently reminded, they will take their own sweet time. BTW the Collections Team PAN India is over pressurised due to a lot of defaults. If you want greater clarity, u may speak to one Mr. Biswaranjan Mohapatra who is a Collections Manager at Rourkela, Orissa handling the same stuff. He can guide you well. PM me for his number.
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Old 18th June 2009, 15:05   #7
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Originally Posted by appuchan View Post
You are clearly being cheated. Demand the money back quickly. Please be sensible enough not to part with money with some possibly crooked secondhand auto dealers without even seeing the car and understanding the details and processes involved.
The only reason I was confident with this deal was, He gave me a cheque for the same amount that I paid as an advance. Also, I was given the option to walk out of the deal if I did not like the car. Yeah ..In hindsight I should not have stuck a deal so hastily...
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Old 18th June 2009, 18:05   #8
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Is the cheque in the name of the dealer or the dealer's company? If it is neither, you are in trouble.

Try collecting the money back in person and return the cheque only after receiving the money. Take a friend or two with you just in case they try to boss you over.
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Old 18th June 2009, 18:13   #9
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Can you please name the second hand dealer?
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Old 18th June 2009, 18:54   #10
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please abort. i hope ur deposit/advance is paid through cheque and not by cash just in case things get messy. peace of mind is too precious these days :-)
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Old 18th June 2009, 19:37   #11
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Originally Posted by androdev View Post
please abort. i hope ur deposit/advance is paid through cheque and not by cash just in case things get messy. peace of mind is too precious these days :-)

I couldn't agree more with all the others. Get out while/if you can with your money intact... And yes, as the previous post says, take some friends along, bro. These people can get nasty.
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Old 18th June 2009, 19:41   #12
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Is the cheque in the name of the dealer or the dealer's company? If it is neither, you are in trouble.
.
Yes. The cheque is in the name of the dealer itself. I also have the agreement signed in his letter head that I have paid so and so amount and I'm free to quit the agreement if the condition of the vehicle is not to my satisfaction.

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Can you please name the second hand dealer?
Citi Carz Behind Koramangala BDA complex

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please abort. i hope ur deposit/advance is paid through cheque and not by cash just in case things get messy.
I made the payment thru online transfer to his a/c and he gave me the cheque for the advance amount paid from the same account.
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Old 18th June 2009, 19:53   #13
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bkishore you are better off getting your money and trust me peace of mind = PRICELESS !! Things could work your way , wherein the dealer is clean and the gypsy could be yours. However every coin has 2 sides and its always better to be on the greener pastures than loose your money.
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Old 18th June 2009, 19:54   #14
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The cheque leaf does not contain any information on the account holder.
Some banks do print the account holder name but not all.

You don't even know if such an account exists or not.
This is the reason why some banks insist on an ATM receipt along with your cheques when issuing a loan.

Am sorry to scare you, but this is not something I would do.
However I do other kinds of more foolish things to make up for it.
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Old 18th June 2009, 20:01   #15
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Originally Posted by bblost View Post
The cheque leaf does not contain any information on the account holder.
Some banks do print the account holder name but not all.

You don't even know if such an account exists or not.
This is the reason why some banks insist on an ATM receipt along with your cheques when issuing a loan.
I made the payment thru online transfer to his a/c and he gave me the cheque for the advance amount paid from the same account. The cheque leaf does have his name on it.
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