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Can I file a suit against my car company for arbitrary charges?
28-Dec-2023 (In Consumer Court Law)
I bought a car (price ~18.5 Lakh) in May 2017. I paid around 4 lakh as down payment and rest 14 L was financed by finance. I paid emi's for 3 months but I lost my job in July and was unable to pay the emi in Aug so I voluntarily surrendered the vehicle to finance in Sept. I was told that is the end of my liability and they would auction it off and send me the difference if any. I got a letter from them yesterday saying I had to pay additional 2.5 L. I don't understand how a car worth 18L + was sold for less than 12L when it was only a few months old and driven less than 1000 km and in excellent condition. Is there any legal recourse available ?
Hi,
I need to see documents which have been produced by the concerned finance team to see the valuation.
Feel free to come over to my office to figure out an effective remedy.
All the very best
Need not worryA
I need to see documents which have been produced by the concerned finance team to see the valuation.
Feel free to come over to my office to figure out an effective remedy.
All the very best
Need not worryA
Helpful?
20+
20+
Adv. Sahej Uban
Delhi | 500+ Answers
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Hi, it is not disclosed in your query that you availed the financial assistance from which institution Bank or NBFC? Whatever the things happened with you, are normal course of action and you are suitable remedies available. Please also disclose from where you received the notice from bank, court or arbitrator?
Helpful?
22+
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Adv. Ganesh Singh
Delhi | 500+ Answers
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Dear Sir the procedure for a financed car which is surrendered to the finance company is that the said Company puts it to auction to realise the amount financed to your vehicle. For that they keep one minimum price and thereafter it is put to auction.The highest bidder takes away the vehicle. In your case I myself don't understand using what formula they have arrived at that a particular minimum price. I need to know who this finance company is and the procedure adopted by them for auctioning the car. In procedure lies your answer Sir.
Helpful?
19+
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Adv. Abhishek Ritabh Shukla
Delhi | 25+ Answers
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