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I own a Hyndai Verna crdi Sx June 2008 model registered in faridabad. It's emi is around Rs. 16000/- which in recession times I am being difficult to continue. Loan amount left is around Rs. 550000/-. I am thinking of exchanging it with a new car say Santro Xing GL. Hyundai Dealear said they will give me differnece of the amount. But I want to get a new finance for new car (as interest rate will go down and so emi will ) and prepay my present loan with the exchange value i ll get by returing it to hyundai dealer. Is it possible? What are things I should take care while exchanging car this way? Please advice.
By S Singh 09 September 2009

Dear Mr. Singh,
a friendly suggestion ! 1. You cany sell yr car directly without involving the bank ! is always better to sell your car in the open market rather that attempting an exchange. Reason - dealer will get the valuation done by a valuer then quote a price which will certainly be lesser than the market.
3. put up an advertisement in the classifieds column of a good newspaper - TOI, dainik jagran. I can assure you of a good response. Fix the deal, take advance and get the payment deposited in the bank from whom you have availed the loan ( hope it is a Nationalised bank as they will not charge any pre-closure amount !) Bank will provide you with an NOC, a/cs statement with zero balance & a signed Form 35 two copies, which you have to arrange. This will be handed over to the new buyer.
4. Bank will collect their full & final payment and give you the balance which you can utilize as margin money for a fresh loan for the vehicle you intend to buy !!
5. keep a copy of the current registration certificate & obtain a copy of the same when the registration is transferred on the new buyer's name - keep copies for yr personal record and give one set to Hyundai dealer who will give you an exchange bonus for Rs. 10,000 applicable on Santro. Currently there is a very good offer available on Santro. My friend has booked one at Lucknow.
6. I have taken the same route and sold my 2007 Santro top model fully loaded and took Rs.25K more than what valuers offered me !
7. you may even quote yr price which if suitable I may go for it. As I am yet to buy one & awaiting a good festive offer.
8. Lastly, I am no auto expert but have tried to give you the best solution.
Rajeev Shukla

Answer by Rajeev Shukla 09 September 2009
Expert`s comment:

Mr Rajeen Shulka has given good information.You will get best value for the car if sold individually.Let it be two different issues so that procedings will beeasier and also youwill be getting good value for your car.

Answer by Shiva Shankar 09 September 2009
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