procedure to recover loan from dealership for vehicle non delivery
14-Jul-2023 (In Banking / Finance Law)
Hi, I took a loan from SBI Rs 6.5 Lakhs and loan was disbursed to Dealer(Lathangi Ford, Bangalore). Later they said they cant deliver the Vehicle as they are selling their dealership but gave post dated cheque in then name of SBI and Loan account number. It got bounced due to insufficient funds. I have already paid 2 EMI's without having car. I want to close the loan account. Can I ask bank(SBI) to send notice to dealer to recover money. Bank usually make an annexure signed by dealer that if vehicle is not delivered for any reason amount should be returned to bank or do I need to send legal notice from my end.
Bank approved the loan based on the documents you submitted. So, you are liable to pay the loan amount to bank. Bank is not responsible to recovery the money from the dealer, if car not delivered to the customer . If you do not pay the EMIs then bank may initiate legal action against you. In your regard, you can file a police complaint against the dealer for not following the terms and conditions.
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