Person not paying EMI and demanding return

8 months ago i sold my car to a person with a cost of 2,20,000 rs but now he is not paying monthly emi to the bank and now he is telling me i dont like ur car give me 4,00000 rs and take ur car back what can i do now plzz help me

Answers (3)

62 votes

If u sold your car then submit your car trasaction papers to the bank. Transfer paper to the buyer . Also gave apllication to bank and inform about this transaction. Because paying EMI is your legal obligation and your moral duty also. If that person not paying money send legal notice . Otherwise Bank will taken legal action against you only because your registered owner of that car

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125 votes

While selling your car you need to transfer pending loan in his name and then transfer car in his name then all obligation and responsibility to pay EMI is totally upon that person and first of all before doing all these steps you need to sign a sale agreement of car or any other vehicle by which he will abide himself to pay any amount upon the car

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Upon the assumption of understanding your question the best thing you can do is to file a NC/FIR with police station. Taking possession of the car and handing it over to bank for non payment of EMI. Coming on to some settlement term with the bank. Let him file civil suit and of he does so you can have your right recourse to action.

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