[GTO]

Originally Posted by rajatsingh78

I will be asking the person to come along with me to deposit the cash to the nearest branch - Can depositing a huge amount in the bank result in an income tax notice about the explanation of the fund ? if yes, how to patch this up (take a delivery note with amount and buyers PAN card number ?)

Better that you collect the cash and fill it in installments. No biggie though, as it isn't unaccountable money. You have actually sold your car and your tax filing will reflect the same.

Once the cash is deposited I will fill the person's name in the transfer form and sign the documents and drive down with the person to the concerned RTO for the initiation of the transfer process.

Perfect. Be sure to retain a copy of all the documents, as listed in the opening posts.

3. Get a sale deed signed by the buyer on a stamp paper - Is there a minimum denomination of the stamp paper ?

Sale deed is optional, good that you are doing ahead with one. Why bother with stamp paper? Since you are going to the bank anyways, get your sale agreement franked there & then.

[rajatsingh78]

Originally Posted by GTO

Better that you collect the cash and fill it in installments. No biggie though, as it isn't unaccountable money. You have actually sold your car and your tax filing will reflect the same.


Sale deed is optional, good that you are doing ahead with one. Why bother with stamp paper? Since you are going to the bank anyways, get your sale agreement franked there & then.

Thanks GTO, I have some points to make-
1. Since I will be moving out of town, depositing in installments won't be possible, I am avoiding taking cash majorly because don't want any fake notes, by taking the buyer to the bank it will be his responsibility

2. I didn't understood what you meant by "...Since you are going to the bank anyways, get your sale agreement franked there & then..." please explain

[rajatsingh78]

Update - I finally concluded the sale deal of my car, gave all the documents to the customer (completely filled), and kept all the copies as mentioned by GTO,

The customer has started the transfer process, I checked on the transport department website and "Current Registered RTA" information is blank, upon investigation it seems that this happens when the documents are under the process of transfer (the customer is from other RTA jurisdiction),

Do I still need to send the copy of the documents to the registered RTA and new RTA offices (registered acknowledgment due post) ?

[RufRoc]

Guys, a quick question on the Clearance Certificate (required while transferring ownership to another RTO Jurisdiction - Karnataka).

The website (www.rto.kar.nic.in) mentions that a Clearance certificate is required for transfer of ownership to a different RTO (within the state) and that an application for a Clearance Certificate can be made on plain paper. My question is, will I be able to get this done by submitting the required documents through a friend or 3rd party (since I'm not in the country at the moment). The website mentions that the Registered owner should be present.

And my second question is (sure sounds dumb but I'd like to know ), can the buyer get the ownership transferred to the same RTO (as where the initial registration happened), even if his address falls under a different jurisdiction. Do we choose our RTO or is it solely bound by the RTO which has jurisdiction over your address.

[S_U_N]

Apologies if this has been covered earlier.

Are there any special points to note when buying a company registered (as against Individually owned) used car?
Who would sign the documents? The seller or the representative of the company for which he/she works?

[S_U_N]

^ Bumping this up again. Does anyone know who would sign documents in case of a company owned car? The seller is an employee of the company as is typical in most cases.

[ff1609]

Originally Posted by natthu

Guys i just sold off my Maruti Wagon R VXi,
a Jan 08 Model - Ocean Blue color, front PW, PM on both sides, fog lamps,
with 22.5k on the odo, all the services on time from Maruti A.S.S.

a pioneer 4050 headset with MTX THunder 6x9 pair in the rear, jbl in front,
insurance upto jul 11, all tyres were in good condition, will certainly last upto 40k. regn of gurgaon HR-26 AQ XXXX.
for 2.6 Lacs.

what say, was it a good / fair / average / low / bad deal??
just for opinion sakes. i have already given the keys, so now cant back off, and ofcourse thanx to team bhp for the extremely detailed section on how to sell your car had enlightened the soul in me.

As a seller, it was a great deal for you. The buyer could've got it cheaper going by Delhi/ HR prices.

[S_U_N]

Originally Posted by S_U_N

Apologies if this has been covered earlier.

Are there any special points to note when buying a company registered (as against Individually owned) used car?
Who would sign the documents? The seller or the representative of the company for which he/she works?

Answering my own question based on first hand experience in such a scenario.
In case of buying used company owned vehicle:
1. RC will state company's name and not employees name. (The vehicle is owned by the company and not the employee)
2. Payment (say via Cheque/ PayOrder) should be in the name of the company.
3. The NOC and transfer forms (28,29,30) need to be signed by authorized signatory of the company. This is generally the HR head. A company stamp is also needed.
4. The previous owner has to get money from the company and not the buyer.
So, you pay to company and company pays to employee.
5. The insurance is also in the name of the company. Insurance transfer would also require a NOC from the company on its letterhead.

