Query regarding sell of car
Pulkit
(Querist) 31 December 2012
This query is : Resolved
SIR,
MY FATHER IS IN LIC AND HE GOT THE CAR FINANCE IN 1994 BY LIC AS HE IS WORKING THERE. IN 2002 HE SOLD THE CAR TO RELATIVE. THERE WAS NO TRANSFER OF NAME ONLY POSSESSION WAS GIVEN. IN 2007 MY RELATIVE SHIFTED TO UP, AND NOW THEY WANT TO SELL IT TO SOME OTHER PERSON. SINCE IT IS IN LIC NAME, MY CONSIDERATION IS THAT WHAT IS THE LIABILITY OF LIC IN MISHAPPENING AND WHAT IS MY FATHER'S LIABILITY. WE ARE NOT HAVIG POSSESSION .
ajay sethi
(Expert) 01 January 2013
1)your father is the owner of the car as the car has not been trnasferred in name of the relative .
2)in the event of any mishap your father would conitinue to be liable .
3)how was payment made by your relative ? was it by cash or cheque ? has the relative signed any document acknow leding having taken posession of the car?
4)LIC has merely given the loan for purchase . it is not liable .
5)i hope you have taken out third party insurance for the car . you ought to take immediate steps so that car is trnasferred in name of relative by RTO .
Sudhir Kumar, Advocate
(Expert) 01 January 2013
In case the car is any time used for any serious offense like terrorism, kdnapping or narcotics (in any part of India including remote state) you can imagine fate of your father.
Car may not be in LIC name but only hypoticated in favour of LIC as a loaner.
Pulkit
(Querist) 01 January 2013
sir,
IT IS IN NAME OF LIC
ajay sethi
(Expert) 01 January 2013
get vehicle trnasferred in name of relative
ajay sethi
(Expert) 01 January 2013
has loan of LIC been paid ? was there any condition by LIC that car would not be sold to thrid party by your father . it appears you are not dislcosing complete facts of case
Sudhir Kumar, Advocate
(Expert) 02 January 2013
Mr Sethi is right. You do not know the facts and have also probably not seen the RC of the car.
You can show this blog to your father. Instances are there that a vehicle is used for crime and the criminal flee when intercepted. The registered owner of the car is taken in.
Your father should be mature enough to know that (i) how police treats such owner of car till he leads them to the actual criminal (ii) what happens to the car (iii) how much money he has to spend for coming out, if it is narcotics case (iv) what happens to the respect of family for two generations (v) If he is taken for narcotics case then how the fellow prisoners will treat him in Jail.
He should also know that if the insurance is not renewed by the person and car kills or impairs a well paid person then how much compensation he would have to shell out of his own pocket bodies being criminally liable for allowing uninsured vehicle on road.
Why he is smoking sitting on oil tank.
Raj Kumar Makkad
(Expert) 02 January 2013
If you have got cleared the loan, get clearance from LIC and then go to the office of MV Registration authority and get the hypothecation deleted in RC and then issue form 29 & 30 in duplicate with affidavit of your father directly in favour of further buyer and also obtain his affidavit to the effect that he has purchased the vehicle from such and such date and has taken over its possession and further that he shall be responsible from that day for the vehicle.
