[vivekiny2k]

In a 4 year old sale, how does that bank come into picture? I am assuming all the money that had to change hands has done it already.

Your friend can take a loan against the car if it's still in his name

[iSpoke]

Originally Posted by vivekiny2k

In a 4 year old sale, how does that bank come into picture? I am assuming all the money that had to change hands has done it already.

Bank has to be in picture, since the vehicle purchased on loan from Bank always bears the hypothecation done with Bank Name. So when you want to sell such vehicle the buyer will (and must) ask to remove this hypotheication from RC book (smartcard). This in-turn requires a loan closure letter from the Bank!

Usually, bank supplies all the "cancelled" cheques and a loan closure certificate (NOC) when the customer pays-off all the EMIs. This NOC expires in 3 months, so one has to re-issue it later on.

[abeerbagul]

NOC expiration is an issue only if the RTO officer raises a query. Any half decent RTO agent will be able to take the existing NOC, show it to the officer, and get it confirmed if expired NOC is ok.

If the transfer happens using existing NOC, by giving some extra "fees" to the agent, just go ahead and get it done. This is not fraud, it is just a genuine transaction with genuine parties, and some out of date paperwork.

By the time a new smart card comes back with buyer's name, the NOC document will have been buried under a mountain of "supporting documents" somewhere in the RTO storehouse.

[kumar2007]

Thanks guys for all the suggestions.

[xbox360]

Guys I am selling my car which is registered in Hyderabad and the new owner resides in Bangalore. What documentation needs to be done in this case?

A person in my company came to know that i am selling my car and he intends to buy the same for his cousin who stays in Blr. Now the payment is being done to my account by the gentleman who stays in Hyderabad. He intends to transfer the sum to my account and take my signature on the transfer documents (form 29 etc) post which he intends to seek an NOC from Hyd RTO.
Can someone please let me know that process of transfer will be in this case and also what docs/papers should i get signed from the guy in Hyd such that i have no liability post the sale?

Will appreciate a quick response as the guy wants to complete the sale either today or over the weekend.

Thanks.

Edit -- Found the following list of docs to be signed on the net. if i mantain a copy of the signed docs, is that enough? Also as the actual buyer is in Blr, can the guy in Hyd sign on his behalf?
1.Form "TCA" - Intimation of transfer by Transferee (buyer)
2.Form "TCR" - Intimation of transfer by Transferor (seller)
3.Form No.29 - Notice of transfer of ownership of vehicle.
4.Form No.30 - Report of transfer of ownership of vehicle.
5.Valid Insurance policy
6.PUC Certficate
7.Address proof of the Transferee (the buyer)
8.Evidence of payment of all taxes up-to-date.
9.Form No.28 - Application for N.O.C. and grant of certificate
(If the buyer falls in the RTO jurisdiction of another state, then form no.28 - the N.O.C. from local RTO is required)

[arun_josie]

Originally Posted by xbox360

Guys I am selling my car which is registered in Hyderabad and the new owner resides in Bangalore. What documentation needs to be done in this case?

I am really not sure why a person in Bangalore wants to buy a AP registered car because if he is going to use the car in the bangalore then it is not only about the transfer of car, he should also pay the life time tax in bangalore. So, basically it's the Car price + Life time tax. Life time tax is not going to be a small amount.

For required documents, you can refer to the below thread as well,

http://www.team-bhp.com/forum/owning...ml#post1411821

[xbox360]

Originally Posted by arun_josie

I am really not sure why a person in Bangalore wants to buy a AP registered car because if he is going to use the car in the bangalore then it is not only about the transfer of car, he should also pay the life time tax in bangalore. So, basically it's the Car price + Life time tax. Life time tax is not going to be a small amount.

For required documents, you can refer to the below thread as well,

http://www.team-bhp.com/forum/owning...ml#post1411821

Thanks Arun.

From what i was told, the guy who has moved to Blr is into this first job and his family has entrusted his cousin in hyd to buy a car for him!
Do let me know if this is a big time mess i am getting into from a liability point of view, if so i will hold off till i find a buyer in Hyd itself.

[arun_josie]

Originally Posted by xbox360

Thanks Arun.

From what i was told, the guy who has moved to Blr is into this first job and his family has entrusted his cousin in hyd to buy a car for him!
Do let me know if this is a big time mess i am getting into from a liability point of view, if so i will hold off till i find a buyer in Hyd itself.

