[Sufficient_shop]

Hi friends,

Before I get into the actual question, here is some background:

I'm in the market to buy a new car and have booked the new Kia Seltos GTX+. While I await the delivery of my new car, I've been looking to sell my old i20 Asta 1.2L (Dec 2009 model). Being a single owner car and driven just for ~64k kms, I got some enquiries from acquaintances. I'm hesitating to sell it to an acquaintance since I don't want to be bothered with any issue in the future considering the car is close to 14 year old now.

Hyundai H Promise

The first evaluation I got done was from the local Hyundai dealership in Bangalore where I had gone to get the new HSRP number plates fixed. They did a quick 20-30 minute inspection and offered 2.7L for my car. I told them I'm not ready to sell the car yet and will get back at a later time if possible.

Spinny

Yesterday, I got the evaluation done by Spinny. The executive did a comprehensive check for an hour (which I found pretty impressive) and today, they got back to me and have offered 2.21L - that's roughly 20% less than Hyundai H promise.

While I see many experiences (both good and bad) around Spinny, there aren't many experiences shared about Hyundai H Promise. Has anyone sold their car to Hyundai directly? How has been the experience?

I'm worried about the delay in RC transfer (with both services) since I need to get NCB transferred to my new car insurance when I get the allotment. While Spinny promises immediate settlement, I'm not sure how long will Hyundai take to make payment and complete document transfer.

Any help here is appreciated. Thank you

[sf71hvettel]

The feedback for Hyundai would depend on the dealer. Used car programs for OEMs are run by the dealers and the manufactuers have little direct involvement in this.

There should be no issues in terms of payment from either Spinny or Hyundai H Promise as you will simply hand over the car once you receive payment.

For document transfer- in my experience- it will get completed when they are able to find somebody to sell the car to and I don't think anybody can actually commit to a timeline.

[ashivas89]

Any used car aggregator will only do an RC transfer after they find a buyer for the car.

They will only provide an interim undertaking until then. My dad's i20 Active was sold to an individual buyer just a week after we sold it to Spinny and the RC transfer was done a few days after that.

The same selling process took around 6 months for my Verna. The RC transfer took 3 days after that.

But it is quite interesting to see that Spinny is no longer offering the highest price among all the aggregators. It was the case last December.

Please also take into account the party peshi amount (spinny keep 10-15 k on hold until the RC transfer happens for example).

[Sufficient_shop]

Originally Posted by sf71hvettel

The feedback for Hyundai would depend on the dealer. Used car programs for OEMs are run by the dealers and the manufactuers have little direct involvement in this.

There should be no issues in terms of payment from either Spinny or Hyundai H Promise as you will simply hand over the car once you receive payment.

For document transfer- in my experience- it will get completed when they are able to find somebody to sell the car to and I don't think anybody can actually commit to a timeline.

Thank you so much. I read somewhere that Hyundai H Promise transfers the RC to their name and we don't have to wait for them to find a buyer unlike on Spinny and other marketplaces. I was hoping that's true. Guess I should go back to them and get it clarified.

[ashivas89]

Originally Posted by Sufficient_shop

Thank you so much. I read somewhere that Hyundai H Promise transfers the RC to their name

This is very implausible, because it will lead to the owner count going up. A first owner vs second owner car will affect the final sale price and profitability substantially.

[Sufficient_shop]

Originally Posted by ashivas89

This is very implausible, because it will lead to the owner count going up. A first owner vs second owner car will affect the final sale price and profitability substantially.

You are right. I called my contact at the local Hyundai dealership and she mentioned RC transfer will only happen once they find a buyer

Weirdly, they want me to leave the vehicle for a couple of days before they make the payment. That's not how Spinny/Cars24 work.

[vimalvittaladas]

I had recently sold my 2022 Petrol MT HT Thar drove 74500 kms at Mahindra First Choice. I was recently shifted to Mumbai and wanted to have a BH registration rather than becoming an alien on MH roads with KL registration.

At Mumbai I checked with Kia(offered 800000) and Hyundai(offered 800000). I had a word with Mahindra First Choice in Kerala. They took all details online and I sent then live pictures too over phone. After a few minutes their offer came at 1050000.

