Bank Repossessed cars - Fraud alert!

blackbeast · 29th June 2009, 22:45

@ashishy, The cars seized by the banks will be placed in an Yard and will be resold to the consumers through agents. The Bank will cover its loan amount by the sale. Every bank has a collection department and they will have tie up with agents ( most of the time, its unofficial ). You can see the vehicles in the yard by obtaining the gate pass from the Bank.You have to purchase the car and get in registered with RTO ( if its not registered ). Normally, these cars are not eligible for loans. One has to make full cash payment and after the registration on to the buyer's name, Loan processing can be done.

Its a tedious job. But the deals we get are really great if we have direct contact with Bank officials. The agents in between make money by finding the buyer and quote higher price than what bank does. One doesn't have to feel bad for acquiring such cars since more often than not the vehicles are seized from fraudsters and habitual defaulters. I personally have seen one safari driven for an year under temporary registration. The only worry is such guys would have misused it or bad handled it. And even changed any spares.I feel Banks are not accomodative enough to allow the vehicles to be inspected by service centres or even take a TD. Thats the reason why they go through agents.

S_U_N · 26th June 2012, 16:14

Some bank repossessed vehicles are listed in the file attached. This is for Pune and from HDFC.

I do not have any further information.
STOCK LIST CHANEEL.pdf

NetfreakBombay · 26th June 2012, 21:16

As per this, they are expecting 6 lakh for Grand Vitara 2003 model... nowhere near realistic prices.

29th June 2009, 22:45	#61
blackbeast BHPian Join Date: Jun 2009 Location: Bangalore Posts: 349 Thanked: 161 Times	@ashishy, The cars seized by the banks will be placed in an Yard and will be resold to the consumers through agents. The Bank will cover its loan amount by the sale. Every bank has a collection department and they will have tie up with agents ( most of the time, its unofficial ). You can see the vehicles in the yard by obtaining the gate pass from the Bank.You have to purchase the car and get in registered with RTO ( if its not registered ). Normally, these cars are not eligible for loans. One has to make full cash payment and after the registration on to the buyer's name, Loan processing can be done. Its a tedious job. But the deals we get are really great if we have direct contact with Bank officials. The agents in between make money by finding the buyer and quote higher price than what bank does. One doesn't have to feel bad for acquiring such cars since more often than not the vehicles are seized from fraudsters and habitual defaulters. I personally have seen one safari driven for an year under temporary registration. The only worry is such guys would have misused it or bad handled it. And even changed any spares.I feel Banks are not accomodative enough to allow the vehicles to be inspected by service centres or even take a TD. Thats the reason why they go through agents. Last edited by blackbeast : 29th June 2009 at 22:51. Reason: Typo errors
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26th June 2012, 16:14	#62
S_U_N Senior - BHPian Join Date: Mar 2010 Location: Oslo Posts: 1,809 Thanked: 417 Times	Re: Bank Repossessed cars - Fraud alert! Some bank repossessed vehicles are listed in the file attached. This is for Pune and from HDFC. I do not have any further information. STOCK LIST CHANEEL.pdf
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26th June 2012, 21:16	#63
NetfreakBombay Senior - BHPian Join Date: Jan 2008 Location: Bombay Posts: 1,466 Thanked: 1,021 Times	Re: Bank Repossessed cars - Fraud alert! As per this, they are expecting 6 lakh for Grand Vitara 2003 model... nowhere near realistic prices.
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