I have a query for you & a clarification - 6007

I have a query for you & a clarification from you would be highly appreciated. I have a Tata Sumo Victa EX Yr 2007 with a T Permit. My vehicle is hypothecated with Tata Finance, & I have to still pay for two more years. What do I need to do in the above case? Do I need to Foreclose with Tata Finance before I sell the vehicle or can I do it directly with an interested party & they will deal directly with the finance company? Could you give me a clarification. Thanks.

By Viraf 09 September 2009

Answers:

Expert`s comment:

Hi,
When you sell the car with loan to repay , you can transfer the same to the new owner provided the finance co is satisfied with profile of new owner. Otherwise loan amount have to be cleared.Youcaninclude the same in selling price of vehicle and clear communication with the buyer will ease the selling process.

Answer by Shiva Shankar 09 September 2009

TAKE A FULL AMOUNT FROM BUYER GO TO FINANCE OFFICE PAY UR DUES TAKE BALANCE AMOUNT U., GET ALL DOCUMENT FROM FINANCIER AND HAND OVER TO NEW BUYER AND IT IS MUST TO CHANGE RC IN NAME OF NEW BUYER . U WILL NEVER TOUBLE IF VEHICLE MEETS ANY TRAGEDY IT IS THE BEST WAY ..

Answer by GAUTAM JAIN CHENNAI 09 September 2009

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