Bought a second hand car,buyer did not pay EMI to the bank, what to do
27-Feb-2023 (In Banking / Finance Law)
I purchased a financed car from the owner and paid all amount in cheque of 3,50,000 and with agreement on it, And i asked for the BANK NOC but the previous owner kept on saying that there might be some delivering issues and waited me over 1year and now i came to know that he didn't paid the emi of car and the outstanding amount of 300,000 from the bank and on asking about the matter ,he still want time to recover the loan . So , should i do to get my money back !!!! Pls reply asap!!!
The RC will remain in the name of the original owner until and unless the remaining E MI's are settled and NOC is obtained from the bank where the hypothication stamp is removed. The the new buyer can apply for new RC. If the EMI's are not paid the bank has every reason to recover the money by selling the car. Usually a agreement is signed when second hand car is sold. In your case I am afraid that does not exist. If you fear your money then ask for your money back or find a new buyer. The RC cannot be transferred to a new buyer until and unless the Hypothication stamp is removed. That is the purpose of NOC. You can send him a legal notice.
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