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Question
The car I have put on sale is hypothecated to a bank and EMI is paid for 3 three and a half years. If I get a buyer, how would the financeial settlement be done with the bak and the buyer?
By Kaushik Sarma 03 March 2009
Answer:
expert
Expert`s comment:

Hi,
Car you put on sale is hypothecated is not a problem is sales pls mention that the car is having hp in remarks & also ask from the bank the foreclosure, once you get the foreclosure you know the outstanding to the bank , when you sell the car and get the money pls pay the bank and also get loan cancelled instantly and hand over the car to the next buyer with tansfer papers and noc from bank to transfer the car on his name

or you can settle with the buyer for a x value on car and then take the only your settlemnt and remaing part of loan can be paid in full by the buyer and take the noc direct.

Answer by Shiva Shankar 03 March 2009
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