Srinivas Raju 15 June 2024
Sir
Am taking used vehicle loan on 21/11/2022 on TVs finance,I have paid my 2 emi and third emi was in March 5 th amout is 73500 but unfortunately am failed to pay, after some days I paid 42000 rupees. 08/06/2024 that day the agent was seized my vehicle with out my notice.after am trying toseveral time make phone calls and did not responding.what legal rights I have
T. Kalaiselvan, Advocate (Advocate) 15 June 2024
It is common among the private auto financiers to seize the vehicle for default in loan repayment.
You approach the manager of the branch directly and negotiate with them about payment of arrears amount and get your vehicle released.
You will not get any immediate relief even you approach court or police on this.
Dr. J C Vashista (Advocate ) 17 June 2024
if the financier is unwilling to return the tractor file a suit for permanent and mandatory injunction against them (financier) through a local prudent lawyer.
P. Venu (Advocate) 27 June 2024
May be, it is the practice among the financiers to seize vehicles in case of default in payment. But they have no legal authority to take law in their hands. You have option to approach a civil court seeking appropriate remedy.
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