Agreement to sale for a hypothecated vehicle

asper ur matter , the lesee is willing to sell the assest then , they need to get the priciple no objection certificate , for which they has to settle their due, if not  , the lesee have no legal right to sell that

The owner of the vehicle cannot sell vehicle without permission from the financing company  nor the vehicle will be transfered in the name of purchaser as the financing co would have got its lien marked in RTO. The sale may result in criminal case by the company. The best way is to get loan sanctioned from the same co in favrour of the purchaser on the same vehicle and get the loan transfered to the account of the owner.

Thanks for the reply but sir you both have not got me right.

I had asked whether he can execute 'AGREEMENT TO SALE' and not Sale, an agreement wherein the executants promises to transfer the ownership after clerance of the entire loan amount but the custody of the vehicle is handed over for smooth running of the vehicle. 

hi

wat u exactly u want. without the lesser the user of the vechile cant sell it.

if any doubt on it

A hypothecated vehicle is the property of the financing co. and the loanee can not sell it.He can execute an agreement for sale but he will have to pay back the dues to the financing co.and obtain clearance certificate before he makes the actual sale.

dear sir ,yr. query has been resolved by  ld. lawyers.you can not do anything without the consent of the bank authorities.some small story outside the perview of the subject matter.once a lawyer friend of mine wanted me to be a gauranter for purcheasing of a new car.bank mannager told me to put my signature.before signing i mentioned --in case of default and/or disposal of vehicle prior intimation to be given to me. after that signed.it is also the hd office of sbi ,1 strand rd.cal--manager told , in his long years of service he has not seen it.just mentioned, may benefit others.