i have taken vehicle with loan(commercial vehicle loan), some 6 month payment i am not able to pay so i sold that vehicle (with agreement that says remaining loan payed by the new owner), after sold vehicle got accident (insurance was running at the time) made a police complaint and leave for repair, and applied for claim. the insurance people saying that it's not possible to claim due sold the vehicle and that is not transferred to new owner. ( claim applied by me only not from new owner)
My question is :
1. what can i do for Claim,
2. Finance people asking for payment.(and they are not ready to take the vehicle and coming for settlement also)
3. can i submit the agreement letter for them for recover from new owner.
kindly guide me.....
1 Answer from Attorneys
See, its a very tricky issue. When you sold the car, ownership must also be transferred in RTO. Secondly, the new owner should then intimate the insurance company within a month or so. You have committed serious error. But even in this situation, you can be bailed out. There are some judgment which could save you. Detail is not possible here.
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