Selling a car- Peculiar Deal - Need help!!!

ulytel · 25th August 2006, 23:20

Guys,
I would need your support on this issue. My friend is planning to sell his Accent. He had given out ad in a paper and getting calls from lot of people.
He received a call from a local medical shop owner. The pharmsicst inspected the vehicle and was very happy with the car. The deal is stuck and the pharmsicst accepted the quote for the vehicle.

Now, the pharmsisct says that the car is for his close friend who is residing down south. He is planning to take the car in his name and give the car to his friend. His friend would pay the money back to him every month.
My friend said, thats all fine. Its within your friendship and I would transfer the car to you. Now the pharmsict says, the money is sourced from a local financier in the city and asked my friend to come down to his place for the financier’s inspection.

When my friend asked why they are going to local financiers instead of a bank to refinance old vehicle, the interest rates are all same and moreover the local financier is known to him very long time and he can deal with any default payments as they are very much known.

After having a visit to local financier, he inspects the vehicle and then asked quote for the car with his contacts. When he got some rate which is lesser than the deal price, he starts to renegotiate the deal with my friend. As there was another party ready for a price which is a bit lesser than the deal, my friend said he would not go down with the rates.

After this my friend got a bit hesitant. When he asked the pharmsicst, why this financier is involved in renegotiation, the pharmsicst said that, the financier would be gauging the value of the car and trying to see if it would fetch some value if he defaults the money. So he would want to negotiate and get a lesser price and hence lesser risk for the financier.

My friend is a bit worried on the number of people involved in this transaction and called up me and asked me whether if there would be any issues cropping up after selling the car.

Say, the financier is not happy with this deal and would get back to my friend with the car and asking the money back after some days.

I did not think anything would happen after getting the delivery receipt and handing over the car to him.

Do you guys think there could be issues cropping up after delivery of the vehicle. Is there something wrong in this deal.

Awaiting your replies.
Thanks
-Ulytel

bigman · 25th August 2006, 23:30

I would go with gut instincts and find another buyer.

wolfinstein · 25th August 2006, 23:40

go for a DD or Cash deal only, and seek ID's and make a photocopy with a No-Objection Certificate before you sell off your vehicle. Plus its a mandate by law to check credentials of a buyer, One another thing is that although its a little loss of money from yourside, You can have the RC transferred into the new buyer name...that will safeguard you from any untoward incident.

hellspawn · 26th August 2006, 04:50

ask your friend to get out of this deal immediately,it seems complicated and too many variables are involved.something could go wrong.ask him to find other buyers.like wolfinstein mentioned get a dd or cash only.you will find a lot of buyers.

condor · 26th August 2006, 07:43

Walk Out Of The Deal, Now.

And the pharmacist says that the knows the financer for long. If he did, why doesnt the financer trust this pharmacist on the deal ? Also, any inspection had to be at your place.

Pls find another buyer, even if it's a few thousand less than this deal. Can save you potential head-aches

ajmat · 26th August 2006, 08:01

Walk, ...run....take your time, things go bad when you are in a hurry. Remember you have an advantage as a genuine person with a genuine car. Target a minimum price and stick to it. Ensure you have a record of who bought the car

GTO · 26th August 2006, 10:55

Well, as long as you get the price you want...any buyer is good. But just make sure that you keep all the necessary sale documents with you and inform your local rto of the sale.

filcord · 26th August 2006, 12:02

get cash or DD for your full price. Do not accept an IOU even for a rupee.
Get the transfer forms for RTO signed by the buyer and by you, in duplicate, and keep one set with you as proof. Keep a photoID of the buyer. Inform Insurance and make sure they transfer it in his name before you part with the car, since if there's an accident, the registered owner is liable unless insurance is already transferred. I know this takes long, but it's worth the wait, especially since the buyer sounds very fishy, you need to be doubly careful.

varunroy · 26th August 2006, 16:35

Get out of this deal fast. I smell nothing but trouble. Whoever buys your car, ask them to shell down the cash first and then approach any financiar for the loan. The pharmacist friend could do the same.

Don't forget to take the delivery note from the buyer stating clearly that He has taken delivery of good second hand used car and that he shall be responsible for all acts after that period. Take some document that shows the proof of his residence. Inform the local RTO by sending them details by Regd. Post Ack/due.

If anyone fails to comply, ask them to go suck their thumbs. Its a big big world and sooner or later you will find a buyer who will give you your price, unless ofcourse your are in a hurry. Haste makes waste. Take care.

