|5th July 2007, 23:00||#1|
Join Date: May 2007
In RC Book..what do these entries mean?
i saw one used car 2000 model,in the RC BOOK The owner has done the registration in his company name with His photograph & due to some accounting purpose after about 7 years he has changed to his personal name with his photograph and in both the case he has signed as owner though the address are different. company address in the first entry & res address in the second entry..According to RTO & resale value , will this car be considered as second owner or single owner with re-entry sort of thing..thanks.
|5th July 2007, 23:36||#2|
Join Date: Oct 2005
Thanked: 2,451 Times
Yes this is a regular practice. This is done to save on taxes and avail of depreciation benefits. In your case it sounds like the owner of the car also runs the company with which the car was registered initially. Otherwise also many corporates allow the same advantages to their executives. I think its popularly known as "company lease".
As far as the market perception is concerned it is generally taken as a second owner's car when you buy it. So you become the third owner. Because the car market does not get into the technical nitty-gritties of these practices. For the market the number of entries in the RC book = the number of owners. At least that is how I have seen it going. However there is no written rule on this either, Lol. If you have a car which you took on company lease and then later got transferred in your name (once the EMIs have been paid) you may manage to sell it as a first hand car to someone if he sees things in the same light and agrees to take it as such.
Last edited by Zappo : 5th July 2007 at 23:37.
|5th July 2007, 23:36||#3|
Join Date: Oct 2004
Thanked: 2,685 Times
Technically the present owner is the second owner, but buying back of vehicles given to them by the company, from the company they are with, is a common practice for middle and high level executives.
If the car is in good shape, i doubt it should matter all that much.
Last edited by Aditya : 5th July 2007 at 23:46.
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