Legal Question in Civil Rights Law in India

I purchased a car financed by Magmaleasing.I am yet to pay all the loan.I urgently rquire some money.One of my known person has offered to give the money to me against my car.I am also willing to give the car to him but cannot transfer in his name as loan is yet to be paid.I want to ask whether is there any legal way like giving car on basis of affidavit etc and to transfer the car after the loan payment.Please advise


Asked on 5/16/13, 5:58 am

1 Answer from Attorneys

Fca Prashant Chavan Expert Edge LLP


Dear Sir / Madam,

The only remedy is to take the money from the known person by handing over the possession of the car and immediately first settle the bank loan. Thereafter, transfer the title documents of the car in the name of the person who has offered you the money, the surplus cash on the transaction being yours.


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Answered on 5/17/13, 4:51 am

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