Next day I drove to Kerala and handed over vehicle and got amount of 1100000(after negotiating)transferred to my account. A simple agreement got registered for sale of vehicle. They informed that the RC name will be transferred once they find a buyer.

In 2012 also I sold my Maruti WagonR to Maruti True Value where the process was the same. The RC got transferred then in couple of months time.

[Aviator_guy]

I exchanged my grand i10 at the Hyundai dealer when I purchased my new Creta. I got very good quotes from cars24 and the Hyundai dealer matched it closely so I went with him. I didn't want to sell my car before I get new car as that was my only mode of transport. Dealer agreed to my propsol of driving in with old car and delivery of new car on the same day. Few days before delivery, they sent someone to evaluate and take the original RC with them so that the amount could be adjusted against new car. I was fine with that. I was also not worried about NCB transfer since old car was in my wife's name and new car would be in mine. So this deal really worked well for me.

While exchange process itself was seamless on the day of delivery, something weird happened after few days of exchange. I got a call from insurance company to verify a claim against my old car. I was shocked and called up the Hyundai dealer. He made some cock and bull story that they sold the car but before RC or insurance could be transferred, car met with a minor fender bender and that's why claim was raised. I was furious and gave them peace of my mind. They had audacity to forge my sign and submit claim in my behalf. Escalated to their management about this malpractice and fraud but no action taken or follow up done other than simple sorry sir.

RC transfer took about 45 days once they found a buyer (original story of finding buyer was a fraud as we can imagine). They did not have courtesy or professionalism to communicate to me about new RC even after repeated reminders.i had to reply on Parivahan portal to know that my car was sold and transferred.

This experience left a bitter taste. Having said that, I think the RC transfer is always dependent on the dealer finding a new buyer (be it OEM or cars24, spinny etc). My friend sold his car via cars24 and again had to depend on Parivahan protal to find the RC transfer info. There was no communication from cars24 regarding that.

One thing I can suggest in your case since you are looking for NCB transfer. Keep sufficient time between selling old car and buying new one (at least 60-90days) so that new buyer can be found and RC transfer could be done.

Secondly, try to stick to same insurance company for new car and check with customer care if they would be willing to provide NCB letter on old car and apply on new car if you purchase new insurance with them.

Third option is to check if car dealer can help you get NCB letter if you plan to buy new insurance through him. They earn fat commission and usually dealer insurance quotes are inflated so try if you can negotiate with them to help you.

If you can't get NCB letter on time, then you can still save some money by buying new car insurance on your own from outside rather than the car dealer. It can easily save you 20-30% vs dealer quotes unless dealer is able to match it.

I went with insurance on my own and saved 30k on my new Creta. Dealer was not willing to match the quote and insisted on taking insurance through him. I had to stand my ground and after some escalation to their management, finally they obliged.

[rakesh_r]

I sold my Scross to Spinny, process was seamless. However the RC transfer took more than 90 days since the car was present in their inventory. When the car was sold, the ownership was transferred in 2-3 weeks. All this time throughout, i was kept updated via SMS. Post transfer, I was intimated on the status.

[Zippy_wheels]

Spinny took over 9 months to sell the car and transfer RC in my case. They give a letter stating it will take upto 180 days. While they did take longer, I did not contact them since it did not matter to me how much time they took and honestly I did not see another way out since they would need a buyer to transfer. In the interim, insurance lapsed in June. I got calls from insurance company asking about renewal and I told them I had sold it. Not sure how spinny managed to sell the car with lapsed insurance. They could not have renewed it since the vehicle was not in their name and the old insurance still shows lapsed.

You could contact your insurance company and ask them if they can cancel you existing insurance and transfer ncb to new one. They should be able to do that, and the car buyer should buy a new insurance for your old vehicle.

As you can see from my experience I did not renew it and spinny did not contact me to renew it either.
PS: Spinny had paid me for the insurance since if was valid till June while I sold them the car in Dec.

[Sufficient_shop]

Originally Posted by rakesh_r

I sold my Scross to Spinny, process was seamless. However the RC transfer took more than 90 days since the car was present in their inventory.

