We have one Chevrolet Tavera car of model 2011 with a tax plate. Due to our inability to maintain it, we sold it to one person by taking an agreement from him stating that from the day of handing over our vehicle, i.e., 5th November 2014, he agrees to pay the remaining installments (39 out of 48 installments, remaining by that day) regularly. Otherwise, we can hand over the vehicle. This agreement was done on a 20 Rs bond paper from the concerned person.
However, from November 2014 to the current date, i.e., 2/3/2015, he hasn't paid even a single rupee for the finance installments. As the finance agreements are still under our name, the concerned finance people are threatening us to file a cheque bounce case against us.
Is it possible to file a case against the person to whom we sold the vehicle? The person is expressing his inability to pay the installments, showing no interest in keeping the vehicle, and stating, "I can't pay even a single installment, and you can legally do whatever you can."
Kindly advise on what steps to take in this situation.
From India, Hyderabad
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However, from November 2014 to the current date, i.e., 2/3/2015, he hasn't paid even a single rupee for the finance installments. As the finance agreements are still under our name, the concerned finance people are threatening us to file a cheque bounce case against us.
Is it possible to file a case against the person to whom we sold the vehicle? The person is expressing his inability to pay the installments, showing no interest in keeping the vehicle, and stating, "I can't pay even a single installment, and you can legally do whatever you can."
Kindly advise on what steps to take in this situation.
From India, Hyderabad
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Please answer the below: 1. Whose name the car was initially registered and have you transferred the registration? Did you visit RTO and change the ownership of the vehicle?
From India, Bangalore
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212From India, Bangalore
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The finance Company must have taken various types of loan documents i.e. “Deed of Hyphenation of Vehicle”, repayment assurance from you as well as from guarantor/s. You must have submitted copy of R.C. Book with hyphenation charge of finance company. In Hyphenation Agreement though hypothetical goods remains in custody of Customer, the original owner have full legal right over it. In other words you are the custodian of the goods and not owner till you repays entire financed amount with all due interest thereof.
In your case I think still financier is not aware of private sale agreement therefore he is threatening you of filling case u/s 138 of Negotiable Instrument Act. As & when the financier gets the information/copy of your private sale agreement, he will straight way file criminal complaint against your company. PL NOTE THAT EVERY FINANCE COMPANY WHETHER PRIVATE OR GOVERNMENT ALWAYS DEALS IN MONEY, MONEY AND MONEY ONLY. THERE IS NO BARTER SYSTEM EXITS IN CURRENT FINANCE SCENARIO. You may approach financier and obtain due written permission for sale of vehicle. You shall have to deposit difference amount after crediting the sale proceeds.
First of all you should take the vehicle in your possession and then approach your financier so as to gain the trust of your financier.
From India, Halol
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In your case I think still financier is not aware of private sale agreement therefore he is threatening you of filling case u/s 138 of Negotiable Instrument Act. As & when the financier gets the information/copy of your private sale agreement, he will straight way file criminal complaint against your company. PL NOTE THAT EVERY FINANCE COMPANY WHETHER PRIVATE OR GOVERNMENT ALWAYS DEALS IN MONEY, MONEY AND MONEY ONLY. THERE IS NO BARTER SYSTEM EXITS IN CURRENT FINANCE SCENARIO. You may approach financier and obtain due written permission for sale of vehicle. You shall have to deposit difference amount after crediting the sale proceeds.
First of all you should take the vehicle in your possession and then approach your financier so as to gain the trust of your financier.
From India, Halol
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The sale has been improperly done. If the vehicle had a loan, then the NOC of the finance company should have been procured. Whenever a vehicle is sold, an intimation to the RTO for a change of ownership should be filled up and ensured that the name change is done. You have landed up into a problem because basic legal provisions have not been kept in mind while selling the vehicle. Speak to the purchaser and ask him to take back the money and take the car back. You have literally no legal recourse against this person. The stamp paper agreement is of no meaning in law.
From India, Pune
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From India, Pune
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