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Hi, I want to buy a used car. I saw car by dealer who has finance the car. Dealer said to me,the car owner donot pay remains finance amount. May I buy the car from dealer? If yes, What will be terms & condition?

By Dharmendra Prasad on Aug 24, 2008

Answers

  • Expert Hi,
    You can buy the car provided all correct information is given about finance aggrement of previous owner with finance company.like bank balance left EMI etc .Best thing is to ask the previous owner to complete Balance of loan .or get loan account to transfer to your account.Its always better to complete all formalities before taking possession of car so that you can be free of burdons of keeping in touch with previous owner.
    Answer by Shiva Shankar on Aug 24, 2008

  • hello prasad
    if you are transfering the loan then you should have a clear idea about thel interest.there is a chance of the interest rate to get doubled.
    Answer by Ashwin on Aug 26, 2008

  • Hi!
    Incase you interested in Tata Indica - 2002 (petrol) single owner car. please do let me know.
    9920804233
    Answer by Saurabh on Sep 13, 2008

  • Hello Mr. Prasad, (Looks like some people do not understand your question! They want to sell you a Tata Indica!)

    Jokes apart, buying a car repossessed by a lender is by all means a viable option of getting a good deal on a fairly new vehicle. This is very much possible, and the process of transfer to you by itself should not be something you would worry about. First of all, be willing to negotiate the price and the rate of lending, if you are thinking of taking over payments. The fact that the car has been repossessed means the dealer is not making money on it until it is sold or taken over by another party. So, negotiate.

    Secondly, take a good look at the registration papers and make sure this "dealer" is indeed the lending party or an authorized representative.

    Do not listen to them trying to tell you that the price and the lending rate are all fixed. These are not fixed, and they will be more than willing to "settle" for less!

    Hope you get a lovely car for a great price!
    Answer by B Senthil Kumar on Aug 26, 2008

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