So long...

revharder · 26th August 2006, 20:46

great! so many variables and nothing is concrete!

imho, you should get out of this peculiar deal, and find another buyer for your car!

theMAG · 26th August 2006, 23:12

Trust your instincts. They're what drove you to post this question in the first place - and I'm guessing your instincts are telling you this deal doesn't sound right. I agree.

ulytel · 28th August 2006, 13:50

Guys,
First- thanks a lot for all these information. I was out of station and could not reply you all back. As most of you pointed out, iam not that very inclined to this deal. But I got additional information that we all would require on the sale of any vehicle.
To refresh that,
1. Do not be in a hurry to sell your. Patience would fetch you better buyer and price.
2. Find a genuine buyer who is interested in buying your car.
3. Fix up the price and do not take any Token advance.
4. Insist on full cash/DD settlement on the day of the deal.
5. Get the TO forms filled/signed by both you and the party buying the car.
6. Take a photoid with residence proof of the buyer.
7. Inform insurance company about the sale of the car.
8. Take a delivery note from the buyer stating clearly that he has taken delivery of good second hand used car and he would be responsible for all acts after the sale.
9. Inform local RTO by sending details by Regd. post ack/due. This is important.

BTW, the buyer has not called my friend up after he told him that, he would not take any money from the financier and it is the pharmscist who would he dealing with.

I would update you with the status of this as it goes.

Do you guys think, we should publish the above mentioned points in a seperate thread. Most of them know this and it could already be there in this forum. If not I suggest we would post this seperately for the betterment of all.

Thanks
-Ulytel

25th August 2006, 23:20	#1
ulytel Newbie Join Date: Jul 2006 Location: chennai Posts: 20 Thanked: Once	Selling a car- Peculiar Deal - Need help!!! Guys, I would need your support on this issue. My friend is planning to sell his Accent. He had given out ad in a paper and getting calls from lot of people. He received a call from a local medical shop owner. The pharmsicst inspected the vehicle and was very happy with the car. The deal is stuck and the pharmsicst accepted the quote for the vehicle. Now, the pharmsisct says that the car is for his close friend who is residing down south. He is planning to take the car in his name and give the car to his friend. His friend would pay the money back to him every month. My friend said, thats all fine. Its within your friendship and I would transfer the car to you. Now the pharmsict says, the money is sourced from a local financier in the city and asked my friend to come down to his place for the financier’s inspection. When my friend asked why they are going to local financiers instead of a bank to refinance old vehicle, the interest rates are all same and moreover the local financier is known to him very long time and he can deal with any default payments as they are very much known. After having a visit to local financier, he inspects the vehicle and then asked quote for the car with his contacts. When he got some rate which is lesser than the deal price, he starts to renegotiate the deal with my friend. As there was another party ready for a price which is a bit lesser than the deal, my friend said he would not go down with the rates. After this my friend got a bit hesitant. When he asked the pharmsicst, why this financier is involved in renegotiation, the pharmsicst said that, the financier would be gauging the value of the car and trying to see if it would fetch some value if he defaults the money. So he would want to negotiate and get a lesser price and hence lesser risk for the financier. My friend is a bit worried on the number of people involved in this transaction and called up me and asked me whether if there would be any issues cropping up after selling the car. Say, the financier is not happy with this deal and would get back to my friend with the car and asking the money back after some days. I did not think anything would happen after getting the delivery receipt and handing over the car to him. Do you guys think there could be issues cropping up after delivery of the vehicle. Is there something wrong in this deal. Awaiting your replies. Thanks -Ulytel
	() Thanks

25th August 2006, 23:30	#2
bigman Senior - BHPian Join Date: Oct 2005 Location: NA Posts: 1,224 Thanked: 93 Times	I would go with gut instincts and find another buyer.
	() Thanks

25th August 2006, 23:40	#3
wolfinstein BHPian Join Date: Feb 2006 Location: New Delhi Posts: 994 Thanked: 20 Times	go for a DD or Cash deal only, and seek ID's and make a photocopy with a No-Objection Certificate before you sell off your vehicle. Plus its a mandate by law to check credentials of a buyer, One another thing is that although its a little loss of money from yourside, You can have the RC transferred into the new buyer name...that will safeguard you from any untoward incident.
	() Thanks

26th August 2006, 04:50	#4
hellspawn Join Date: Jul 2005 Location: noida Posts: 1,686 Thanked: 7 Times View My Garage Infractions: 0/1 (10)	ask your friend to get out of this deal immediately,it seems complicated and too many variables are involved.something could go wrong.ask him to find other buyers.like wolfinstein mentioned get a dd or cash only.you will find a lot of buyers.
	() Thanks

