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Anonymous

posted 11 months ago

I recently bought a second hand bike from a person and made all my payments. Later on I came to know that the seller had purchased the bike on emi from a finance company. It is under hypothecation of the finance company. He has also not paid his dues. He just gave me a declaration on a bond paper that it would be my bike and that he would clear the loan payment and transfer the name. What would happen if he dosen't pay the loan? Will the finance company take away my bike or will I be made to clear his dues? If yes then what are the legal proceedings available for recovering my money?
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A. dear client in your matter First of all a bike cannot be purchased on bond. 2nd to recover the amount file a case on the seller for recovery of paid amount and cheating.

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Deepak Bade

Experience: 9 Year(s)

Responded 4 days ago

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A. First of all a bike cannot be purchased on bond. 2nd to recover the amount file a case on the seller for recovery of paid amount and cheating.

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NILANJAN CHATTERJEE

Experience: 5 Year(s)

Responded 11 months ago

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A. Finance company can sezied the bike any time as the EMI are due and the owner ship of the bike can't be transferred by making a bond .for more details you can contact
Adv.S.L.Khan
What'saap 9890454223

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Khansaeed Pathan

Experience: 10 Year(s)

Responded 11 months ago

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A. The vehicle is hypothecated in favour of finance company & non payment of emi on loan render the finance company to take away the vehicle. Unless loan is cleared & obtain noc of finance company vehicle cannot be transferred.Better to consult a lawyer to guide & help you quickly with all the issues & protect your interest.

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Ambrose Leo

Experience: 9 Year(s)

Responded 11 months ago

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