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    Default buying a bank leased car

    I am about to buy a car that's still on bank's name. The bank had given the original owner NOC after all payments but he sold it to another person and gave him transfer letter and NOC.

    That second person didn't transfer it to his name but still has NOC, original documents and transfer letter with him. he says he will do double transfer, first on his name and then on my name.

    Is that safe? any issues?


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    banda agar kabir a atmad hai tuh phir sahe hai. warna tuh khatra hai. mein nay bhi is tareqay say le thi car aur koi masla nahin aya
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    No Problem at all, but try to finish it in one day, If he transfers it on his name, it means everything is clear, later on the same day, get it transferred on your name !
    "Live Fast, Die Young and Leave a Beautiful CORPSE "
    How much horsepower gain do you get from your NOS sticker ?

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    when u lease a car, u sign the agreement with the bank that u wont and u can't sell the car during the tenure, the bank recognizes the original customer only.. for example.

    A had the agreement with the bank 2005
    A sold it to B 2007
    B sold it to C 2008
    C sold it to D 2009

    A calls the bank and tells them someone else is using his car and he wants it back.. the bank gonna take the car from D and give it to A.

    Legally speakin D can't do anything, nor C or B
    people who use Highbeams.. once day would suffer too bigtime. People who drive slow on fast lanes, remember one day a vehicle carryin ur son, dad might get late to hospital coz people like u. underaged driving will land u in bigtime trouble one day or the other.. And the Blue indication light on ur speedometer denotes "High Beams"

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    If you have NOC doesn't it mean all payments were paid to the bank? bank doesn't give NOC without all payments ?

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    Default

    Quote Originally Posted by logged View Post
    If you have NOC doesn't it mean all payments were paid to the bank? bank doesn't give NOC without all payments ?
    The NOC from the bank voids any right the bank has on the car and the car becomes the property of the owner (or of the person who holds transfer letter)

    And no takko your scenario is not valid here as the bank has issued NOC.

    logged the part I dont understand is that if the car has NOC and is on "Open Letter" then why will the current owner transfer it to his name and then to yours why not you both agree and transfer directly to your name and save cost+price of vehicle buy it not bing 4th hand and making it 3rd hand.
    '3/4 of the Earth's surface is water, and 1/4 is land. It is quite clear that the good Lord intended us to spend triple the amount of time fishing as taking care of the car.'

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    Default

    Sir make a pay order but simply do not pay anything or pay half, unless the car is transferrred on your name or the owner is a close relative of yours.
    Readers are Leaders.

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    isnt it better that you get it transfered directly on your name and become the first owner. instead of double/tripple transfer. i guess you would have to give some extra bucks on top but this can be done. This you can actualy become the first owner of teh car after geting it cleared from the bank.
    Get over the fact that Xli lacks power windows, Its an Xli because it lacks thoose features or else it would be a Gli or an Altis if had all the goodies.

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    Quote Originally Posted by 959 View Post
    Sir make a pay order but simply do not pay anything or pay half, unless the car is transferrred on your name or the owner is a close relative of yours.
    +1.
    I recently purchased a car which was initially leased from bank. Previous owner cleared all the installments, the bank then issued an NOC, relinquishing its ownership rights, and issued a transfer deed. The owner then gave both the documents to me n i simply registered it on my name. No issues whatsoever.
    In scenario u r describing, u'll b mentioned as the 4th owner of the car on the book. But one thing confuses me, if the car is on open letter then the seller doesn't really need to transfer it on his name first in order to sell u. Do look into it.
    Also, the NOC issued by the bank is only valid for 40 days.

    Regards.
    Bumper Sticker: "I feed off other people's rage, so drive carefully :-)."

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    Quote Originally Posted by takko View Post
    when u lease a car, u sign the agreement with the bank that u wont and u can't sell the car during the tenure, the bank recognizes the original customer only.. for example.

    A had the agreement with the bank 2005
    A sold it to B 2007
    B sold it to C 2008
    C sold it to D 2009

    A calls the bank and tells them someone else is using his car and he wants it back.. the bank gonna take the car from D and give it to A.

    Legally speakin D can't do anything, nor C or B
    They obviusly can, if they have the following

    Sales deed, the delivery letter, Nic of the buyer/seller.

    You obviusly dont sell cars, taking/giving money in exchange of car keys, a process has to followed or else, every second person after selling there cars can claim a theft.

    Or the new owner can run away after using that car in a robbery/ be involved in a accident. You need to have all the documents even if the car isnt transfered on the new owners name.
    Get over the fact that Xli lacks power windows, Its an Xli because it lacks thoose features or else it would be a Gli or an Altis if had all the goodies.

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    One more thing, the sales deed / agreement rules say, the previus owner is responsible for the transfer of owner ship to the new owners. (if they mutualy make a deal that the new owner wud be responsible for the transfer thats there personal matter.

    @Op. tell the owner to transfer it on your name only then buy the car.
    Get over the fact that Xli lacks power windows, Its an Xli because it lacks thoose features or else it would be a Gli or an Altis if had all the goodies.

