Mahendra (Manager) 16 January 2014

How to deal with bank if stolan car found

Dear Sir/Madam,

My brother purchase a commercial vehicle. on 10 feb 2013 with 8.24 lac SBI Loan, in that SBI was given him 5 months grace period to start the installments, but on 14 June 2013 car was stolan, of which FIR was ragistered to Policestation, now on 16th jan 2014 we have received the call from Rajasthan policestation,

that car has been found, Till today he has not paid bank installment as he is not earning that much that he will pay the installment and he was taken car for business, how do he will sort out the bank installment issue, if he take the possesion of car bank will start for the installment and it is not possible to him to pay 8-9 install ment around rs 195000/- at this movment. what will be your suggetion is he suppose to take the possesion of car or hand over the car, coz car is in total damage condition, it will required around 2 lac to repair.

Regards

Mahendra

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4 Replies

adv.raghavan (Advocate,9444674980) 16 January 2014

I am surprised why insurance help was sought in the first place You have to see the vehicle status first, if it is in usable condition you can give a try by retaining it, after updating the bank about the incident and can rework on the loan outstandings,. If it is on the other way, inspite of handing over the vehicle to the bank , the bank has all the right vested, to sue for you, for outstanding amount due from you after auctioning the car.

Mahendra (Manager) 17 January 2014

Dear Sir,

Thank you for your reply, we applied for the insurance claim and i was on hold due to not receivng of NOC from policestation, Before getting the NOC the car has been traced so no claim has been done over it. i am bit confuse do you mean that i suppose to take help of insurance co. please revert.

Thanks

Mahendra