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Author Topic: Settlement for Car-Loan  (Read 1842 times)

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Offline raja

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Settlement for Car-Loan
« on: February 21, 2014, 08:57:49 AM »
My mother have taken a car-loan from a private bank in 2011. Due to misfortune in our business we haven't been regular but still date paying the EMIs through collection-agents(as of today 2 EMIs are still pending). Now my present situation doesn't allow a steady monthly payment and I want to opt for a one-time-settlement with the bank.I want to know how to go about the process legally without the bank frisking my car and if possible stop the agent-harassment.  I also want to know if I can hire a lawyer for this and if he can help me in this.

Offline HugoPeak

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Re: Settlement for Car-Loan
« Reply #1 on: August 15, 2014, 06:18:56 PM »
Car loan is one of the best options we have in order to buy the car we want. Find the best dealership near in your place if you really wanted to pick whatís best for you. If you are thinking of big interest from car dealers donít worry because according to some dealership car dealers reduce their finance markup and insurance just for the customer to stay with them. Look no further, all of the details you will need is at MatchFinancial.com!

Offline jitendracc

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Re: Settlement for Car-Loan
« Reply #2 on: January 08, 2017, 11:32:07 PM »
The better option before you is to have a direct talk with bank officials and make them clear your position. If they still not agree on your view, the better option is to take the advice of a lawyer from the concerned field. I have also taken the car loan from the bank and its EMI I have calculated from Car loan EMI calculator and as per my budget I was very regular in paying its EMI, but due to some urgent problem, there were some exorbitant expenses and I failed to pay the three installments continuously. I had a meeting with bank officials and briefed them my condition. They fully cooperated me and extended my period of EMI payment. You can also try this mode and they will certainly help you. http://emicalculators.in/

Offline riteshmaity

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Re: Settlement for Car-Loan
« Reply #3 on: January 09, 2017, 02:38:00 AM »
Since you have taken the loan, you are bound to repay it (principal+interest) irrespective of your financial situation.

However, you can TALK directly with the officials of the bank/financer and settle the dispute amicably since only 2 installments are due. If the company agrees, you can settle the due and get a NOC. Also make sure that the you are not marked negative in your cibil score.

You can hire a lawyer at this stage but there is no such requirement right now since you have to talk first and come to a conclusion. If both parties agree to that settled amount, then you may show the settlement agreement/ terms and conditions of settlement to a lawyer for finalization.
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