Loans - Defaulted on your auto loan repayments? Know what is in store for you

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Defaulted on a vehicle loan repayment? Be careful. For financiers are known to use muscle power and a number of them have been known to take possession of the vehicle while it is plying on the road. While the Delhi High court has warned finance companies from taking to such extremes no heed is paid to them.

In case of a default of repayment by an individual the court has stated that when the post dated cheque bounces the individual should be intimated by registered post about the same. Also the individual needs to be given a notice of about seven days within which he can pay up.

But in case the second cheque also is dishonoured a further extension may be given of another seven days and the loan may be recalled as per the terms of contract. But in no way can the company track the vehicle while on the road since it would mean harassing the consumer which would be against RBI guidelines.

Source : dwt back

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