[kingjulian]

I am planning to buy an used (for less than a year) Hyundai i10 for which the price is agreed with the seller as 5 lacs. The car is under hypothecation for an amount of 4.5 lacs. Now seller wants to foreclose this loan with the money that I give and is unwilling to part with his money to foreclose.

Is this procedure of giving him the entire amount without NOC document from financer acceptable ? He is willing to give me the car and other documents like RC book, insurance , RTO forms etc once I hand over the money in full; but the NOC document from the finance company will be given only after a week after the formalities are completed.

The seller is a stranger to me, so I cannot vouch for him. Do you think it is safe for me to hand over the 5 lacs to him , take delivery of the car and just "hope" that he will be true to his word and revert with the NOC from the financer within a week or do I stick to the stand of paying him after he gives me the NOC ? The car is in impeccable condition and I just don't want to break the deal after looking around so much.

[ronk]

Hi, small doubt regarding name transfer of used car. I got the dealer to do the entire transfer procedure for a car from thane registration for old owner, to registration in my name and at wadala rto. He arranged for the octroi payment etc and said that i would get a smart card delivered to my place in 15 days. However, now he says that the smart card is dicey and that i should go in for the manual transfer, ie: hand written with stamp and sign on original RC. Is this the correct procedure, i thought a new RC is printed.

[shubhamAT]

Yesterday i sold my 2 wheeler. I have handed over the RC book, HP removal certificate from Bank and Vehicle after sigining on Form 29/30 (i ensured that all the details where filled). What i have with me is a Copy of Form 29,30, Delivery Note (Original), Delivery Challan from the time of purchase (Original), LTT Receipt (Copy), HP Removal Certificate(Copy), Buyer's Voter ID (copy), Landline/Mobile numbers of the Buyer(Verified by calling him on both), Discretely taken photo of the Buyer though my cell phone . As indicated in Post #3 i plan to send this bundle to RTO through registered post, however there is a small glitch. Though the Delivery Note has yesterday's date, Form29/30 has the date field blank. Agent told that he first will have to get HP removed and then only he can have the vehicle transfered that's why he will fill in the date on which HP gets removed.

1. Should i fill the date myself on the copy of Form 29/30(and take another copy) before sending the bundle to RTO or send it as is along with copy of delivery note ?

2. Whom do i address the registered post to in the RTO ? Is there any chance those guys will refuse to take the registry ?

3. How long does it take to get the delivery acknowledgement from P.O ? I haven't really sent a registered post earlier so have no clue about it.

4. Should i get the Delivery Note's copy notarized ?

[IQBAL VEERJI]

Respected freinds I have a question in front of me, which is very unique.
Around four months back I sold my old car through a agent little known to me.
At the time of sale the buyer said he may keep the car for himself or sell it off.
When the car was handed over to the buyer,Iwent to the RTO Andheri and informed them about the sale of the car and the new owners name and address nad got receipt for the same from RTO.

After four months that dealer called me and told me that the buyer who took my car got the car repaired and wants to sell it to the new buyer but since there is a intimation in RTO Andheri they are not giving NOC.

That dealer is telling me to give a new delivery note,new receipt of new owner,and a letter that the earlier deal of car is cancelled and this is a new letter to them(RTO Andher) and concider earlier letter of intimation to them as voide.
Now I am asking the dealer what about the period of four months time when the car was with him, he could have used it to commit a robbery, dacoity, rape or anythingelse.And why it was not transfered it immediately and waited for four months.
Iwill ask our TBhpian friends should I give him the letter he is asking for,?infact I called him yesterday and SMSed him that my CA told me that the entry of sale of car is enters in our books of account already and closed in march and new entry is NOT POSSIBLE.Any comments on this please.Regards

[Sn1p3r]

^ you should not generate a new letter. Those 4 months become your liability.

[IQBAL VEERJI]

Originally Posted by Sn1p3r

^ you should not generate a new letter. Those 4 months become your liability.

Thanks a lot dear, I was also thinking of the same,That idiot has not called back to me.I fail to understand how can a dealer ask me for such a stupid mistake of his.
He was more interested in his commission at the time of sale day.
I was told by that buyer that although he is a garage owner he may keep the car for himself.Thanks once again for replying back.Regards

[psmith]

Originally Posted by ajrockerboy

Hi GTO,
Kudos for the extremely informative post.
I had a question pertaining to the above point.

If I am not transfering the insurance (insurance expired and I missed the renewal date), what is the best way forward?
From what I understand, the buyer needs to submit the Insurance certificate to the RTO for the transfer of name. Will the insurance company issue a new Insurance policy to the Buyer (in buyer's name) without transfer taking place?

Hi,

I have the same problem. Insurance has lapsed.
The buyer is ready to take the the car without insurance.
But RTO needs insurance certificate.
What to do?

Thanks.