26th August 2006, 07:43	#5
condor Distinguished - BHPian Join Date: Jun 2006 Location: Speed-brkr City Posts: 15,864 Thanked: 16,008 Times View My Garage	Walk Out Of The Deal, Now. And the pharmacist says that the knows the financer for long. If he did, why doesnt the financer trust this pharmacist on the deal ? Also, any inspection had to be at your place. Pls find another buyer, even if it's a few thousand less than this deal. Can save you potential head-aches
	() Thanks

26th August 2006, 08:01	#6
ajmat Team-BHP Support Join Date: Feb 2004 Location: Bangalore Posts: 14,858 Thanked: 27,925 Times View My Garage	Walk, ...run....take your time, things go bad when you are in a hurry. Remember you have an advantage as a genuine person with a genuine car. Target a minimum price and stick to it. Ensure you have a record of who bought the car
	() Thanks

26th August 2006, 10:55	#7
GTO Team-BHP Support Join Date: Feb 2004 Location: Bombay Posts: 70,497 Thanked: 300,308 Times View My Garage	Well, as long as you get the price you want...any buyer is good. But just make sure that you keep all the necessary sale documents with you and inform your local rto of the sale.
	() Thanks

26th August 2006, 12:02	#8
filcord BHPian Join Date: Mar 2005 Location: goa Posts: 996 Thanked: 67 Times	get cash or DD for your full price. Do not accept an IOU even for a rupee. Get the transfer forms for RTO signed by the buyer and by you, in duplicate, and keep one set with you as proof. Keep a photoID of the buyer. Inform Insurance and make sure they transfer it in his name before you part with the car, since if there's an accident, the registered owner is liable unless insurance is already transferred. I know this takes long, but it's worth the wait, especially since the buyer sounds very fishy, you need to be doubly careful.
	() Thanks

26th August 2006, 16:35	#9
varunroy BHPian Join Date: Oct 2005 Location: Bangalore Posts: 385 Thanked: 13 Times	Get out of this deal fast. I smell nothing but trouble. Whoever buys your car, ask them to shell down the cash first and then approach any financiar for the loan. The pharmacist friend could do the same. Don't forget to take the delivery note from the buyer stating clearly that He has taken delivery of good second hand used car and that he shall be responsible for all acts after that period. Take some document that shows the proof of his residence. Inform the local RTO by sending them details by Regd. Post Ack/due. If anyone fails to comply, ask them to go suck their thumbs. Its a big big world and sooner or later you will find a buyer who will give you your price, unless ofcourse your are in a hurry. Haste makes waste. Take care. So long...
	() Thanks

26th August 2006, 20:46	#10
revharder BHPian Join Date: Jan 2006 Location: New Delhi Posts: 460 Thanked: 56 Times	great! so many variables and nothing is concrete! imho, you should get out of this peculiar deal, and find another buyer for your car!
	() Thanks

26th August 2006, 23:12	#11
theMAG Distinguished - BHPian Join Date: May 2006 Location: Avon, CT Posts: 7,217 Thanked: 1,807 Times View My Garage	Trust your instincts. They're what drove you to post this question in the first place - and I'm guessing your instincts are telling you this deal doesn't sound right. I agree. Last edited by theMAG : 26th August 2006 at 23:24. Reason: IE hung - realtime status unclear
	() Thanks

28th August 2006, 13:50	#12
ulytel Newbie Join Date: Jul 2006 Location: chennai Posts: 20 Thanked: Once	Guys, First- thanks a lot for all these information. I was out of station and could not reply you all back. As most of you pointed out, iam not that very inclined to this deal. But I got additional information that we all would require on the sale of any vehicle. To refresh that, 1. Do not be in a hurry to sell your. Patience would fetch you better buyer and price. 2. Find a genuine buyer who is interested in buying your car. 3. Fix up the price and do not take any Token advance. 4. Insist on full cash/DD settlement on the day of the deal. 5. Get the TO forms filled/signed by both you and the party buying the car. 6. Take a photoid with residence proof of the buyer. 7. Inform insurance company about the sale of the car. 8. Take a delivery note from the buyer stating clearly that he has taken delivery of good second hand used car and he would be responsible for all acts after the sale. 9. Inform local RTO by sending details by Regd. post ack/due. This is important. BTW, the buyer has not called my friend up after he told him that, he would not take any money from the financier and it is the pharmscist who would he dealing with. I would update you with the status of this as it goes. Do you guys think, we should publish the above mentioned points in a seperate thread. Most of them know this and it could already be there in this forum. If not I suggest we would post this seperately for the betterment of all. Thanks -Ulytel
	() Thanks