Legal Question in Banking Law in India
Greetings respected Attorneys!
Can someone please explain me the precaution and points to be noted while surrendering a vehicle taken on a loan. I am unable to make payment and hence choose to surrender on my own. Some say that the vehicle will be auctioned and I will again be asked to pay the remaining money which is not possible.
Please suggest me. Will filing a bankruptcy solve this issue.
Thank you in advance sirs.
Asked on 9/14/10, 12:25 pm
2 Answers from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
after the auction of vehicle, if the amount realized is less than the loan amount, you may have to pay the remainder. it is advisable to search the buyer yourself.
Answered on 9/14/10, 11:07 pm
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