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Old 26th July 2011, 13:47   #166
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Default Re: ARTICLE: How to sell a *USED* car in India

^the buyer will need insurance later, so he can insure the vehicle now and pay for it. You can use the same at the RTO. I do not think it will be a big deal.

Cheers!
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Old 27th July 2011, 02:00   #167
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Default Re: ARTICLE: How to sell a *USED* car in India

Hi,
I have made a deal for my Hyundai Accent Executive 2009 model in 3.4 with Mahindra First Choice.
The guy who came to evaluate the car gave me two options:
To preclose the car my self and take the whole amount or to have them preclose the loan and take the rest of the money. I have opted for the 2nd option as it will save my time of going to the bank for preclosure statement then again to close the loan.
Since , I am selling the car to a renowned dealer should I be worried about Transfer of Ownership...?
I do not have insurance on the car , anything i need to do on that...?
May I give the delievery of the car after the compelete payment or should I wait for the NOC from the Loan Bank...?

PLease help with these querries..
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Old 27th July 2011, 17:35   #168
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Default Re: ARTICLE: How to sell a *USED* car in India

Quote:
Originally Posted by psmith View Post
Hi,

I have the same problem. Insurance has lapsed.
The buyer is ready to take the the car without insurance.
But RTO needs insurance certificate.
What to do?

Thanks.
Vehicle Insurance is a must for every vehicle (at least a third party).So at the time of sale the Insurance has to be renewed in the previous owners name and then again it can be changed to the present owner after the transfer procedure is completed. Some amount of convincing is required for the name change though. I think the Seller should give the vehicle with the proper Insurance in place.
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Old 1st August 2011, 11:54   #169
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Default Re: ARTICLE: How to sell a *USED* car in India

Quote:
Originally Posted by psmith View Post
Hi,

I have the same problem. Insurance has lapsed.
The buyer is ready to take the the car without insurance.
But RTO needs insurance certificate.
What to do?

Thanks.
You need not bother paying for a full year's comprehensive insurance.
Third party insurance would be sufficient for RTO and the cops (and it would cost about 6 times less than comprehensive insurance).

You can offer to pay for third party insurance OR if the buyer wants comprehensive insurance, you just bear the cost of third party insurance and the buyer can pay the rest.

Bear in mind that the insurance would still be in your name and the buyer can transfer it once RTO transfers ownership.
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Old 22nd August 2011, 17:49   #170
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Default Re: ARTICLE: How to sell a *USED* car in India

This post has become more inevitable and must read for all automotive owners considering todays social setup of terrorism, eve teasing, and sex scandals.
It will make sellers more vigilant and systematic.
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Old 24th August 2011, 14:49   #171
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I am buying a bike with Delhi registration number while I am residing in Gurgaon. Does this mean I will need to get a Haryana registration done after transfer of ownership? Or a simple ownership transfer process will suffice.
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Old 24th August 2011, 16:47   #172
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Quote:
Originally Posted by markiv
I am buying a bike with Delhi registration number while I am residing in Gurgaon. Does this mean I will need to get a Haryana registration done after transfer of ownership? Or a simple ownership transfer process will suffice.
You don't need to transfer the number.
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Old 8th September 2011, 00:22   #173
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Default Re: ARTICLE: How to sell a *USED* car in India

Sold my car at last! Feels sad though. She had been a trustworhty stead and never ever let me down in the past 5 years. Well time to move on.

Couple of doubts that arose after reading Gto's wonderful and informative opening post. The buyer brought only the form 29 and 30 and a sale letter ( or delivery note )in local language, claiming that only these were required. Form 28 was needed only if the loan was not through, and since i had the NOC from the insurance company, it was not required. So, i kept the delivery note in original while he took the other 2 documents. Promised me that the transfer would materialize within a week.

So, is it apt to give the buyer 1 week's time for the transfer? And are the said two forms enough for the transfer?
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Old 26th September 2011, 00:04   #174
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Default Re: ARTICLE: How to sell a *USED* car in India

I am planning to change my car and to buy a new car. Which mode will be better. Is it o.k if I give exchange to Maruti dealer or to sell private buyer? Is the exchange bonus is real or a kind of marketing technique.
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Old 26th September 2011, 00:08   #175
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Default Re: ARTICLE: How to sell a *USED* car in India

You will always get a better financial deal if you sell it to some private buyer. Of course, selling to a dealer is comparatively easier, but expect at least a 25% price difference.
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Old 26th September 2011, 21:00   #176
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Default Re: ARTICLE: How to sell a *USED* car in India

Sold my accent for 3.4 lach to mahindra first choice.
*** Good Points****
The price i got was just for the car, i was told to remove my ICE as it would not make any difference to the price of the car.
I was also given the option to remove the leather seat covers however i dint as I wont be using them in my next car.
The First choice people are very professional and stick to their words, they guy did all the paper work for me that too on no extra cost.
I have piece of mind as i know any legal issues after the sale letter will be taken care by Mahindra Fist choice.
****Bad Points****
Though they asked my remove my ICE , they wanted to have some kind of Music in the car, so had to purchase 1000 Rs HU for the car.
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Old 27th September 2011, 15:55   #177
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Default Re: ARTICLE: How to sell a *USED* car in India

Also , if you are doing the deal yourself, make sure you dont release the car until you have the acknowledgement for the RTO transfer and insurance transferred to the buyer's name. I learnt this the hard way when I sold a scooter and until now the current buyer has not changed the RC book to his name. I got a couple of tickets and after consulting a lawyer, sent a registered Ack Due to the RTO, together with an attested true copy of the sale form , and the buyer (that I sold to, though he in turn sold it to 2 other persons). I got Ack due receipt from the RTO and so far no tickets have come to me. So, please be careful, no matter what the buyer might try to coerce you into doiing.
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Old 7th October 2011, 17:46   #178
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Default Re: ARTICLE: How to sell a *USED* car in India

BIG Thanks to GTO.
this had been really helpful.
I am selling my Nano top model and i have received few inquiries through Team-BHP classified. Although all prospective buyers are Team-Bhpian only but still this thread had been my big rescue.
Kudos from my side.
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Old 17th October 2011, 11:48   #179
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Default Re: ARTICLE: How to sell a *USED* car in India

I am selling my Astar and the buyer is taking a loan from HDFC. His loan has been sanctioned but apparently, they require the original RC smartcard, NOC from my bank and the Insurance papers BEFORE the DD can be issued in my name.

Is this how it is? I am scared of handing over the Original Smart card. Also, certain forms have to be signed off...I think its the TTO. Please help at the earliest! Car being sold from Vashi to Andheri RTO
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Old 18th October 2011, 00:03   #180
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Default Re: ARTICLE: How to sell a *USED* car in India

[quote=Shome;2547753]I am selling my Astar and the buyer is taking a loan from HDFC. His loan has been sanctioned but apparently, they require the original RC smartcard, NOC from my bank and the Insurance papers BEFORE the DD can be issued in my name.

I sold my Tata indica with the same circumstances of the buyer went for Mahindra Finance. I gave all the papers with sale deed and transfer papers.The financiers gave the cheque on my name. I kept the car with me till I got the cheque.
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