[tikku.dk]

In Kerala, Transport Commissioner issued a circular in 2015 " in case of a closed finance company, a Returned registered letter with acknowledgement sent to company's address that no such adresse exists" is sufficient to cancel hypothecation. Relevant circular attached as PDF. There should be some kind of executive orders in other States transport offices

[chinmaypillay]

The usual method would be to file an FIR with the police stating that the financial institution has closed and you are unable to get the NOC for hypothecation. The police can provide a document stating mentioning the said institution is closing/missing and cannot be traced.

File this certificate along with your RC book and other required documents to the RTO for clearing the same.

OT, how were you able to renew the FC of the Jeep after 15 years? Usually, they ask for Hypothecation to be provided to renew AFAIK (Bangalore RTO). If they can renew the FC (with or without NOC) then the car is legally having proper documents and can be transferred right?

[mmxylorider]

This is one of those situations, where a pull in the RTO department would prove useful. At the very least options available would be known and which one to pursue could be explored.

[Alfresco]

Somewhat OT:

Thank you GTO!
I can show this topic to my wife who always says that i am the ultimate procrastinator.

Just kidding

[pedrolourenco]

Originally Posted by aargee

You don't forge; pay a hefty service charges to driving school/agent & they should take care of everything.

Originally Posted by warrioraks

contact a seasoned agent and let him handle the headache.

Originally Posted by asit.kulkarni93

Just catch hold of reputed agent and the job will be smooth.

All of the above suggestions mean that the agent will do the below;

Originally Posted by GTO

- Forge an NOC (I am absolutely against this)

Originally Posted by 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.

This appears to be the best solution and most legit solution.

[frewper]

Originally Posted by 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!

Originally Posted by pranavGTI

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.

Yes. GTO this is exactly what you need. Since there is no defined answer to this at this moment file an RTI query with the RTO. You will get the exact response. Make sure your RTI is filled in detail and question is exact. RTI reply will give you the exact steps that you need to follow for your transfer procedure. Make sure you attach this RTI reply at the time of transfer with the rest of the document. No officer can make you run around if you have followed all the steps mentioned there.

Filing of RTI is a very simple process, like filling a form and costs less than 100 bucks. I am not sure if they can be filed online as of today. Any one can file an RTI with simple common sense and a lawyer is not required for the same, but of course a lawyer/RTI agent will save you time.

Your query needs to be submitted to the RTI officer at the RTO and no one else. Also RTI replies are time bound and hence you should be getting your reply within a week. Since you may not be the first case, where a finance company shut down, you should get a response immediately

[maddyg]

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.

Now, the company is untraceable. How exactly do I get the RTO to remove the hypothecation then? There are several news articles online on the company shutting down, if the RTO needs proof of the same.

My RTO agent gave me 3 options:

- Forge an NOC (I am absolutely against this)

- Use the Jeep (I don't need it anymore)

- Scrap and sell the car for parts

I am sure there is a 4th option?

Registrar of companies (ROC- Ministry Of Corporate Affairs) would have documentation on company liquidation.

[mints21]

Originally Posted by 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:

I have my reservations on this idea. Unless and until the hypothecation is removed no transfer can happen. The idea appears like registration number swapping. If this is the case then the jeep which is bought under Rs. One Lakh needs to be registered in the name of the new owner for a period of minimum three years for swapping to take place.

The above is my understanding based on my own experience with swapping of registration numbers of my cars in Delhi -NCR region.

[joelstephen]

Originally Posted by mints21

I have my reservations on this idea. Unless and until the hypothecation is removed no transfer can happen. The idea appears like registration number swapping. If this is the case then the jeep which is bought under Rs. One Lakh needs to be registered in the name of the new owner for a period of minimum three years for swapping to take place.

I think the guy is suggesting that one can simply take the number plate from the cheap jeep and put it on the his own Jeep. Yes, the VIN won't match, but this is some kind of Jugaad...

[G-BoleroBoy]

@GTO: I faced very similar situation when I tried removing hypothecation on my almost 20 year old Yamaha RX135. I had lost the financing company details and loan account details, I had closed my bank account 16 years ago through which I had repaid the loan - and all i knew was the name of the financing company. Later understood it was acquired by another bank and later on, the name of the acquired entity also was changed, merged with main bank etc., Pursued for 2 years, picked up account statement from my bank (used for repaying the loan) and got the last cheque number that I had paid the last EMI. Through that the financing company (in fact the bank that acquired) was able to pull up the details of my loan account and issued NOC. I finally got my bike's hypothecation removed legally after 2 years of struggle. If your financing company name is Associate finance, please let me know and I can help you with the process. That company had financed my bike and was later acquired by Citi financials and is now Citibank. My repaying account was with ICICI bank.

Regards,
Girish

[thedragonreborn]

Originally Posted by GTO

Thanks man. I did sleep on this, but the potential liability is way too high, especially when you are an asset owner. Plus, this kind of car is a keeper. Say I trust Mr. A, but he hands it down to his children. What if one of them turns out to be a reckless drunk driver? Or a gangster? Like Munna in Mirzapur?

https://www.Youtube.com/watch?v=gWCTSadJpJ8

I am Mr.A, literally. Stay not too far away from Shivaji Park. My daughter won't get to her first set of wheels for another 16 years or so

Could I add my name to pool of possible transfer of rights?

Cars that you grow up with are keepers, though.

[svsantosh]

Originally Posted by GTO

I am sure there is a 4th option?

Painful one...

Grind off the chassis number, engine number, remove plates, retain RC book - and at least you will get a better resale price than scraps.

Onus is on the buyer to do anything he wants to do with it.