This is a discussion on Car Loan for Taxi use within the Car Loan forums, part of the Loan category; Hi, I took TATA Motors assistance to buy Taxi to support one of my close associate. His business was going ...
Hi,
I took TATA Motors assistance to buy Taxi to support one of my close associate. His business was going well but suddenly during recession his business saw the bad phase and was not in the situation to pay EMI's. I called the financer and narrated my situation, after their suggestion I surrendered the vehicles (3 nos) to them. I have the surrender letter from the bank.
Now I am struggling with the following:
> They say that they have sold the cars in INR 10,000/- (Ten thousand only), INR 27,000 (Twenty thousand only) and INR 40,000 (Forty thousand only) respectively and wanted me to pay the rest of the amount.
> Since the cars had taxi number, though it was surrendered in 2009 later which was auctioned and some body else is using it. Ghaziabad authority still have my name as registered owner and seek the road tax from me. Last year they issued the recovery and I was forced to pay INR 70,000 (Seventy thousand). Now again (next year) the RTO ghaziabad has initiated the recovery and I am getting forced by the local tehsil to pay the money.
Since I do not have the original paper of the cabs (it was handed over to the financer during surrender), the authority could not cancel the registration. I see this as real cancer. Please suggest the remedy.
Many thanks in anticipation.
Tarun Mehta
--98731 79924