Tractor finance

Dear Client,

Missing two EMI payments does not automatically give the finance company the right to seize your tractor in an unlawful or forceful manner. If your loan agreement permits repossession after default, the lender is generally expected to follow the procedure prescribed under the agreement and applicable law. You should immediately send a written request to the finance company explaining that your tractor has had no work for the past four months, that you intend to clear the overdue EMIs, and requesting an additional four days to make the payment. Keep copies of all communications and payment records. If the lender or its recovery agents threaten, intimidate, or attempt to seize the tractor illegally or without following due process, you may lodge a complaint with the police and the appropriate regulatory authority, if applicable.

It is also advisable to consult an advocate who can examine your loan agreement, advise you on your legal rights, and assist you in negotiating with the lender or taking appropriate legal action if necessary.