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Which car loan to go for?

Discussion in 'Insurance & Loan Reviews' started by dj.nish, Sep 12, 2011.

  1. speedJet

    speedJet Superiore

    Messages:
    856
    Gurgaon
    this is very bad --> so there was some nexus between dealer and bank due to which the loan was disbursed. I think an invoice on your name from the dealer and your go ahead is enough for the loan disbursal. Was your loan agent affiliated with the dealer ship?

    For my previous booking, the dealer was pestering me for contact details of the loan agent. I did suspect that they would do something like this.

    Since it is month end, both dealer and agent want to meet their target. Learning from thus is that try to keep the loan and the dealer away from each other as much ad possible

    Why did you opt for a floating rate of interest?
  2. dj.nish

    dj.nish Superiore

    Messages:
    543
    Mumbai
    Got it confirmed from the finance-guy-at-the-dealership that it was due to month end. He presented the bank with an invoice of my booking, and given their relationship, he convinced the bank that I had made the balance amount as well. So the bank disbursed the amount.

    No invoice has been made in my name other than the booking amount.

    My dis-satisfaction is with the fact that without my consent the bank disbursed the loan to the dealer.

    P.S. I opted for SBI even though it was on floating rate bassis, as it is a calculated risk. I do not foresee a rate hike in the future. Also, the no-charge-on-part prepayment / foreclosure means I can effectively reduce my outgoings by making regular repayments.

    Also, the dealer is now asking me to pay the balance money (through RTGS / cheque, BUT NOT through a DD) so that he can get the car to showroom and complete other formalities. He says there was a recent fraud of 6 cars being delivered against fake DD's. Hence no car dealer in Mumbai delivers cars on DD's anymore. This is real news to me! I thought DD is as good as cash?

    ---------- Post added at 12:27 PM ---------- Previous post was at 11:58 AM ----------

    Right now gave a piece of my mind to the finance guy at the dealership.

    The fake DD case is something that I have not come across. Anyway, I got him to agree on the DD payment nonetheless. The other option is definitely a cheque. Good part is that our banks are HDFC, so the payment gets cleared in a day's time.

    P.S. Do I have to pay the entire amount upfront and then only the car comes to the dealership? That's what the dealer says, because it's a case of Mumbai registration - so he will have to pay octroi and invoice the car.
    Last edited: Sep 29, 2011
  3. anoop

    anoop Superiore

    yes bro - usually only after full payment they will do the TR (temporary registration) and will put the accessories.
  4. dj.nish

    dj.nish Superiore

    Messages:
    543
    Mumbai
    Thanks anoop!

    Also, let me put it another way - is there any risk in paying the entire amt upfront, before the car comes to the showroom?
  5. anoop

    anoop Superiore

    I do not think so. Insist that they give you the bill so that you have proof of payment with you.
  6. dj.nish

    dj.nish Superiore

    Messages:
    543
    Mumbai
    It's all good now. Went to the showroom and gave them a piece of my mind personally. My hunch was correct. The showroom finance agent was trying to catch the month end deadline and hence got my disbursement done.

    Anyway, I paid the balance amount and got a receipt for it.
  7. anoop

    anoop Superiore

    You could have bled them more and asked for more discounts ;) Say they better give good discounts or you will report the matter to FIAT.
  8. dj.nish

    dj.nish Superiore

    Messages:
    543
    Mumbai
    Not possible buddy. Already squeezed him enough and the offer expires Sep 30. So time is of essence too!
  9. speedJet

    speedJet Superiore

    Messages:
    856
    Gurgaon
    DJ --> my guy is asking for 10 cheques as compared to your 6 cheques. What is the standard number of cheques for SBI?
  10. dj.nish

    dj.nish Superiore

    Messages:
    543
    Mumbai
    My loan tenure is 5 years, maybe that's why he asked for 6 cheques. Anyway, that's for security purposes.

    Are you also opting for ECS right away i.e. from the 1st installment onwards?

    OT - SBI is damn careless. They have not still collected the ECS mandate from me, despite my constant reminders to them. And my installment is due to begin from Oct 16th.

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