Hi I have a loan finance for car on my name.
1 year ago
Hi i have a loan finance for car on my name . Actually my husband has lender money from someone and he was not able to pay them back so made them purchase a car instead of paying money. The car loan installment comes at around Rs.15000 per month. He was paying the installment from last 1 year regularly but now he has lost his job and now we are not able to pay the installments on time. Since the car is on my name hence the bank is forcing me to pay the installments but I m not able to do so. What legal process can I adopt to save myself
A.For the first 3 months (90 days) of not paying your EMIs, you are only charged interest on your dues and will receive continuous reminders from the lender to clear your dues.
If you fail to pay your EMIs for 3 consecutive months, lenders consider it as a default and take action. The lender will then send you a notice of default, giving a period within which you must repay the outstanding amount or lose possession of the asset (car) that you have provided as collateral.
If you are unable to pay your dues within the period mentioned in the notice, the lender will take possession of the asset. An auction is then held to sell this asset to the top bidder. The money received from the sale of asset is used to settle your dues and pay the auction expenses.
If you fail to pay your EMIs for 3 consecutive months, lenders consider it as a default and take action. The lender will then send you a notice of default, giving a period within which you must repay the outstanding amount or lose possession of the asset (car) that you have provided as collateral.
If you are unable to pay your dues within the period mentioned in the notice, the lender will take possession of the asset. An auction is then held to sell this asset to the top bidder. The money received from the sale of asset is used to settle your dues and pay the auction expenses.
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A.Dear Client
I see an issue here. Just to be correct you mention that the car loan is in your husband name and the car is in your name. How that is possible and which bank has allowed this?
Anyways whosoever is the person who has taken loan from the bank is supposed to pay back to the bank as per the law and rules.
I see an issue here. Just to be correct you mention that the car loan is in your husband name and the car is in your name. How that is possible and which bank has allowed this?
Anyways whosoever is the person who has taken loan from the bank is supposed to pay back to the bank as per the law and rules.
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Anonymous
Replied 1 year ago
Sir the car and loan is on my name
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