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Posted: Sun Apr 28, 2013 7:50 am Post subject: Buying a car under hypothecation
A colleague is buying a few months old car which is still hypothecated to a bank, and EMI's still being made.
The seller said that he could take the payment, and take care of things from his end, however my colleague is wary, and not too sure, since he is not familiar with the seller.
Is it possible to transfer the loan from the seller to my colleague?
Otherwise, i think the seller has to close the loan by paying it off , for which he will need the money which the buyer, my colleague is not willing to pay up front.
Whattodo? _________________ vintage car insurance
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