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Old 21st July 2008, 12:35   #1
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Default Help Required: Sierra Turbo

Hi All,

As most of the forum members are aware .. i am badly hunting for a Sierra Turbo. I am currently having a Car , but its a Bank Ceased Vehicle.

They are asking less and the Car is also pretty decent(haven't seen yet).
The issue is When i buy ,these guys are telling they will close the deal with the bank and give you. How exactly i can confirm this? Should i Call up the bank and ask? or will there be any entry in RC book that the HP has been cleared...Or is it ideally a Fresh RC will be issued in my Name.

Please help me out friends ..

Regards
Vishnu
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Old 21st July 2008, 13:22   #2
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The vehicle is with the bank right? ask the office, cause the depot manager do not know much of the procedure. Usually when the HP period is over the Local RTO is given instruction through a from/NOC to clear the HP from the RC book.
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Old 21st July 2008, 13:46   #3
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IT seems the vehicle is with the Ceaser and he had taken a banks letter to clear out the vehicle. Now he has contacts with the agent whom i know.. and he will sell it to me after clearing the HP(as per agent).

Will a fresh RC be issued or is it like the RC will be having a HP cleared seal.
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Old 22nd July 2008, 10:24   #4
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Friends any valuable comments on same??
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Old 22nd July 2008, 11:53   #5
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Quote:
Originally Posted by vishnu7185 View Post
...
They are asking less and the Car is also pretty decent(haven't seen yet).
...

Who is "They"??? the bank or the previous owner. If it is a vehicle which has been seized by a bank , you should be talking to the bank personnel, not the previous owner

.

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Originally Posted by vishnu7185 View Post
...
They are asking less and the Car is also pretty decent(haven't seen yet).
...
Dont reach any conclusions about the vehicle before having seen it. Always make a personal visit to the vehicle wherever it is and examine it well, before deciding if it is good or not.

.
Going by what you have mentioned so far, I would stay clear of such a deal

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Old 22nd July 2008, 12:18   #6
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Originally Posted by vishnu7185 View Post
agent whom i know.. and he will sell it to me after clearing the HP(as per agent).

Will a fresh RC be issued or is it like the RC will be having a HP cleared seal.
No fresh RC, just a cancellation or HP termination will be done on the RC by the bank.

Beware though as all the golmal happens at the banks end. Was the vehicle owned by an Individual or Company? If it is company owned, it is better to get a "search" document on that company name from the bank. This will clear that the vehicle is not mortgaged / under HP with the bank anymore!

Lucky you, I've been wanting a T Sierra too
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Old 22nd July 2008, 12:27   #7
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Thanks headers.... the vehicle is not a company owned but an individual..
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Old 22nd July 2008, 12:36   #8
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Quote:
Originally Posted by vishnu7185 View Post
IT seems the vehicle is with the Ceaser and he had taken a banks letter to clear out the vehicle. Now he has contacts with the agent whom i know.. and he will sell it to me after clearing the HP(as per agent).

Will a fresh RC be issued or is it like the RC will be having a HP cleared seal.
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Thanks headers.... the vehicle is not a company owned but an individual..
Then, you just have to ensure that the HP termination / cancellation is stamped on the RC backside! If possible, check with the bank also as we cant believe what we see in such cases! Happy T Sierra..ing!
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Old 22nd July 2008, 14:46   #9
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Is the situation such that the previous owner will sell you the car and pay off the loan after getting you money ? if so please be careful, if not than tell the owner to get the NOC from the bank [for HP cancellation] check it with the bank and RTO before paying the amount, cause there have been cases where a NOC was given to the buyer which was fake. Or just tell the owner to cancel the HP first take a xerox of the loan account number [from the owner or the NOC copy] and check it with the bank,to confirm that the loan ahs been terminated by the bank, than pay.
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Old 22nd July 2008, 16:24   #10
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Thanks Dinar.. i spoke to the agent. He said i will be paying directly to the bank and getting it cleared from the bank. I just need to pay the ceaser and this agent some commission.

My all dealings will be with the bank. Hence i guess it should not be an issue.

What you guys say?
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Old 22nd July 2008, 17:06   #11
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Default All your dealings are with the owner only

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Originally Posted by vishnu7185 View Post
Thanks Dinar.. i spoke to the agent. He said i will be paying directly to the bank and getting it cleared from the bank. I just need to pay the ceaser and this agent some commission.

My all dealings will be with the bank. Hence i guess it should not be an issue.

What you guys say?
No..All your dealings are to be with the owner only. IT IS HIS HEADACHE to get the papers cleared. Remember all the new age banks are notoriouis for not clearing paperwork especially on HP.

You tell the owner that you would pay him provided he get you the HP cancellation in the RC and an NOC from thr bank where it is hypotecated.

Dont get involved in paying the bank directly as you could be taken for a ride!
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Old 22nd July 2008, 21:13   #12
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I agree with the Header , do not deal with banks directly, tell the owner to do the paper work. Cause you won't know if there is any other problem with the bank [paying any other due] and once you pay the bank, they open there mouth, so you have to do as they demand as, you have already paid for the vehicle.
Pleas be careful, I know that getting a good sierra id Difficult and so you must be exited, but do not get into trouble over it.
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Old 24th July 2008, 11:36   #13
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Thanks Header and Dinar for your valuable inputs .. the thing is the owner is out of picture i guess. The bank is selling it to get the money back. So i doubt whether i will get in touch with the owner. If i come to know the owner i will defenitely contact him only.

In this i guess only option is to get the things cleared from bank side.


Dinar a u suggested i am really exited to get a Sierra but that doesnt mean that i should loose. thts why i ask my fellow bhpians... i know the decisions and suggestions u make are really proper and hence i go by that only.
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Old 24th July 2008, 13:00   #14
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Quote:
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.. the thing is the owner is out of picture i guess. The bank is selling it to get the money back. So i doubt whether i will get in touch with the owner. If i come to know the owner i will defenitely contact him only.
I am truly sorry my friend, please STEP AWAY FROM THE DEAL, unless you meet the owner and make him do the work

All banks deal through intermediaries who take their commission and disappear. You will be running from pillar to post, after having paid all the money and more.

If you, really dont mind all the hassle, and are jobless, and like excitement in life, then go for it.

If I were you, I will not part with a single rupee, unless the owner does the work, including transferring into my name in the RC.

BTW, I too like a Sierra and if i lay my hands on a shell, i will plonk the 3.0 DICOR engine in it.
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Old 25th July 2008, 23:12   #15
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Hey vinshnu7185, did you get the vehicle, if the bank is directly dealing with you and the owner is not in picture than who is going to sign on the transfer papers.
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