[GTO]

Thanks to a Team-BHP Fan (who prefers to stay anonymous) for sending this information in. Heartfelt gratitude for sharing it with other enthusiasts via this Team-BHP page!

Not an option I would go with, but just sharing:

Buy another old Jeep with clean papers for under Rs. 1 lakh. Transfer your Jeep to that registration number and dismantle that Jeep off in scrap.

[libranof1987]

Originally Posted by Rajeevraj

If the loan company has shut down, then I guess we can safely assume there is no way the loan company itself can create any issues.

The loan company shutting down doesn't necessarily mean they don't have any outstanding, payables or receivables. May not necessarily happen in this case, but creditors for a company might even get access to collateral in case of default.

@ GTO: if you paid each EMI by cheque, maybe you can prove that all the outstanding amount has been paid off by tallying each payment with the loan payment schedule. Assuming the bank you used these payments is still operational, maybe request them for a statement? Far shot but worth a try. A reasonable RTO Commissioner may see logic.

I'll be very impressed with RTO if this is achieved without an agent or a bribe.

[speedmiester]

Best way to check with the RTO than rely upon on an agent at this time. Based on their word, you can decide upon the next steps.
I am sure the ARTO will have certain powers to override the process if you have any proofs on the matter.

[warrioraks]

I am not sure of MH RTOs, but if it was Delhi NCR, would have just suggested to contact a seasoned agent and let him handle the headache. Obviously it costs more but my experience dealing with government machinery is that DIY works only when your documentation is bullet proof. And even then you usually end up spending way more time than initially anticipated. Just get an agent GTO and continue life like this issue never happened!

[asit.kulkarni93]

Just catch hold of reputed agent and the job will be smooth. Try looking for old records, you might have received the NOC at some point of time. As stated somewhere on this thread, there is no expiry of bank NOC. Just submitted documents at Satara rto for ownership transfer of a friend’s Vento which had a 4-year old bank NOC. If you can find the loan closure letter then it would be easier.

[R_Gowardhan]

When a company shuts down, the company sells it's assets and settles it's liabilities. For a company in the business of giving out loans, the outstanding loans portfolio (or Loan Book in financial jargon) is an asset that they can trade or barter with other company/bank/NBFC alongwith the agreement to service queries like NOC for old customers. If you share the name of the loan company, we can try to find what happened to the loan book and hence try to find you to the correct window.

[fazayal]

"Buy another old Jeep with clean papers for under Rs. 1 lakh. Transfer your Jeep to that registration number and dismantle that Jeep off in scrap."

The Catch 22 Situation here is that you cannot transfer your Jeep to that registration number if your Jeep is under hypothecation in RC book!

[kamilharis]

Can RTI help in this situation ?

File a request using RTI and use the reply from them as a proof for company closure. Add the supporting EMI payment cheques or slips too if still available.

Or RTI doesn't reply on such private issues ? Not sure exactly!

[StarryFurry]

Originally Posted by fazayal

"Buy another old Jeep with clean papers for under Rs. 1 lakh. Transfer your Jeep to that registration number and dismantle that Jeep off in scrap."

The Catch 22 Situation here is that you cannot transfer your Jeep to that registration number if your Jeep is under hypothecation in RC book!

Oh! I think you got it wrong. That person was suggesting to paste the newly bought Jeep's registration number on GTO's jeep. Now, his jeep will have 'original' documents albeit with a changed Registration number.

This is a very old method used mostly in commercial vehicles where people buy RCs of scrapped/accidental vehicles for a paltry amount.

[Romeo_Mike]

My 2 cents -

Even if the lender shut shop years ago, what happened to the loans they had running at the time of dissolution? It is highly unlikely that they just wrote all of them off. Most likely they would have sold their loan book to some other party. And legally, the new owners of the loan book would inherit the right to deal with these loans. Simply said, the lender not existing at present is not a proof that the liability has ended. Which is probably why the RTO still mandates that piece of document for change of ownership.

I would imagine it is a herculean task to find out the current owners of the rights to these loans. But can be tried as a last resort.

Edit: Didn't realize this has already been mentioned above , rendering this post unnecessary. Mods pls feel free to delete this one.

[Haroon]

There may be a legal route thru court, but you will need to directly meet the RTO first and explain. You may be able to get a order from the court (after submitting all supporting documents to court and satisfying them of the loan closure, and subsequent company closure) based on the court order the RTO may be able to do it. I would guess it could take anything from 3-6 months to go thru this whole procedure. You could check with a good lawyer.

[haria]

Originally Posted by GTO

Facing a very peculiar dilemma here. The loan company that financed my Jeep shut down 2 decades ago! I'd never bothered with it till date as I never planned to sell my Jeep, but that situation changed recently.

I am sure there is a 4th option?

Yep. there is a 4th option and according to this video, the steps to be followed are:


1) If the finance company is closed, send a registered letter with acknowledgement due, requesting for cancellation of hypothication.

2) When the postal dept returns the letter stating undelivered, take this note from the postal dept and can approach the RTO to get the hypothetication cancelled

3) Also one need to make an affidavit in a stamp paper of rs.100 from the registered owner stating that in future, if any objection is raised by the hypothication agency, the same will be cleared by the registered owner itself.

This should suffice.

See the link for the video on this topic. This is in malayalam. I have attempted to roughly translate the same.

Do check this out..

useful time stamps for people who don't understand malayalam :
1) 2:42 - he shows the circular given by the transport commissioner (In English)
2) 4:21 - affidavit to be submitted ( in English)



Retired Motor Vehicle Inspector (MVI) Speaks about the procedure to do this

https://www.youtube.com/watch?v=kKpmQ6fGVb8

[Ashdel]

Originally Posted by GTO

I am sure there is a 4th option?

You may reach out to Insurance Ombudsman in your city, as all insurance companies have to comply with their guidelines. I am confident that they will help you to find a solution.

Here is the link: http://ecoi.co.in/ombudsman.html

[ganesc]

Believe you do have all proof of payments.
It's better to check with a couple of agents and also 'some other' RTO office(/s) without showing the vehicle or sharing more details about the vehicle and take it from there.

The legal route is another option if you know the right person to move it quickly.

Dove Finance closed just after we paid our last EMI without taking the NOC(ya, please come after 2 weeks saar) for one of our 2-wheelers. Luckily, the office was still open for a few more weeks clearing out the NOC's and we got it on time. If we hadn't, then we were told that affidavit route along with the Newspaper notice they made about the closure.

O.T: In general, I tend to think when we car guys can face such issues, no point blaming the layman for some of the mistakes they do. Such things can happen to anyone.

[pranavGTI]

Originally Posted by GTO

I am sure there is a 4th option?

Hey GTO, here is what I would do

RTO issues Trade certificate to financial institutions that finances automobiles. I would file an RTI with Mumbai RTO asking for information related to that financial institution. I would phrase my questions appropriately. Any RTI reply is an official document. Attach the RTI reply and old NOC with other documents for hypothecation removal.