[GTO]

Originally Posted by citron

I have settled on a 2005 Feb MUV registered in Bangalore.The seller (who is the 1st owner and currently not based in Bangalore) says that the original RC book and the original Road tax challan were damaged due to carelessness and that he did not keep a make a copy of the original invoice or the loan closure papers.

High risk of being scammed (stolen car etc.). And remember, if you end up with a stolen car, the police will recover it from you. The entire financial loss is yours.

NEVER buy a car without original paperwork. Ask the owner to apply to the authorities / financing company and get fresh documentation.

[selfdrive]

Originally Posted by citron

I have settled on a 2005 Feb MUV registered in Bangalore.The seller (who is the 1st owner and currently not based in Bangalore) says that the original RC book and the original Road tax challan were damaged due to carelessness and that he did not keep a make a copy of the original invoice or the loan closure papers.All he can provide is the duplicate RC book issued by the same RTO in 2008 with entries for the Road tax and the cancellation of the hypothecation in 2008.

Does this sound OK? Is it advisable to go ahead with the deal?

I would advise you against it. you should insist on originals from the RTO. it is the responsibility of the current owner to get it up to date. This will become your headache whenever you try to sell it (apart from the risk that GTO has pointed out)

[citron]

GTO,Selfdrive,

Many thanks for your notes of caution.I was wondering if I was being a bit too finicky as the checks of the chassis/engine numbers,the service records at TASS and the RTO records did confirm that the vehicle and owner are legitimate.

Your points are well taken and the deal is off as the owner is not willing to procure fresh documentation!

[hondacity]

I have been trying to locate the forms in one of the earlier threads but somehow one of the important forms, "Cash Receipt" for initial booking is not found.

Suppose I pay x amount of money to the seller , I will need a solid receipt for the advance paid. Where do I find this format? Pls help/advice.

[montyguru]

i'm about to close a deal for a friend on a jeep with a peugeot engine fitted in an original ford chassis and body. any specific tips? any pointers to evaluate a fair price for the same?

[creative420]

What all papers do you have to fish out when buying a used car?

[mayankk]

Originally Posted by creative420

What all papers do you have to fish out when buying a used car?

same thread, 3rd and 4th post......

[GTO]

Originally Posted by citron

I was wondering if I was being a bit too finicky as the checks of the chassis/engine numbers

No such thing as "too finicky" with a used car. The risk component is high, hence the precautions.

Originally Posted by hondacity

I have been trying to locate the forms in one of the earlier threads but somehow one of the important forms, "Cash Receipt" for initial booking is not found.

No cash receipt format as such. Standard stuff works:

Date

This is to certify that GTO has received Rs. 20,000 (Rupees Twenty Thousand Only) from BHPian HondaCity in cash (or cheque no with details), as advance payment toward the purchase of the 1984 Red Ferrari GTO, bearing:

Registration Number : MH-01-GTO-288
Engine No : 0to100in4seconds
Chassis No : 100to0in3seconds

The total sale price of the car has been decided at Rs. 1,00,000 (Rupees One Lac Only), less the amount of this advance payment.

Signed

GTO's Signature

GTO's Full Name

NOTE : I ALWAYS prefer paying advance amounts vide cheque.

Originally Posted by montyguru

i'm about to close a deal for a friend on a jeep with a peugeot engine fitted in an original ford chassis and body. any specific tips? any pointers to evaluate a fair price for the same?

Please search within the 4x4 section.

[kamal.sn]

I have booked a pre-owned Hyundai Tucson from Carnation and i am going to take the delivery of the car tomorrow.

Carnation will only provide a sale letter and a photocopy of the RC ( and other docs like insurance etc.) to me and then submit the original RC to the RTO for transfer and within 14 days which is also the validity of the sale letter, i will be given the new RC.

Is this practice legal ? Is it ok to take the delivery of the car with only the above documents ?

Also i will be making all the payments to Carnation and not the original buyer as Carnation has purchased the car from the original buyer. I understand that this is normal and this is how used car dealers operate.

Pls. advise.