Normally buyers prefer to buy the car from same state. This is because of the Life time tax issue. EX: Last year for a 5 year old AP registered WagonR, I was asked to pay around 45K for life time tax in bangalore. So may be your colleagues friend is not aware of this.

After the sale make sure that the buyer is transferring to his name at the earliest. Some times while selling the car seller signs all the required documents and hands it over to the buyer for transfer but the buyer keeps it safely and uses these documents when he sells the car. This way the car will still be considered as first hand and hence he can up the price.

I would prefer a buyer from Hyd itself because the transfer process is easy + if required I can follow-up with him and finish the transfer process quickly.
Since the buyer is from Other state RTO, You will require a police verification certificate first, this will take at least 10 days. Only then you will be able to apply for NOC.

[naveenroy]

Guys - need some help and advise.

I've just sold my Thunderbird to a guy from office today morning. Since he is from my office, I have given him the bike and he has ridden off with the documents. Do I only have to sign the documents and see that he transfers it to his name? Anything specific I have to look out for?

And how do I go about transferring insurance - it is ICICI Lombard.

[condor]

@Nveenroy, I hope you at least have the money !

I think the seller can also do the transfer part, but of course the buyer has to sign the papers & give the required documents.

[naveenroy]

Originally Posted by condor

@Nveenroy, I hope you at least have the money !

I think the seller can also do the transfer part, but of course the buyer has to sign the papers & give the required documents.

Hehehe, yes, have the money.

Yes, plan to sign the documents on Monday. I will check with ICICI on how to go ahead and initiate the transfer. Thanks!

[ACM]

Originally Posted by naveenroy

Hehehe, yes, have the money.

Yes, plan to sign the documents on Monday. I will check with ICICI on how to go ahead and initiate the transfer. Thanks!

Among the document set that needs to be signed (and given to the buyer) to transfer the vehicle one also needs the buyer to sign on a particular document and then send across the form to the RTO from our side.

Have done this when I sold vehicles off. Don't know what the exact forms are.

[naveenroy]

Originally Posted by ACM

Among the document set that needs to be signed (and given to the buyer) to transfer the vehicle one also needs the buyer to sign on a particular document and then send across the form to the RTO from our side.

Have done this when I sold vehicles off. Don't know what the exact forms are.

Yes, there is one form that the buyer has to sign saying that he has bought the vehicle from me.

[Mohitkumaar]

Help guys I am being haunted by a 2 year old WagonR.
When I bought this can in 2011, it was the first car ever in my family. I was warned not t get this car by a very good friend but I went ahead and committed the stupidity. The car stayed with me from 19 Jan 2011 to 07 September 2011 and there were literally the most depressing days of my life. I actually entered clinical depression. My job and life, everything got screwed up. It was frequently bumped and finally after a loss of around 1.5 to 2lakh and uncountable emotional loss, I sold it When I sold it 2 years back I finally thought that was that and my life was saved.

Now it is back to haunt me again.
The person I sold it to, did not get the car transferred in his name. Yesterday an overspeeding ticket came to me, which we went today to pay off.

The catch is that this person has almost sold it to another lady and now wants me to sign transfer papers in her name. I do have the delivery note signed as well as ID proof of this person and Car RC scanned copy. I did check with Delhi traffic police and there are no overdue challans on the car but he used to take it to Sonipat everyday so I do not know the story there.

As of now my approach is to go with this person to RTO and get a sale deed/affidavit of sale signed for sale of this car to the first buyer on 07-09-2011. Also get a similar affidavit with new delivery slip and completed forms for the lady who will be buying the car now. Send them to RTO and get acknowledgement immediately.

Please add your suggestions and inputs as to what else can/should I do so that the car does not come to haunt me in the future.

[mercedised]

Reading about the nightmares people are having here, I would like to share what I do. I ask the owner that I will get the vehicle transferred to his name before delivering the car to him, Or I get the transfer papers signed by the new owner of my vehicle and then get it transferred through my RTO agent. I take the transferring amount from him in advance.

As simple as that, I don't know why in the world people who are educated commit such basic mistakes of not transferring the vehicle while delivering it to 2nd owner. It's our mistake if we don't transfer the vehicle and rely on the next owner to get it transferred and that too in a country like India where people are so careless that they don't care about their own lives leave aside others.

Originally Posted by Mohitkumaar

'''Please add your suggestions and inputs as to what else can/should I do so that the car does not come to haunt me in the future.

Read this carefully, Go to the lady ASAP and get the RTO paper signed by her (RTO transfer papers) go to a RTO agent and get the car transferred at your cost, this is the only way you could do it the fastest.