Sir I bought a car from a man agreement with the first owner if I not able to pay the remaining 40 emi what can he do

Sep 13, 2025 138 views 0 answers

Jobair islam

Sep 13, 2025

Banking Law

► I went through the full Agreement for Sale of Vehicle you shared. Here’s a breakdown of the key points and what could happen now that you (the 2nd party/buyer) cannot pay the remaining EMIs: --- 🔑 Key Points in the Agreement 1. Sale Value: Total price of the vehicle = ₹1,50,000 (paid by you to the 1st party). Plus, 65 EMIs of ₹18,098 each to the finance company (not to the 1st party). 2. Ownership: The vehicle is still under finance (loan not cleared). Agreement says after you pay all EMIs, the 1st party (original owner) will transfer the vehicle in your name in the R.C. book. 3. Duties: You (2nd party) have to pay EMIs to the financer. You also have to transfer the ownership in your name at the DTO office after finance is cleared. 4. Liability: Until the loan is cleared and R.C. is transferred, the financer and law still see the 1st owner (Azad Ali) as the legal owner. But since you took the vehicle, you are contractually bound to pay EMIs and are responsible for any accident/misuse of the vehicle. --- 🚨 If You Stop Paying EMIs Here’s what can happen: 1. Finance Company’s Action: The financer will consider the loan in default. They can repossess the vehicle (seize it from you). They can also file a legal recovery case for the pending amount. 2. Impact on 1st Owner: Since the loan is still under his name, the financer will first approach him for repayment. He can then file a civil case against you (breach of agreement) to recover the money he loses. 3. Legal Trouble for You: Even though the vehicle is with you, legally the financer has first right to take it back. The 1st owner can also hold you responsible under this agreement for any financial or legal loss caused by your default. What can do on me by the first owner of the car

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