Can i reposses the free vehicle

Subhash (Querist) 10 February 2015 This query is : Resolved
WE HAVE FINANCED TWO COMMERCIAL VEHICLE TO CUSTOMER FIRST HE HAS COMPLETED LOAN AND NOW FREE FROM FINANCE AND IN OTHER HE HAS DEFAULTED IN PAYMENT AND THE SAME IS SKIPPED AND NON TRACEABLE BUT FIRST VEHICLE WHICH IS FREE FROM FINANCE IS TRACEABLE

CAN WE REPOSSESS THE FIRST VEHICLE FOR THE PAYMENT DEFAULT IN SECOND VEHICLE

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Jayashree Hariharan (Expert) 10 February 2015
If they are two different loans, then you cannot.

Guest (Expert) 10 February 2015
Legally you could address him to Present the Vehicle for Verification.About 25 years back I do not want to mention the name A Person who was Politically influenced used to buy heavy vehicles on hire Purchase and the same vehicle would be Registered with 4 or 5 RTOs with out HP endorsements and with various numbers.Again he will take Loan with other Registrations and finally with One registration he would dispose the vehicle in other State.

Rajendra K Goyal (Expert) 10 February 2015
You can not possess a vehicle having no loan on it from you with out court orders.

ajay sethi (Expert) 10 February 2015
you cannot repossess vehicle which has no loan outstanding

Subhash (Querist) 10 February 2015
can he not be held responsible for precarious liablity.......actually both vehicle financed by us......one where he has made default is skipped and he himself also not contactable, sold property.. but free finance vehicle we have found, driven by third party which is not terminated with hire purchase agreement...NOC is still with us....so pls suggest

Guest (Expert) 10 February 2015
Not for Ceasing you could take Court Orders to Present the Vehicle for Verification Once it is not done you could Sue him for every thing.

Rajendra K Goyal (Expert) 11 February 2015
You can take possession of loan free vehicle or any other property of borrower if court orders so in recovery proceedings.

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