RE: PROCEDURE FOR REPOSSESSION OF VEHICLE
We have perused the contents of your letter and copies of the documents referred to us on May 25, 2006. In your letter we are requested to provide a draft legal notice and a draft/format of general diary which to be filed to the police station. You have also sought our opinion on the letter to be send to the COMPANY 1 (COMPANY 1) about the repossession process and any legal implication of the same.
We suggest to replace the paragraph beginning from “We may therefore request you, not to receive any request from the customer of renewal of the fitness or road tax in order to enable BANK 1 to repossess the car” By “We therefore request you not to accept any application of the customer for renewal of the fitness or road tax, to enable BANK 1 to expedite the repossession process of the car”. Except the aforesaid suggestions the draft letter to the COMPANY 1 is in order.
Since the car registered in the name of the Bank, the Bank is the legal owner of the same. However the Customer authorized to use the car subject to the terms and conditions of the “car loan” given to the customer. Since, the Customer failed to repay the car loan as per the terms of the sanction letter there is no legal bar to send a letter to the COMPANY 1 with a request that COMPANY 1 not to receive any request from the Customer of renewal of the fitness or road tax in order to enable BANK 1 to repossess the car.
Please note that without knowing the particulars of the subject matter and without perusing the entire files we can not provide Draft copy of “Legal Notice” and “General Diary”.
Should you have any further query, please do not hesitate to revert back to us.
For: “The Lawyers & Jurists”