CAR PURCHASE
This query is : Resolved
08 August 2020
One of my friend will purchase a car . Suppose car value of Rs 750000/-. He will pay of Rs 195000/- as a down payment . Bank will provide the loan of rest of the amount.
please inform me, if he is unable to pay the EMI , ownership of the car to be transfered to the Bank.
please inform me, if he is unable to pay the EMI , ownership of the car to be transfered to the Bank.
09 August 2020
Yes....Bank gives some time for EMI payment with fines and penalties. but Yes...Bank will take the possession of the car if everything fails...
Message likes :
1 times
09 August 2020
Since the bank has provided the fianace to purchase the car, bank will will create hypothication on the vehicle. You can check the RC book of the vehicle in which you will find the entry of hypothication. Hence if the your friend will not pay EMI, bank has right to take the possession of the vehicle.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