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    Quote Originally Posted by chinyoti View Post
    isnt it better that you get it transfered directly on your name and become the first owner. instead of double/tripple transfer. i guess you would have to give some extra bucks on top but this can be done. This you can actualy become the first owner of teh car after geting it cleared from the bank.
    Technically, the bank is the second owner on papers and if the OP does what u r saying, he will be the third owner. The reason being, a bank does not book a car on its own name. A person(probably an employee of the bank) books the car on his own name on behalf of the bank. The car first gets registered on his name n then transfered to bank (hence the bank is the second owner).
    This is similar to the scenario of purchasing a car by paying "own" on it. The car first gets registered on the name of the person who booked it n then gets transfered to the new owner.
    Bumper Sticker: "I feed off other people's rage, so drive carefully :-)."

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    Quote Originally Posted by devilz_apprentice View Post
    Technically, the bank is the second owner on papers and if the OP does what u r saying, he will be the third owner. The reason being, a bank does not book a car on its own name. A person(probably an employee of the bank) books the car on his own name on behalf of the bank. The car first gets registered on his name n then transfered to bank (hence the bank is the second owner).
    This is similar to the scenario of purchasing a car by paying "own" on it. The car first gets registered on the name of the person who booked it n then gets transfered to the new owner.
    i have had leased cars, but the bank basicly buys the car on behalf of the first owner, the feild owners name say, XYZ owners name,

    on the next pages with M/s. (XYZ bank name)

    the bank is a partial owner,

    previusly the bank used to be the sole owner, and you had to release the car after the leasing finishes,

    Y would a bank buy a car on the name of a bank employee when a bank is a registered leasing firm.
    Get over the fact that Xli lacks power windows, Its an Xli because it lacks thoose features or else it would be a Gli or an Altis if had all the goodies.

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    Quote Originally Posted by chinyoti View Post
    i have had leased cars, but the bank basicly buys the car on behalf of the first owner, the feild owners name say, XYZ owners name,

    on the next pages with M/s. (XYZ bank name)

    the bank is a partial owner,

    previusly the bank used to be the sole owner, and you had to release the car after the leasing finishes,

    Y would a bank buy a car on the name of a bank employee when a bank is a registered leasing firm.
    I m sure u have had leased cars(no one is questioning it). But the bank never books a car, it opts for ready delivery of the car. So at first the car gets registered on the name of the person who booked the car. The car is then transfered to the bank. (I maybe wrong in saying the car is first booked on the name of the employee). The name of the bank appears in the "Transfered to:" block. And there is no mention of the name of the person who leased it, in that column.
    Bumper Sticker: "I feed off other people's rage, so drive carefully :-)."

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    ^ Thats not necesary, the bank just leases you the money, the day your car is booked or either delivered, Booking or no booking thats upto you.

    Altho the day the bank aproves your lease you start paying monthly installments.
    Get over the fact that Xli lacks power windows, Its an Xli because it lacks thoose features or else it would be a Gli or an Altis if had all the goodies.

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    There is one other scenario, but the bank rarely opts for it. Only employs of the bank r usually allowed to opt for tht way. In tht case, the bank pays the prospective lessee to purchase the car on his own from any of the dealers approved by the bank. The delivery papers are then issued on the name of lessee and hence the car is transfered on his name instead of the bank. But then the bank gets lien(don't know if the spellings are correct) marked on the ownership of the car from Excise Dept. This means that the car is registered on the name of the lessee but the ownership rights are reserved with the bank. In this case, the name of the lessee appears in the "Transferred to:" block but the car is first initially registered on the name of the person who booked the car(probably the dealer)
    Bumper Sticker: "I feed off other people's rage, so drive carefully :-)."

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    Quote Originally Posted by chinyoti View Post
    ^ Thats not necesary, the bank just leases you the money, the day your car is booked or either delivered, Booking or no booking thats upto you.

    Altho the day the bank aproves your lease you start paying monthly installments.
    In this case, the prospective lessee books the car on his own at first and when it is delivered the car first gets registered on the name of the lessee and then transfered on the name of the bank. Even in this case the OP's name will appear as the third owner on the book.
    Bumper Sticker: "I feed off other people's rage, so drive carefully :-)."

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    ^ lol, if the lesse had the money to book the car, y wud he opt for lease?? its not like you pay 1 lack and book the car. You have to pay full amount on booking. or when placing the order for your car.

    And if thers any premium involved you have to pay it on your own, the bank or the leasing company only leases the ex-showroom price.
    Get over the fact that Xli lacks power windows, Its an Xli because it lacks thoose features or else it would be a Gli or an Altis if had all the goodies.

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    Quote Originally Posted by chinyoti View Post
    ^ lol, if the lesse had the money to book the car, y wud he opt for lease?? its not like you pay 1 lack and book the car. You have to pay full amount on booking. or when placing the order for your car.

    And if thers any premium involved you have to pay it on your own, the bank or the leasing company only leases the ex-showroom price.
    Where did I mention that the lessee pays from his own pocket?
    And there was no mention of premium in any of my replies.
    If one leases a car from bank, then he has to opt for it from the bank APPROVED dealers! And bank deals with the dealers directly regarding the payment. They hav there own settlement that is y they are called APPROVED dealers!
    There is a lot more to this scenario than what u hav to ur account. Cheers!
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    Where did I mention that the lessee pays from his own pocket?

    In this case, the prospective lessee books the car on his own at first and when it is delivered the car first gets registered on the name of the lessee and then transfered on the name of the bank.
    And there was no mention of premium in any of my replies.
    This is similar to the scenario of purchasing a car by paying "own" on it.
    How wud u have a ready delivry car when a car is on over booking?
    Get over the fact that Xli lacks power windows, Its an Xli because it lacks thoose features or else it would be a Gli or an Altis if had all the goodies.

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