Legal Question in Criminal Law in India

Car loan with FIR

I have a car on loan. Quite a year back I have sold the car to a family friend. We signed the agreemtn 3 month back specifying the price and other details. Also clauses on payment default were mentioned. Now I am not able to locate the buyer nor the car.

Please advise as I am still paying the bank EMI for the loan amount. Will having an FIR with police help me here. What will be outcome? Thanks


Asked on 4/08/09, 1:36 am

4 Answers from Attorneys
Pranav Desai PD Legal & Associates

Re: Car loan with FIR

Please frame your query properly. You have not mentioned whether the same was sold by you with the approval of the bank and what was the consideration invoved in selling the car.

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Answered on 4/13/09, 5:06 am
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Car loan with FIR

Please mention details facts as to formulate some advice for you.

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Answered on 4/09/09, 6:58 am
Shrichand Nahar S.V.Nahar, Advocate

Re: Car loan with FIR

If you had sold the car with approval of Bank, then you are not liable to pay EMI. Else, you will be liable for EMI as also other actions by Bank.

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Answered on 4/08/09, 4:52 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: Car loan with FIR

Your facts are not sufficient for proper advice. You have not mentioned if the "sale" was completed and vehicle transferred in his name? If yes, was Bank's permission taken? If not, then that may be a fraud; if yes, you may have no liability.

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Answered on 4/08/09, 8:12 am


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