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Things to keep in mind while selling used car

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The personal finance aspect while selling a car is that when a person is selling a car or a motorcycle, generally he fills in a couple of forms, which are form 29-30 and hands it over to the buyer. It is a perceived notion that all the formalities have now been completed and the headache of getting the car transferred in the name of the buyer is that of the person who has bought it.

 

However, I would say that there are couples of things which a seller needs to keep in mind and follow-up whether those things have been done or not: (1) he needs to get the insurance policy transferred in the name of the buyer and also claim a No Claim Certificate. If a seller has not incurred any claim in the policy, he gets discount in the premiums for that insurance policy. This entitlement of the discount is that of the seller and not of the buyer.

 

Therefore, if a seller is enjoying 50 percent discount on premiums because he has been a person who has not made any claims and not met with an accident; this entitlement can be retained by the seller and used when he buys another vehicle, for example the seller has to approach the insurance company and take a No Claim Bonus (NCB) certificate. This certificate is valid for three years from the date of issuance. If the seller buys another car, for which premium is Rs 25,000, he gets discount of 50 percent on new insurance policy that he buys. So, this is a personal finance aspect which many people do not realise.

 

(2) He needs to inform the Regional Transport Office (RTO) that the car has been sold to a particular person. Many a times the buyers do not transfer the car in their name and they just linger and delay the process.

 

If one sells the car to an agent then this agent waits for a final buyer and then he transfers a car directly into the name of the final buyer. In the interim period it has been driven around and still stands in the name of the seller. If it gets involved in any illegal activities or an accident then the responsibility is completely that of the owner of the car, which in the records of RTO, is the seller as yet.

 

So, these are one-two points which a seller needs to keep in mind and follow-up even after handing over the car in the delivery note to the buyer. However, these are things which will insulate him from all the technical aspects of the law in case the car meets with an accident or gets involved in illegal activity.

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