Team-BHP - payment procedure to buy 2nd used car in chennai

Insurance can be transferred to your name as long as there is a letter to that effect from the previous owner (even without name transfer in RC). Or you could wait till that insurance expires & get yourself a new insurance (for this you do not need anything from the previous owner).

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Originally Posted by esteem_lover (Post 628733)

Insurance can be transferred to your name as long as there is a letter to that effect from the previous owner (even without name transfer in RC). Or you could wait till that insurance expires & get yourself a new insurance (for this you do not need anything from the previous owner).

You can renew the insurance, but it will be in the name of the person whom's favor the Insurance was.

We does name transfers for the second hand cars bought for our employees & they (insurance officials) say its only possible to do a name change in the insurance policy after it gets effected in the RC book. The recent transaction was with National Insurance.

Anyone who had done the name transfer recently without transfering name change in RC book, please share your experience.

Quote:

Originally Posted by Surprise (Post 628890)

Anyone who had done the name transfer recently without transfering name change in RC book, please share your experience.

i have done this for my bike as well as my car. all that was required was the Original RC & the car/bike. :)

E_L, it seems different service providers follow different rules. Iam sure as Bajai Alliance, United Insurance too insists on name transfer in RC before they effect it in insurance policy

Motor Insurance FAQ

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If the customer sells the vehicle to another person, the Insurance can be transferred in the name of the buyer. The buyer (transferee) has to apply for transfer of Insurance with us, within 14 days from the date of transfer of the vehicle in his name. If the customer wants to substitute another private car of his in this policy, the policy will not be transferred to the buyer. The buyer (transferee) has to buy a fresh insurance

If it goes beyond 14 days, vehicle has to be produced to effect the name transfer

1)In Pune/Mumbai it is the seller who has to pay-off the loan and has to get the NOC from the finance co with form 35 duly signed from the finace company with a covering letter from the finance company that the loan is repayed.
2)If you are to buy a car from big time players like first choice then they will have done all the things and even get the car registered with the RTO in your name.
3)I have just sold my fathers ZEN and am doing all the procedure for the NOC .The buyer has paid the 75 per money and taken the car away .Given me the delivery note .and post dated cheque for the remaining amount.ON giving the NoC from the finance co he will be giving me rest money and taking away the cheque.if the seller /buyer is geniune it is apparent from the very first transaction.
We have maintained all the servicing /maintenance history of the car and have given it to the buyer who is now more than happy.
Naj

Thanks for all details. It was very much helpful. I had paid off the loan, (taken the bank challan) and paid the remaining money to the seller and taken the position of the car along with RC book, insurance, LT tax details etc. Now i have to wait for NOC as ICICI clears from their central office in mumbai. My broker's aid told me he will get it in 4 days and subsequently taken it to RTO for cancellation and registration.

One of my mechanic told me to directly paid to the bank for foreclosure instead of giving the whole money to seller or seller agent, that what i did

srini