Re: Temporarily relocating abroad: What should I do with my cars? Quote:
Originally Posted by SwatiS I have a similar situation. I have an Amaze that's just completing a year and has run only 5000 kms approx. I would be going to US for atleast 6 months to 1 year.
2. I have a 7 year EMI with HDFC for the loan (Big mistake). Fore-closing the loan is a big mess with them. How does the loan situation work if I sell it?
3. Can I transfer the car ownership to my dad so that he can sell it in my absence? Or is there any way I can authorise him to sell the car (Its currently in my name). Would that make the new buyer as the third owner? |
I was in a similar situation last year but the only difference was I had a car which had run 1.2L km. Initially my company had told that my assignment will be for 6 months to 1 year in US and hence I just handed over my car to my cousin to take care of. Few months after coming here, I came to know that I have to continue staying here for atleast 3-4 years. Realized that there is no point in keeping the car and hence sold it.
This is the procedure I followed to sell the car in India being in US:
1. I had few months of EMI left and hence I foreclosed it. All I had to do is to clear off the balance in the loan account and mailed the branch manager to close the account and requested him to hand over the no due certificate and Form 35 to my father (he was the nominee).
2. Downloaded couple of forms from Karnataka RTO website that are required to sell the car (don't remember the exact form names), signed them and posted the hard copies to my cousin.
3. My cousin was then able to sell my car in India with the help of above mentioned documents.
4. Notified insurance company that car is no longer used by me.
5. Ensured that the car's new owner's name is updated with RTO.
If your assignment won't exceed 1 year, I suggest you to keep the car since it's very new. If you are unsure about duration of the stay or if it gets extended after coming here, you have the option to sell it being here. It should be noted that the bank I dealt with was Corporation bank. You must ensure that HDFC too is flexible like them in closing the account and handing over the above documents to person known to you.
Edit: Just noticed that I'm replying to a 4 month old post, sorry
Last edited by guyfrmblr : 5th May 2016 at 20:16.
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