Team-BHP - Selling my hypothecated car to another person whos taking a loan

- - Selling my hypothecated car to another person whos taking a loan (https://www.team-bhp.com/forum/indian-car-loans-insurance/51685-selling-my-hypothecated-car-another-person-whos-taking-loan.html)

Hi

I am buying a NHC and selling off my Indigo. I went forward and booked my NHC making a down payment. I got a customer to buy my indigo, but his bank wouldnt touch it till I get an NOC.

Now, it didnt strike me as a big problem until it dawned on me that I need to pay off the debt first (its a double whammy when you have paid down payment for the new car).

Is there a way out of this like - I go with the client and his DSA, and they make the payment on my behalf. When I get the NOC, I can give it to them. Also the bank will send the NOC by mail only.

I am kind of skeptical of all this. What if:
1. he backs out (okay - I can take an advance from him)
2. the bank will give the client DD when I give the NOC. How can I make sure I get my money.

I know I am not the first person to encounter such a situation, please let me know if theres a way out. :Frustrati

thanks

Quote:

I go with the client and his DSA, and they make the payment on my behalf.

No bank will release a payment without an NOC, I doubt this is even an option with the big names. You would have to clear the outstanding loan in this case.