Originally Posted by Aviator_guy

This experience left a bitter taste. Having said that, I think the RC transfer is always dependent on the dealer finding a new buyer (be it OEM or cars24, spinny etc). My friend sold his car via cars24 and again had to depend on Parivahan protal to find the RC transfer info. There was no communication from cars24 regarding that.

Originally Posted by vimalvittaladas

A simple agreement got registered for sale of vehicle. They informed that the RC name will be transferred once they find a buyer.

In 2012 also I sold my Maruti WagonR to Maruti True Value where the process was the same. The RC got transferred then in couple of months time.

Appreciate all the help. Over the last couple of days, since I put up this thread, I have understood a couple of things:

1. Complete RC transfer isn't necessary for NCB certificate to be issued (at least with ICICI Lombard). One of these 3 documents is enough: Stamped vehicle sale letter from dealer OR Form 29/30 OR Transferred RC copy.

2. I contacted an insurance agent whom I got introduced to through a friend and he says he can manage to get NCB certificate as long as I sell the car before the new car is registered. So the dealers/agents have workarounds which us normal customers don't know about.

One eyeopener for me was that the NCB (50% in my case) is only on the Basic value and not the whole premium. So, in my case, the discount comes to around 6k for a premium of 46k.

[Aviator_guy]

Originally Posted by Sufficient_shop

Appreciate all the help. Over the last couple of days, since I put up this thread, I have understood a couple of things:

1. Complete RC transfer isn't necessary for NCB certificate to be issued (at least with ICICI Lombard). One of these 3 documents is enough: Stamped vehicle sale letter from dealer OR Form 29/30 OR Transferred RC copy.

2. I contacted an insurance agent whom I got introduced to through a friend and he says he can manage to get NCB certificate as long as I sell the car before the new car is registered. So the dealers/agents have workarounds which us normal customers don't know about.

One eyeopener for me was that the NCB (50% in my case) is only on the Basic value and not the whole premium. So, in my case, the discount comes to around 6k for a premium of 46k.

Good to know you have done your homework well and you are on the right track!

NCB is only applied on Own Damage Basic premium. It is always good to do the math beforehand to understand the pain vs gain scenario. Glad you have covered all these points.

[Toni]

I sold my car to Spinny last December as they offered me the best price. They held up Rs. 5000/- as Party-Peshi which they guaranteed to pay once 180 days pass if the car is not sold. The agreed amount (minus Rs. 5000/-) was instantly transferred to my account through IMPS on signing the Agreement.

I excluded the Insurance from the Agreement as mine has 65% NCB and the premium was also very less. The Insurance along with NCB was transferred to the car which I bought with the same Insurance Company by my agent.

Since the car sold by me to Spinny was Chevy Beat Diesel 2012 model it took almost 3 months to transfer the RC after they found a buyer and the transfer process was smooth and completed within 2 hours at RTO.

The Spinny personnel present at the RTO on the day of transfer had briefed me that after the transfer of RC process at RTO to call one of their numbers for the transfer of balance amount which was done within few minutes. After a week or so I checked the NextGen mParivahan which showed the RC in the name of the new buyer. Spinny sent me the message after few days about RC transfer.

Throughout this period I was being informed by Sms by Spinny and also I used to regularly check the status on the Spinny app too.

[Rodie09]

I can say from my experience that I found spinny extremely professional and hassle-free when I sold my Verna. I was delighted to say the least.
Price offered was also best.
I found their evaluation also be best and I am decided to buy a used car from them in next 3 years once my current beater car runs out of it's extended registration.

@Toni I wonder why you had to exclude insurance for retaining NCB.
I sold mine with insurance, the NCB anyway won't apply for new buyer as it goes with driver. New owner will need to pay Pro rata difference. I got my NCB transferred to new car without hassle.

[Chisels121]

First things first, you can't sell them the i20 10 days before the Seltos delivery and expect them to transfer the RC in that time. Take 2 weeks as a minimum expected time for RC transfer because they do a lot of paperwork and check ups before putting the car for sale. Other than that I feel spinny is the better choice of the two as more people seem to buy cars from them.