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Old 2nd September 2020, 19:24   #631
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Default Re: ARTICLE: How to sell a *USED* car in India

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Originally Posted by AtheK View Post
Hi, i am looking to buy a pre owned bike, and the owner is abroad. Bike has not been used much since last two years, and only used for run around to keep the engine running, and taken to showroom for service. The problem is insurance expired two years back and owner never renewed it.

Now my question is since i will need the insurance to have bike transferred to my name, how does the owner get the insurance done. He is staying abroad. Will a physical inspection be required before a cover note is issued, and will there be any penalty for not having the bike insured.

Please advise what is the best way to move forward.
There won't be any penalty involved except for 0 % NCB. AFAIK physical inspection is needed, however some companies now a days are doing with a self recorded video of the motorcycle. Best way I can see is get a cheap third party insurance done and once vehicle is transferred to your name, you can get a fresh policy with all add-ons.

Another option is to do a proper comprehensive insurance for the bike, once the bike is transferred to your name, you can apply for transfer of insurance.
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Old 22nd November 2020, 13:22   #632
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Default Re: ARTICLE: How to sell a *USED* car in India

Hello,

I would like to get a few inputs on my situation. I have gotten into an agreement to sell my 14-year old car, and GTO's steps to do so have been very useful.

1. I have received 90% of the payment through Google Pay.
2. The vehicle is still with me. I insisted that the new owner needs to transfer the car to his name before collecting the same. All required documents, including insurance, were handed to him by me.
3. The new owner had applied for transfer of the RC to his name a couple of weeks ago. Today, he sent in a picture of the new RC card of the vehicle with his name on it. I verified the same through the Vahan website.
4. He has not yet received the new RC card in hand though (the photo of the same could have been taken by his acquaintance at the RTO).
5. As per our agreement, which was also committed to stamp paper, the new owner can collect the vehicle upon having the RC transferred to his name and upon transfering the pending 10% of the agreed amount to me on the day of the transfer.

Questions:
1. should I wait for the RC card to be physically delivered to the new owner? He called in today and requested to complete the transfer, but I'm not sure if I need to wait until the physical RC has been received by him.
2. What kind of notice should I send in to my insurance company? Also, would I be able to claim the NCB only if I take another insurance policy from the same insurer?

Thank you for your guidance.
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Old 26th November 2020, 08:52   #633
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Default Re: ARTICLE: How to sell a *USED* car in India

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Originally Posted by dearchichi View Post
Questions:
1. should I wait for the RC card to be physically delivered to the new owner? He called in today and requested to complete the transfer, but I'm not sure if I need to wait until the physical RC has been received by him.
2. What kind of notice should I send in to my insurance company? Also, would I be able to claim the NCB only if I take another insurance policy from the same insurer?
1. Since the transfer has reflected on the Vahan portal, you can hand over the vehicle to the buyer since there will be no liabilities with respect to the car attached to you. Sometimes, it takes time to recieve the physical copy either due to delays from the RTO or the agent/broker who is helping the buyer to get the transfer done.

2. You'll need to share a copy of the fully filled forms (29 and 30), a copy of the delivery note with the buyers ID proof or a copy of the new RC (a print out of the photo you recieved will do) with the insurance provider either by physically visiting a branch or sending an email. They'll ask the new owner to pay the NCB amount which will be calculated on Pro-Rata basis if he wants to continue with the same policy. They might even ask you for a letter stating the details of the sale.
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Old 26th November 2020, 09:43   #634
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Default Re: ARTICLE: How to sell a *USED* car in India

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Originally Posted by dearchichi View Post
Questions:
RC transfer is completed, you need not wait for the physical delivery of the card. But you both need to sort out the insurance. It is illegal for the new owner to drive the vehicle without a valid insurance policy in his name. For a valid insurance claim, names on the RC card and insurance policy must match. You will not be liable, but the new buyer may not be aware of this technical issue and can get into trouble.

