Bank Repossessed cars - Fraud alert!

bkishore_77 · 18th June 2009, 20:18

My thought process is in this line. He quoted a low price without knowing the actual value. He actually told me that there is no market for gypsy. I gleefully nodded in agreement thinking to myself "then find one".

When he quoted the price I struggled hard not to show any emotions on my face. But I actually wanted to jump on the table, pull him and ask to get the vehicle right away.

. I tried my best to put a dead pan expression on my face. With all the above given assurances I went ahead with the deal.

He then called me couple of days later saying he got a dressing down from the ICICI saying he quoted a very low price but since I commited to you I'm not going to back down. Now when I pushed him hard, couple of days back (after 2 and half weeks from the date of the deal) he said I'm free to come and collect the money if I have any doubts. Is it that he is regretting the quote he gave me.?

Is there any way I can approach ICICI bank and find out if my application is being processed. Any pointers ?

filcord · 18th June 2009, 20:54

Maybe a little Off-topic, but I cannot agree with the allegations made about ICICI.
I have had various loans from them, all disbursed and eventually paid off without any problem. Yes, sometimes there are glitches like mistakes whether an instalment was made or not, but if you have all the proof of payment, it ends there.

Many people have a problem with their aggression, both in getting your business, and getting you to cough up delayed payments. That's a totally different issue.

Bkishore77, you should go directly to the bank, and make your inquiries, boldly and plainly, so that if there's any underhand dealing, the top staff will know you want things straight. If you find something underhand, publish it here and in other media.

Lalvaz · 18th June 2009, 21:08

Quote:

Originally Posted by pedrolourenco

This is what ICICI does. When a person has almost paid off the loan (2-3 instalments left) they don't encash the cheques saying there's no balance in the account etc and charge you a fine. As you are fighting to reverse the fine more than a month goes by and the do the same with your next cheque. Using this as 2 defaults, they seize the car. The RTO (at least in Goa) knows this. So they insist that for the transfer or removal of endorsment for hypothecation, the original owne r has to come to the RTO and sign in front of the inspector. Now which person who has been cheated by ICICI will come and sign. Even if he comes he'll tell the inspector what ICICI has done. Of course there are the genuine defaulters. They will never come to the RTO. In short it means, you cannot transfer the car.

I don't agree with this. I had a car loan with ICICI and I've never faced any such issues. They gave me a fantastic experience right from loan approval to disbursal to releasing my documents. It was a delight in dealing with them.

arin_12 · 18th June 2009, 21:30

ICICI bank has some Gunda who does this kind of activity. Hope you all remember a incident which happened in GOA in late 2007. They made a fake signature of the owner and sold it as he was delayed his last few payment. This Gunda Jacked the car from the owner.
So be careful while u picked the car. Even you may get into trouble after you register the car in your own name. Muscle Power.

Parm · 18th June 2009, 21:34

as they say in american lingo...."you got owned, dude"!

im sorry to say all that, but i think you will be better off if you manage to get back your 40%!

Aston.Martin · 18th June 2009, 22:02

The process of buying a seized vehicle from ICICI in Bangalore is, you will have to visit Bommanahalli collection center and get an inspection letter (it can be obtained easily) and then you can visit the yard the security guard will let you in after you show him the letter. You can only check the vehicle from outside (I mean the vehicle will be locked) and you can check any vehicle there.

Once you select the vehicle, you need to note down the regn no. and leave. Then you need to login to ICICI matrix which is their online portal and place your bid.

ICICI is fully corrupted

they don't consider local bidders, they have contacts with dealers, when a good vehicle comes in they will inform the dealer and will also let them know the highest bid amount, the dealer then releases the vehicle and the share goes to ICICI chap.

Buddy I think you are wasting your time on this, please collect your money ASAP.

sunil8089 · 19th June 2009, 01:12

First upon I dont even consider to own a vehicle, eventhough its cheap, on which somebody's tears had fallen. Other than few habitual defaulters, most of these vehicles to belong to ordinary chaps, who cant pay the EMI because of some situations. My friend was working in collections (HSBC) and certain siezure stories are really heartbreaking. These cease fellows (most are goondas) from these banks literally make the oweners on the road. Legally they had to inform the RTO before a seizure, but in 99% of the cases, they inform only after the seize. Once the car is seized, within 1 week, the bank sell the car to one of the second hand dealer.

