2+ Lawyers are online
Bank siezed car auctioned off but not transferred in the name of buyer
05-Jun-2023 (In Recovery Law)
I had purchased a commercial car WahonR on bank finance and was unable to pay the EMI's for the same after a while. Bank called me for a meeting in this regard and at the meeting asked me to handover the car to them if I was unable to pay the EMI's. I did it and they asked me to give them in writing that I am surrendering my car as I am not able to pay the EMI's along with original documents. I did that tooLater they auctioned the car at too less of it's actual value and are now hounding me to pay another 150000 INR. It has been more then an year since they sold off my car but it is still in my name and the ownership of the car has not been changed or transferred. Now I am unable to pay the bank due to me being jobless and also worried what if the car gets in some accident or get involved in some unlawful activity will I be responsible?nnPlease advice what should I do in this regard.
You need to communicate with the bank officials and also with the person who is in possession of the car right now through a legal notice. And in that notice you must mention to transfer the car in the name of the concerned person who’s in it’s possession because if the car get in some accident or get involved in any unlawful offence then the you will be liable for the same and the police may arrest you in such circumstances. For more legal assistance I am just a call away.
Helpful?
Adv. Jitender Singh
Adv. Jitender Singh
Delhi | 1000+ Answers
Chat
what was exactly written on the piece of paper that was handed over by you to the bank.
and how do you at what price has the bank sold the car to some other person. did you get any sort of formal communication from the bank.
for further queries please feel free to contact
Helpful?
Adv. Kartik Krishan Sood
Adv. Kartik Krishan Sood
Delhi | 100+ Answers
Chat
Hello
You send the concerned bank a legal notice questioning them on their default of not getting the Vehicle or the car’s in question ownership changed or transferred as the case maybe. You should also mention you are present situation for not being able to pay the rest amount.
Thank you
Helpful?
Adv. Malini Jain
Adv. Malini Jain
Mumbai | 50+ Answers
Chat
Why you should file a case against them as they that a recovery team has mislead you and cheated you after saying this that your loan will be closed after getting or sending your car but they have not close your loan and still your loan is showing in your name as well as your car is also in your name so in this case a fraud case is to be filed by you in the name of bank and recovery team so that you can be free and you can also file a compensation against them for breaching of trust and misleading you and cheating you under section 420 of IPC
Helpful?
Adv. Om Prakash Saxena
Adv. Om Prakash Saxena
Delhi | 25+ Answers
Chat
Going by the limited information provided by you I could understand that the car has been sold to someone else but the papers are still inypur name. It is important to get it transferred as if it is used in someother illegal activity police officials will nab you. It is important to send them a legal notice with this respect so as to save your interest.
Helpful?
Adv. Ayush Kapur
Adv. Ayush Kapur
Delhi | 200+ Answers
Chat
Disclaimer: The above query and its response is NOT a legal opinion in any way
whatsoever as this is based on the information shared by the person posting the
query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to
address the specific facts and details.
Connect with top
Recovery lawyers for your
specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
