| || ||Thread Tools||Search this Thread|
|7th January 2009, 17:12||#1|
Join Date: Jan 2009
Location: Navi Mumbai
Thanked: 0 Times
Selling my hypothecated car to another person whos taking a loan
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.
|8th January 2009, 09:58||#2|
Join Date: Feb 2004
Thanked: 111,367 Times
|Thread Tools||Search this Thread|
|Thread||Thread Starter||Forum||Replies||Last Post|
|The Cheap Loan or the Smart Loan - SBI Advantage Car Loan||keyur||Indian Car Loans & Insurance||211||29th March 2018 11:38|
|Buy car using cash OR Take car loan & prepay home loan?||rajshenoy||Indian Car Loans & Insurance||13||2nd August 2013 18:16|
|Are there any Disadvantages of taking Car Loan for small duration ?||cool.aquarian||Indian Car Loans & Insurance||10||9th March 2010 17:55|
|Car loan checks returned without closing loan !!||ashthedivx||Indian Car Loans & Insurance||21||7th November 2008 12:28|