Today there are enough genuine vehicles (new and old) available in the market where you can test and select a good one. My advice is - never go behind a siezed car.

freewheelburnin · 19th June 2009, 01:49

If the person u gave money to is Mr Imran from city carz BDA complex koramangala then beware.He is a crook.If so please reply to me.I can help you recover your money.

freewheelburnin · 19th June 2009, 02:12

If the person who collected money was one Mr Imran from city Carz koramangala or some used car showroom in jayanagar, beware!!! HE is a fraudster and crook.Pm me if that is the case.Will try to help you in this regard.

pedrolourenco · 19th June 2009, 08:50

Quote:

Originally Posted by Lalvaz

I don't agree with this. I had a car loan with ICICI and I've never faced any such issues. They gave me a fantastic experience right from loan approval to disbursal to releasing my documents. It was a delight in dealing with them.

You might have been lucky. Many people have had the experience I described. Now because of the problem with RTO, ICICI has started selling cars seized in Goa to buyers in Kerala. So if you find a Goa registered car for sale in Kerala, be careful.

tabrez02 · 19th June 2009, 09:12

Quote:

Originally Posted by bkishore_77

Such blatant cheating

. By the way when I asked the dealer to provide the registration details of the gypsy, dealer got back saying the ICICI agent is not willing to reveal the detail coz it would create a problem with the original owner. He was giving some vague reasons why he cant share these details. I'm lost....

I feel you should quit the deal immediatly, your 40% is on stake. come out of this as soon as possible.

bkishore_77 · 19th June 2009, 09:13

Quote:

Originally Posted by freewheelburnin

If the person who collected money was one Mr Imran from city Carz koramangala or some used car showroom in jayanagar, beware!!! HE is a fraudster and crook.Pm me if that is the case.Will try to help you in this regard.

I have PM'd You. I shall call you.

sgiitk · 19th June 2009, 09:21

I think ICICI service is totally mixed up. We bought a car from a known person some years back. This was through ICICI and the person made sure that the last instalment was paid (by draft as requested by ICICI). They still took over three months to issue the NOC!

filcord · 19th June 2009, 12:47

Quote:

Originally Posted by sgiitk

I think ICICI service is totally mixed up. We bought a car from a known person some years back. This was through ICICI and the person made sure that the last instalment was paid (by draft as requested by ICICI). They still took over three months to issue the NOC!

Yes that happens. In my case it took one month to get the correct NOC for striking out the hypothecation entry. But, after having dealt with quite a few other banks, I find they are still pretty customer-centric, and will apologise immediately.

On the main subject of the thread, I tried, about ten years back, to buy a seized Fiat diesel sedan, from Canara Bank. There was a lot of skullduggery involved, they showed me the vehicle from the outside, the whole thing was handled by a mafia-type guy, and finally the manager asked for a ridiculously high price. Though i was quite naive then, I walked away, as I was not getting good vibes from the whole thing. Finally bought a Ford Escort diesel, lovingly maintained and accessorised, for a cheaper price from an industrialist, totally clean and upfront deal!

downsouth · 19th June 2009, 13:19

When you want to buy a Seized car you always talk to the Bank directly. I know of a particular Private bank who used have their yard in Palace Ground. Bank's usually have an executive who will handle all the paper work. The guy you are working with does not sound authentic. Take your money and run (however sweet the deal sounds).

18th June 2009, 20:18	#16
bkishore_77 BHPian Join Date: Dec 2007 Location: Raleigh,NC Posts: 141 Thanked: 19 Times	My thought process is in this line. He quoted a low price without knowing the actual value. He actually told me that there is no market for gypsy. I gleefully nodded in agreement thinking to myself "then find one". When he quoted the price I struggled hard not to show any emotions on my face. But I actually wanted to jump on the table, pull him and ask to get the vehicle right away. . I tried my best to put a dead pan expression on my face. With all the above given assurances I went ahead with the deal. He then called me couple of days later saying he got a dressing down from the ICICI saying he quoted a very low price but since I commited to you I'm not going to back down. Now when I pushed him hard, couple of days back (after 2 and half weeks from the date of the deal) he said I'm free to come and collect the money if I have any doubts. Is it that he is regretting the quote he gave me.? Is there any way I can approach ICICI bank and find out if my application is being processed. Any pointers ?
	() Thanks

