Quote:
Originally Posted by aZa The problem is that i had told the agents about buying the car from outside NCR. Initially they said it will ok as long as the dealer had an HDFC account. But now the agent is saying that i will have to take the car from delhi itself as they wont be able to provide a loan for a vehicle outside delhi or that the dealer is not registered with HDFC. |
This is indeed a weird problem. First of all, an auto loan has nothing to do with the dealer having an account in the concerned bank. In fact, it has
nothing to do with the dealer at all, since the loan is a tripartite hypothecation agreement between you, the bank and MV dept. The only interaction of the bank with the dealer is when the former pays the cost of the car to the latter. Then their relation is over with.
The only (admittedly far fetched) reason I can think of is maybe because the agent is based out of Delhi, so he's been told by HDFC that he'll get his commission only if you buy a car out of Delhi! Otherwise they'll treat it as a direct sale.
I'll suggest 2 remedies:
1)
In case you still want to avail a loan from HDFC - Here's a nice way to take the agent for a ride - the way he's taking you. Tell him you'll buy the car from Delhi. Get all the loan papers, complete the documentation. When the loan is sanctioned,
note down the loan number. Mind you, a sanctioned loan doesnt mean anything until its disbursed.
Once the loan is sanctioned, the agent has precious little to do with it. You're in direct business with HDFC. Now go buy your car from any dealer anywhere you like. Call up HDFC customer service and
quote your pre-approved loan number. They'll readily pay whatever dealer you choose, and you have your car
! HDFC treats it as a direct sale in their records, and the poor agent earns nothing.
2) In case you're a good man/prefer to do things morally
, just get rid of the HDFC issue altogether. Ask your preferred dealer to give you a
proforma invoice quoting the OTR value of the car. Now go to any bank you wish, show them the PI and they'll process the loan for you. Instant freedom from agents/dealer commission! This is particularly relevant if you're taking a loan from a national bank.
@wildon - As you asked, I'm quoting the form nos with what they stand for. Also included a brief single line on what it means to a layman.
Form 20 -
Application for registration of a motor vehicle (you need an extra copy for your hypothecator, the bank). This is the most important document to MV. Your RC book will be made based on data you provide here.
Form 26 -
Intimation of loss/destruction of the RC.
Form 27 -
Application of new registration in case the vehicle is moved to another state (one extra copy is kept by the bank, so that you cannot effect a transfer without intimation to them)
Form 28 -
Application of grant of NOC (one extra copy is kept by the bank, so that you cannot effect a transfer to another state without intimation to them)
Form 29 -
Notice of transfer of ownership. This will be kept by the bank and furnished to MV if you decide to sell of the car before the loan is over.
Form 30 -
Application of transfer of ownership (one extra copy is kept by the bank, so that you cannot effect a transfer without intimation to them). This is again in duplicate so you cannot effect a transfer without intimation to the bank.
Form 34 -
Application to enter into a Hire Purchase Agreement subsequent to registration. This is the most important document to the bank from a legal viewpoint, as the HP agreement on the registered car cannot be held valid without Form 34.
Form 35 -
Notice of termination of Hire Purchase Agreement. This is the most important legal document for you.The bank will furnish Form 35 to MV at the end of the loan period, indicating that the HP Agreement is over and you're the single legal owner of the car.