Is It Possible To Check If Car Is Financed From RC?

[stormchaser]

Hi, I am planning to buy a used Honda city and the deal is almost final, the seller told me that there are few remaining installments on the car which he will clear before I buy the vehicle, or I can deduct that amount and pay myself. I have the copy of the RC, but I was under the impression that the RC shows the name of the financier if the vehicle is financed. I have attached the copy of the RC, can anyone guide me how to tell if its financed and loan installments still remaining.
Regards

 

[deville_56]

Hi, I am planning to buy a used Honda city and the deal is almost final, the seller told me that there are few remaining installments on the car which he will clear before I buy the vehicle, or I can deduct that amount and pay myself.

Loan has to be closed by the seller and bank will issue NOC only to him, which needs to be produced for removing hypothecation.

 

[stormchaser]

Loan has to be closed by the seller and bank will issue NOC only to him, which needs to be produced for removing hypothecation.

Thanks, that much I understood, so I have to find a way to get loan cleared before hand. but my question is, why doesnt the RC show any hypothecation, I was under the impression that RC shows financier.

 

[deville_56]

Thanks, that much I understood, so I have to find a way to get loan cleared before hand. but my question is, why doesnt the RC show any hypothecation, I was under the impression that RC shows financier.

Not sure of Delhi smart card. In Kerala RC book, there will be clear mention of hypothecation and financier details.

Hope this can be of help. >> Vahan

 

[stormchaser]

Thanks, the Vahan website indeed shows the financier is hdfc bank.

 

[ticken]

In Assam, the RC clearly mentions the Financier along with the owners name. Once the loan is cleared, the bank personnel provides a Form 35 and NOC which thereby is to be produced at the DTO and then we get the new RC.
In my case, I exchanged my older car which was still under SBI loan and got my present car.
I suppose, you should go to the DTO and make a few more enquiry just to be sure about the things

 

[vijay]

Hi, I am planning to buy a used Honda city and the deal is almost final, the seller told me that there are few remaining installments on the car which he will clear before I buy the vehicle, or I can deduct that amount and pay myself. I have the copy of the RC, but I was under the impression that the RC shows the name of the financier if the vehicle is financed. I have attached the copy of the RC, can anyone guide me how to tell if its financed and loan installments still remaining.
Regards

Before making full payment, ask the seller to clear off his remaining loan amount, get NOC from bank and clear hypothecation cleared from RTO and have copies of the same for your records before making the final payment.This is the right way and hassle free transfer of car in your name.