18th June 2009, 20:54	#17
filcord BHPian Join Date: Mar 2005 Location: goa Posts: 996 Thanked: 67 Times	Maybe a little Off-topic, but I cannot agree with the allegations made about ICICI. I have had various loans from them, all disbursed and eventually paid off without any problem. Yes, sometimes there are glitches like mistakes whether an instalment was made or not, but if you have all the proof of payment, it ends there. Many people have a problem with their aggression, both in getting your business, and getting you to cough up delayed payments. That's a totally different issue. Bkishore77, you should go directly to the bank, and make your inquiries, boldly and plainly, so that if there's any underhand dealing, the top staff will know you want things straight. If you find something underhand, publish it here and in other media. Last edited by filcord : 18th June 2009 at 20:56.
	() Thanks

18th June 2009, 21:30	#19
arin_12 BHPian Join Date: Jul 2008 Location: Bangalore Posts: 627 Thanked: 84 Times View My Garage	ICICI bank has some Gunda who does this kind of activity. Hope you all remember a incident which happened in GOA in late 2007. They made a fake signature of the owner and sold it as he was delayed his last few payment. This Gunda Jacked the car from the owner. So be careful while u picked the car. Even you may get into trouble after you register the car in your own name. Muscle Power.
	() Thanks

18th June 2009, 21:34	#20
Parm Senior - BHPian Join Date: Jul 2008 Location: in a Toyota! Posts: 2,753 Thanked: 890 Times	as they say in american lingo...."you got owned, dude"! im sorry to say all that, but i think you will be better off if you manage to get back your 40%!
	() Thanks

18th June 2009, 22:02	#21
Aston.Martin BHPian Join Date: Oct 2008 Location: Bangalore Posts: 149 Thanked: 37 Times View My Garage	The process of buying a seized vehicle from ICICI in Bangalore is, you will have to visit Bommanahalli collection center and get an inspection letter (it can be obtained easily) and then you can visit the yard the security guard will let you in after you show him the letter. You can only check the vehicle from outside (I mean the vehicle will be locked) and you can check any vehicle there. Once you select the vehicle, you need to note down the regn no. and leave. Then you need to login to ICICI matrix which is their online portal and place your bid. ICICI is fully corrupted they don't consider local bidders, they have contacts with dealers, when a good vehicle comes in they will inform the dealer and will also let them know the highest bid amount, the dealer then releases the vehicle and the share goes to ICICI chap. Buddy I think you are wasting your time on this, please collect your money ASAP.
	() Thanks

19th June 2009, 01:12	#22
sunil8089 BHPian Join Date: Jan 2008 Location: Chennai Posts: 198 Thanked: 153 Times	First upon I dont even consider to own a vehicle, eventhough its cheap, on which somebody's tears had fallen. Other than few habitual defaulters, most of these vehicles to belong to ordinary chaps, who cant pay the EMI because of some situations. My friend was working in collections (HSBC) and certain siezure stories are really heartbreaking. These cease fellows (most are goondas) from these banks literally make the oweners on the road. Legally they had to inform the RTO before a seizure, but in 99% of the cases, they inform only after the seize. Once the car is seized, within 1 week, the bank sell the car to one of the second hand dealer. Today there are enough genuine vehicles (new and old) available in the market where you can test and select a good one. My advice is - never go behind a siezed car.
	() Thanks

19th June 2009, 01:49	#23
freewheelburnin BHPian Join Date: Oct 2007 Location: bangalore Posts: 277 Thanked: 33 Times View My Garage	If the person u gave money to is Mr Imran from city carz BDA complex koramangala then beware.He is a crook.If so please reply to me.I can help you recover your money.
	() Thanks

19th June 2009, 02:12	#24
freewheelburnin BHPian Join Date: Oct 2007 Location: bangalore Posts: 277 Thanked: 33 Times View My Garage	If the person who collected money was one Mr Imran from city Carz koramangala or some used car showroom in jayanagar, beware!!! HE is a fraudster and crook.Pm me if that is the case.Will try to help you in this regard.
	() Thanks

19th June 2009, 09:21	#28
sgiitk BANNED Join Date: Dec 2007 Location: Gurugram Posts: 7,969 Thanked: 4,788 Times	I think ICICI service is totally mixed up. We bought a car from a known person some years back. This was through ICICI and the person made sure that the last instalment was paid (by draft as requested by ICICI). They still took over three months to issue the NOC!
	() Thanks

19th June 2009, 13:19	#30
downsouth BHPian Join Date: Nov 2008 Location: 0.1933333, 32.58333 Posts: 357 Thanked: 23 Times	Take your money!!! When you want to buy a Seized car you always talk to the Bank directly. I know of a particular Private bank who used have their yard in Palace Ground. Bank's usually have an executive who will handle all the paper work. The guy you are working with does not sound authentic. Take your money and run (however sweet the deal sounds).
	() Thanks