1. New owner should contact insurance company with a copy of new RC card and current policy. They accept soft copy downloaded from digilocker, etc.

2. Insurance company will inform the transfer fee amount to be paid by the new owner. This includes any potential NCB discount given to you.

3. They might also ask him to bring the vehicle for inspection.

If the new buyer is in a hurry, he can buy a 3rd party insurance policy as a minimum legal requirement to drive the car.

You can use NCB certificate with other insurance providers also.
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Old 12th January 2021, 21:42   #635
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Default Re: ARTICLE: How to sell a *USED* car in India

Hi Guys!

I need some pointers for exchanging my old car with a dealer. I booked a Thar last November which is scheduled for delivery in August 21. Just for the sake of gauging the value of my car I asked the showroom guys to evaluate my old i20. After a bit of discussion we agreed on a mutual price. Now I have been given the following options by them to sell the car:

1. Option 1: Hand over the car to them and get an 'exchange note' citing that this amount/consideration will be adjusted when I get delivery of my Thar. In this case I do not receive any cash. What I receive is a delivery note and a letter from the dealership. That is it. Form 28, 29, 30 will be signed as and when they find a buyer.

2. Option 2: Hand over the car and get the same docs as option 1. Thereafter, write a letter to them asking for refund of the consideration since the delivery date is almost 8 months from now. They will send me a cheque in a few days. I was never aware of this option. Effectively, I will receive the payment after almost 10 days post handing over the car.

My questions are:

1. Does option 2 make sense, especially, when we are strictly advised to never hand over the car without receiving the sale consideration.

2. At the time of handover, I will only get the (1) delivery note and (2) letter from the dealership. This obviously does not cover me from the risk of any mishaps happening at the dealer's end. How do I safeguard myself from this? I understand all the points mentioned in the first page of this thread but in case of exchange/dealer sale how does it work? Almost never will they sell your car immediately. The car could sit at the dealer for weeks or months. One very helpful BHPian suggested I get a notarized stamp paper signed by the dealership stating that "I am relieved from all the responsibilities as I hand over this car, etc.".

3. I will definitely be sending the full set of docs to RTO but how do I send the ID proofs of the buyer to the RTO since I wont be knowing who is buying the vehicle at the time of hand over to the dealer?

Any suggestions are welcome. Also, please do share your experience while selling / exchanging your car to a dealership.

Last edited by Pancham : 12th January 2021 at 22:06.
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Old 13th January 2021, 12:53   #636
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Default Re: ARTICLE: How to sell a *USED* car in India

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Originally Posted by Pancham View Post
Hi Guys!

I need some pointers for exchanging my old car with a dealer. .
Sell it on olx or among your friends / colleagues
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Old 17th January 2021, 22:22   #637
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Default Re: ARTICLE: How to sell a *USED* car in India

Hi,

I have booked a Used car with BMW premium selection - Navnit Motors.

I have been told I need to bring INR 15,000/- cash on the day of delivery for ownership transfer which will go to the Mumbai RTO and that I will not get a receipt for the same.

Also, the car is currently MH 47 and has to be transferred to MH 47 only. (same RTO).

Seek advice. Is this general practice? Or are they trying to fleece?
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Old 26th January 2021, 20:16   #638
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Default Re: ARTICLE: How to sell a *USED* car in India

Friends, I am selling my 12 year old car. Ideally wanted to handover the car when the transfer of ownership was done but it was becoming tough to find buyers. What I have decided to do as a solution is to go visit the RTO (delhi) with the buyer who has agreed to buy, submit all forms together, take a receipt and then hand over the car.

This way, I am pretty sure of genuineness and minimize the risk.

Pls suggest if there is any other things I should take care of during the above process.

