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    Thread: Exchanging a car under loan

    1. #1

      MechGear
       
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      Exchanging a car under loan

      I need to exchange my Punto (P) which is under loan from SBM, Bangalore. Planning to upgrade to Ford Classic or Scorpio.

      So i have some doubts,
      1) Do I need to close this loan before selling the car and get a NOC from Bank before going for exchange. If so, do I need to endorse the RC for hypothication removal?
      2) Can I directly take the car for exchanging and mention the Hypothication and leave it those guys?

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      mclaren1885's Avatar
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      Quote Originally Posted by mech View Post
      1) Do I need to close this loan before selling the car and get a NOC from Bank before going for exchange. If so, do I need to endorse the RC for hypothication removal?
      ^^ That is what you need to do.
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      Quote Originally Posted by mech View Post
      I need to exchange my Punto (P) which is under loan from SBM, Bangalore. Planning to upgrade to Ford Classic or Scorpio.

      So i have some doubts,
      1) Do I need to close this loan before selling the car and get a NOC from Bank before going for exchange. If so, do I need to endorse the RC for hypothication removal?
      2) Can I directly take the car for exchanging and mention the Hypothication and leave it those guys?
      Yes , you can directly take the car for exchanging and mention the same. The dealers take care of closing your loan, removing hypothication from the doc, do the registration transfer and give you back the balance amount or discount it from your new car.

      thanashyam recently exchanged his Alto in hypothication to get a new i20. Everything was taken care by the hyundai dealer.

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