Issues related to bank-bought a car
2 years ago
Sir , I have bought a car in the year 2017 July by getting car loan from a renowed bank I pai the emi till Dec but due to my poor financial condition I couldn't pay emi further so I sold the car to a person by making an agreement that he will pay the rest of the emi , he paid the emi for 5-6 months and since then he stopped paying the emi and he is not giving the car back to bank , sir what should I do the bank told me that they will lodge a fir against me for fraud. Please help what should I do
A.Dear Sir,
It is not a fraud since the owners of the car are the bankers and you have not legally sold the car. They can seize the car as and when required and recovered the loan. If any such FIR registered then approach High Court directly and get it quashed.
As long as the loan is not paid completely the car is bank's property as it is hypothecated to the bank. Since you have sold the case to someone else hence it is wrongful act on your part. What you have to do is to get the car back and start paying the EMI or else pay all outstanding amount of the bank to protect yourself from criminal case.
You can initiate legal action against that person by sending him a legal notice or filing a case for fraud against the person. You can also write a letter explaining your situation to the bank as well, requesting them not to file an FIR.
Thank you.
Street parking in residential colony
Work money not paid
Common wall
Property joint way issue
Varsai & will