Thanks
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Old 27th January 2021, 05:35   #639
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Default Re: ARTICLE: How to sell a *USED* car in India

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Friends, I am selling my 12 year old car. Ideally wanted to handover the car when the transfer of ownership was done but it was becoming tough to find buyers. What I have decided to do as a solution is to go visit the RTO (delhi) with the buyer who has agreed to buy, submit all forms together, take a receipt and then hand over the car.
You can just initiate the transfer on the parivahan portal, pay the fee and print the forms. Or just do it the old fashioned way, sign all the sale forms and collect a delivery note and sale receipt.

Once you’ve done this send a xerox of all the sale paperwork (forms 29 and 30, sale receipt at least) to your RTO along with a filled in “form TCR” (google for a sample form, never mind if the form is from another state rto website, it’s the same form across India). That’s sufficient.
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Old 2nd February 2021, 14:21   #640
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Default Re: ARTICLE: How to sell a *USED* car in India

Had a typical hell-ish experience at the Salt Lake (WB 08) RTO today. I sold my i20 on Jan 22 and wanted to intimate them (home RTO) about the same. Since it is very close to my house I went there physically to submit the documents. The staff were as usual rude and did not accept my documents. They said RTO has stopped accepting intimation documents. So I went straight to the nearby post office and sent the docs on registered post with acknowledgement due.

Hope I am free from all the risks now.
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Old 3rd April 2021, 16:31   #641
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Default Re: ARTICLE: How to sell a *USED* car in India

Hye fellow Bhpians, I am selling my Fortuner for 32.15 lakhs. The buyer is giving me 10.15 lakh cash and 22 lakhs in R.T.G.S. The 10 lakh cash is not black money and they have withdrawn it from the bank. In the affidavit also, the mentioned amount will be 32 Lakhs 15 Thousand. Now please tell me that will I be able to deposit the 10 lakh rupee cash in the bank or it will be counted as black money.
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Old 3rd April 2021, 17:34   #642
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Default Re: ARTICLE: How to sell a *USED* car in India

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Hye fellow Bhpians, I am selling my Fortuner for 32.15 lakhs. The buyer is giving me 10.15 lakh cash and 22 lakhs in R.T.G.S. The 10 lakh cash is not black money and they have withdrawn it from the bank. In the affidavit also, the mentioned amount will be 32 Lakhs 15 Thousand. Now please tell me that will I be able to deposit the 10 lakh rupee cash in the bank or it will be counted as black money.
Will the affidavit mention that 10 lacs was given in cash?
Just seems like the sale is being used as an opportunity to launder some cash.
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Old 3rd April 2021, 17:50   #643
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Default Re: ARTICLE: How to sell a *USED* car in India

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Now please tell me that will I be able to deposit the 10 lakh rupee cash in the bank or it will be counted as black money.
I would think twice before doing any high value cash transaction these days. It won't be considered as black money by default, but it's quite likely to invite scrutiny from the tax man. Please read the article below.

https://www.financialexpress.com/mon...radar/2215851/
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Old 3rd April 2021, 19:42   #644
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Default Re: ARTICLE: How to sell a *USED* car in India

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Will the affidavit mention that 10 lacs was given in cash?
Just seems like the sale is being used as an opportunity to launder some cash.
Yes, the affidavit will mention this and they have told us themselves to do so. They withdrew the cash because they used to go to various dealers to buy the car and the dealers used to take them lightly so they used to keep a bag full of cash with themselves.
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Old 3rd April 2021, 21:54   #645
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Default ARTICLE: How to sell a *USED* car in India

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Yes, the affidavit will mention this and they have told us themselves to do so. They withdrew the cash because they used to go to various dealers to buy the car and the dealers used to take them lightly so they used to keep a bag full of cash with themselves.

That's the most ridiculous reason I have heard of. Sounds a bit fishy. The affidavit won't stop the IT department from sending you a notice. Why get into the hassle of receiving and responding to a government IT notice for no fault of yours. Money laundering or not, at the very best, it seems like he/she had the cash lying around and now wants to dispose it of. I would stay away. Far far away.
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