Hi All,
Problem in brief
1. I applied for car loan from ICICI bank - HYD branch for Rs 8,79,000 and it was disbursed to the dealer on 4th July 2010.
2. The problem is that the loan amount was disbursed without my knowledge and without the car. Now, the dealer has defaulted and did not deliver the car.
3. Its been so many months and i followed up with ICICI bank, escalated to their head (headsouthzone) and even gave written complaint to them months ago but still there was no sign of them returning me my money or stopping emi.
4. ICICI has been deducting my EMIs every month and refusing to stop the emi collection.
5. It seems there is serious lack in process and it is totally unjust that i have to pay the EMI even though the car has not been delivered. I was patient enough to wait for more than 8 months now, but it doesnt seem to go anywhere.
6. Even the bank is not helping me to stop the emi and asking me to follow up with the dealer myself. I feel helpless since the basic idea of transaction (give and take) has not been honored here and the bank seems to do nothing about it. Not even helping me with things that is under their control like stopping the EMI

It seems there is some serious flaws in their process and totally Ineffective and indifferent customer service ( i had to follow up every time and they did not even bother to update me). When I sent an email to the head customer service they told they will reply after 15 days and after 15 days they told me that the amount has been disbursed as per the agreement and that i have to follow up with the dealer for the money.

What is the best way to take this forward? This is absolutely ridiculous that the bank is unable to recover the money and asking me to fight a legal battle with the dealer.

Is this how it car loan works? There is definitely some holes in the process. This is my first loan and obviously ICICI doesnt seem to care a cent. Please advise

Thanks a bunch for all your help!