In New Delhi: Getting a car without a loan is stiff for most of us - but then going out without a set of wheels isunimaginable.
And if paying up the car loan isn't enough trouble, get a load of this. Since Delhi has the highest number of loan defaulters, the Supreme Court has come out with a way to set things right.
The SC in a recent ruling has upheld the right of financers to take back the cars of those who haven't repaid their loans.
Advocate, Pardeep Dahiya says,"Only the conditions in the agreement can be taken care of and looked into. Nothing else can come into the picture."
The ruling clearly gives an upper-hand to the financers - something that the consumers are not happy about.
They fear that law might be misinterpreted and the consumers harassed by these recovery agents. Consumer Rights Forums too feel the same.
According to Sunil Prakash, who is a citizen of Delhi, "None of the agreements - either by the financers or by the banks - are being given to the consumers to read and go through. They just make the consumer sign on the dotted line."
Says Consumer Voice member, H K Awasthi, "As it is finance companies have been lifting vehicles even if the installments have been paid but have not been documented in their files properly."
As of now the car loan agreement clearly states the legal process to be followed in cases of a delay in payment.
First a 15 day notice has to be given to the customer, failing which a police complaint will be registered and only then can the vehicle be taken away.
However, consumers fear that recovery agents will lift the vehicle at their own whims and fancies without adequate grounds now.
All those people going in for car loans, do invest some time in reading the offer document.
With so much emphasis now on the hire-purchase agreement, the consumers will have to make sure that the clauses benefit them.
Of course, there is nothing like paying the installments on time, but these things will just help the consumer have a smoother ride.
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