NOC for vehicle.
I bought one Vehicle in the year 2001 on Finance and paid all the Vehicle amount in 18 installments. After payment of total amount of vehicle i did not receive my No Objection Certificate from the finance Company. Now, When I enquired about that Finance Company I was informed that the said Finance Company is closed.When I contacted the RTA officer for cancellation of Hypothication,he is asking for the No Objection Certificate from the Finance Company. Please advice me how to solve the problem and how to cancel hypothication from my Vehicle
When was the last time you paid installment? You have mentioned that the vehicle was purchased in 2001 and the loan amount was repaid in 18 installments. Were they monthly installments?
If yes, then your right to bring any action against the finance company may now be foreclosed due to the delay. The agreement you signed with the finance company at the time of taking loan is germane to decide whether any legal action can now be brought against the company.
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