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Q. Vehicle loan

Dear Sir
I have taken finance loan on TATA Magic vehicle in the year 2012-13in SRIRAM Finance Corporation, Due to my Personal Problems I have not paid the instalments properly and was pending for 6 months . The finance Authorities had handedover the vehicle and kept in their GODOWN, and now they were sending me notice to pay the total amount of the vehicle if not they may take serious action on us.
Please suggest us what to do.
Please reply to my Email ID
Thankyou Sir

Showing 3 of 3 Responses

A. You have agreed to their all terms & conditions of finance, particularly in case of SFC. You will be surprised to receive claims of all cost & charges including interest,penalty clauses,Godown rent,legal charges etc.,It is better to clear the entire loan quickly to avoid all the charges & cost that are imposed on you.If need consult a lawyer from panel of Vidhikarya to settle all the issues quickly.

Ambrose Leo

Experience: 9 Year(s)

Responded 7 months ago

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A. Dear Sir,
The rules are very harsh, better settle the matter immediately otherwise you will be asked to pay go down storage expenses etc.

Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 7 months ago

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A. The finance company/ bank cannot ask for total value of the vehicle if some amount has been paid.They can recover only the balance amount with interest. Beyond that they cannot recover anything. Moreover once possession of vehicle is with the finance company / bank, it should have auctioned the vehicle. If the amount recovered on auction is more than what is due , balance will be paid to you.others wise whatever is left to be paid can only be recovered. Moreover. How finance company took possession of vehicle is also questionable I.e through courtor forcibly.

Nirmal Chopra

Experience: 20 Year(s)

Responded 7 months ago

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