[chakri400]

Team,

My friends in bangalore have bought a used fusion from their friend in coimbatore. They haven't driven a car before and wanted someone to get this car from coimbatore. I agreed - lalach to drive a ford fusion

I have come here for advice.

The seller has bought insurance for the car for this year. If I drive, would I be able to use the insurance? If not, is there any temporary insurance product that I could buy?

Thanks!
Chakri

[sriturl]

Originally Posted by chakri400

Team,

My friends in bangalore have bought a used fusion from their friend in coimbatore. They haven't driven a car before and wanted someone to get this car from coimbatore. I agreed - lalach to drive a ford fusion

I have come here for advice.

The seller has bought insurance for the car for this year. If I drive, would I be able to use the insurance? If not, is there any temporary insurance product that I could buy?

Thanks!
Chakri

This is my understanding.
Insurance is tied up to the car, and not the owner. so a temp insurance is not required.
However, there are a few issues here. As part of sale, seller need to fill a few forms which is for RTO as part of transfer of ownership, and one of them is for insurance company for transfer of remaining part of insurance time to the new owner.
Since the registration is not going to be in the same state, it involves a few extra steps of taking NOC from home state, and paying road tax in new state.
But, when you are bringing this car to Bangalore in this case, the transfer would not have been done, and insurance and registration are still in the old owner's name. In case of a claim, the old owner may have to submit them(This is the part which I am not sure)

[ayushagarwal26]

I've finalized a 2006 Fiesta 1.6 Sxi recently - I should be closing the deal today. Now, I have a few quick questions:

The car is still in loan period - the loan is scheduled to end by November 2011. What are my options? I believe there should be an amount of approx 50k the seller still owes the bank.

1) Get the loan transferred to my name, and pay the remaining amount (car price - 50k) to the seller. Continue to pay emi's, and close the loan on my own in November. Do banks still allow this?

2) Wait for the seller to close the loan, get the NOC, and then get the car transferred in my name. Only then make full payment and take delivery. However, I might end up waiting 7-10 days in this case, and I'm too excited to do that!

3) Tell owner to foreclose the loan, get the bank receipt immediately. Pay the seller 50k less than agreed price, take car delivery, then wait for him to get the NOC. Once the NOC arrives, make remaining payment and receive NOC, then get the car transferred. If I do this, I will be able to take immediate delivery while the formalities take place for a week.

4) Trust the owner - pay up and take the car, NOC / transfer will follow.


Option 4 is more or less out, even though I know the seller is genuine - I'm worried in case there has been any default in his previous emi payments, in which case the NOC might take months to come.

I'm inclined towards options 1 & 3. Possible? Plus, how long does it take to get an NOC after loan closure payment?

[mayankk]

^^
shaant, gadadhari bheem, shaant!!

Not commenting on any of your options, but just saying:
1. If you have money in hand, dont stretch out payments on EMIs(if such a thing is still done by banks.I'm sure it is)
2. Take the car only when every paper pertaining to it has been tranferred to your name.
inversely, do not leave(not much chance of that, i am sure) once the tranfer of documents has been done.

i suppose option 3 , and a wait to get the tranfer doen would be best.

[Deeps]

I've been through this recently so can share my experience.

1. Almost nil chance of getting the loan transferred to you as most banks now don't allow this.

2. This is the best and safest option. I know you are excited but waiting for a few days should ensure peace of mind. My NOC came home within a week from making the payment.

3. I doubt the current owner will agree to it. Here's a slightly more acceptable suggestion. You two can go and foreclose the loan together. You pay the money and keep the receipt. Then make the balance payment and take the car home along with the relevant documentation. DOn't fill date on the transfer forms till the NOC is in your hands. Then trust the owner to handover the NOC once it arrives.

4. Don't even think of it if the seller is unknown to you - regardless of how "genuine" he may seem.

[Deeps]

Originally Posted by sriturl

This is my understanding.
Insurance is tied up to the car, and not the owner.

This is wrong. The insurance indeed is tied to the owner. Thats how the NCB works too. If you buy a car that is insured in previous owner's name then you are required to transfer the insurance in your name. Otherwise you will not be able to make a claim. Transfer of insurance is usually around 1000/- and will occur only once the car is transferred in your name.