If my car is getting auctioned, will I receive the excess amount


I had a indica vehicle, on that i took 1 lakh loan from sriram finance, i had pay 4 emi , but due to financial problem i didn't pay for 3 months, so finance company took my car and after some time they send the cab in auction, i want to know that after the car got auctioned they will pay me remaining amount or they keep all of it. Please give me the advice

Answers (1)


190 votes

Hi,
Your car financed by shriram finance. The finance company has made an agreement with you at the time of car loan. No body can read the rules and regulations of that document. In that document , finance company has the full rights on that car. In that agreement your signature collected by them before delivery of your car.
So,they have full rights to auction your car. You are asking the remaining amount in your question. It depends on balance amount, emi, interest, other charges by the finance company. If you want to know more details, go to the finance company along with your loan account number and ask them for loan statement. Complete details available on your loan account statement.
Thanks for your query. Have a nice day.


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