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Thread: Help:- 2 Wheeler Financing and Ownership Transfer

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    Default Help:- 2 Wheeler Financing and Ownership Transfer

    Hi,

    This is my first post here at XBHP.I have 2 queries that I need help with these.

    I booked a Karizma ZMR Pearl White for my boyfriend a month back. The Bike was supposed to be delivered to him on his birthday. I had chosen this bike as he likes to Tour on bikes and has not been able to go out and fulfill his dreams of Touring on Bikes due to various reasons which includes even a excellent bike.

    The cost of the bike is 1,04,000. I decided that Im going to take 2 Wheeler Loan and pay Rs 70,000 as down payment and remaining Rs 34,000 as a 1 Year Loan.

    I booked the bike by paying Rs 25,000, agreed to pay the remaining 45,000 and submit relevant doc when the bike arrived. My banker told he would notify when I need to make the remaining payments and submit doc for approval.

    Monday I got a call from the Banker mentioning that I will have to get a co-applicant as geared 2 Wheelers cannot be registered under my name as the Bike was financed. He says there is a rule which says if the owners of the motorcycle is a lady then banks would require a co-applicant to get the loan approved. I was not told about this when I booked the bike . The bank rep who worked out the scheme for me is no longer with the firm to check what my others options are. I don't want take any help from anybody and make them co-applicant.

    I have asked for a weeks time to respond to the Bank if I still want to go with finance.

    2 Question:-

    I'm trying from other banks for financing and if they agree to fund the bike. The bike is going to be registered in my name. As this bike is for my Boyfriend, I want the entire doc in his name as he will travel across states. Will there be any issue if the Bike is in my name and he is using the bike. I don't want Traffic/ Check post inspectors asking questions who is the owner ? Why are you using her Bike ? etc

    I would prefer to see the Bike in his name.

    Please advice.

    Thanks and Regards
    Rashmi

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    Question Surprised and Shocked

    Its really surprising to know that they dont fianance bike to ladies. I dont agree with that or may be i dont know, but you can try other banks.

    Well it doesnt really matter whether the bike is in your name or your boyfriends because police checks for valid documents and does not bother a lot about names, untill unless its something very serious.
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    sometimes the traffic police create problems if the bike is not registered in the name of the rider... but that can well be avoided if the rider has an authority letter from the owner specifying the the owner allows him to ride the vehicle....

    i had faced such kinds of problems in bengal... when i was riding my father's bike...

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    IMO, the bank is right. Say Rashmi_s(RS) is applying for the loan, hence the bank will have the records under her name stating that RS is holding a bike HHZMA bearing registration XXX. However when it comes to the RTO, the bike is registered under Rashmi_s's boy friend (RSB), so the RC book will contain information stating RSB is holding a bike HHZMA under registration XXX. Now there's a conflict between the bank's record & RTO's record. To avoid this maintainence overhead of who is financed & for whom & who's holding the asset, the bank finances to the person who will become the owner of the vehicle; probably to ease up repossession too.

    IMO, you can opt to swap the borrower & co-borrower's name & you'll get the finance arranged. So that becomes the primary borrower as RSB & co-borrower as RS. The bank doesn't care as long as the EMI is being paid.

    Quote Originally Posted by KA01EE5960 View Post
    Its really surprising to know that they dont fianance bike to ladies
    Well its not a question on gender but on ownership

    Oh!!! another information, though not sure, when you buy an asset (HHZMA here), it has to be between the asset owner's name & the bank (hypothecation). If the asset owner is RSB, he's not the primary borrower here, if the primary owner is RS, then she's not the owner of the asset.
    Last edited by aargee; 01-27-2010 at 07:32 PM. Reason: content improvisation

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    there isnt any problem if it is registered in your name..All the cops care is that they should be presented(in case of a checkup) with all the relevant papers.
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    Quote Originally Posted by rashmi_s View Post
    The bike is going to be registered in my name. As this bike is for my Boyfriend, I want the entire doc in his name as he will travel across states. Will there be any issue if the Bike is in my name and he is using the bike. I don't want Traffic/ Check post inspectors asking questions who is the owner ? Why are you using her Bike ? etc
    You want the bike to be registered in your name and want the docs to be in your boyfriend's name. This is a bit confusing. IMO, the owner need not be the person riding the bike at all times.

    I will take my case... My brother brought my ZMA for me. He paid the down payment and the EMI's for 24 months. The bike was registered in his name. Even after 5-long-years the bike is still in his name.

    And I have ridden the bike in all its life - office commuting, city riding, touring, weekend rides, and the likes. Lucky me, my brother doesn't know to ride a bike! I have been issued tickets on some occasions, but I didn't face the ownership issue with the cops.

    However, in my case, it was my brother. The address in my driving license and the address in the RC matched. I don't think that would be the same in your case.

    About your question of the bank asking for a co-applicant as the primary loan applicant is a lady, I don't have an answer. My suggestion... wait for a few more months, save up the remaining 30k+ amount and get the bike sans any worries.
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    i have been riding my uncles activa from the time when it was bought and till now,he too dosen't know how to ride,cops wont create any problem as i have experienced till now though

    and hey one of my friend has a unicorn with the bike registered in his wife's name,and he paid the loan i guess??
    but lets see what other members say
    in ur case its vice versa,his name ur money
    Last edited by activa; 01-27-2010 at 08:29 PM.
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    Requiring a co-applicant if an owner is lady->Crap. It's common sense as far as I can see. This would tantamount to gender discrimination and law cannot be seen doing that

    Can the bike be in your name but somebody else ride it?-> Yes you can, I have been riding my father's bike for over seven years now and his car for over an year. No problemo.

    If it is possible though, buy the bike in the name of the user. Not mandatory but advisable.

    Lastly, make sure whoever rides 'your' bike has a valid DL else you will be in soup.
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    IMO, the bank is right. Say Rashmi_s(RS) is applying for the loan, hence the bank will have the records under her name stating that RS is holding a bike HHZMA bearing registration XXX. However when it comes to the RTO, the bike is registered under Rashmi_s's boy friend (RSB), so the RC book will contain information stating RSB is holding a bike HHZMA under registration XXX. Now there's a conflict between the bank's record & RTO's record. To avoid this maintainence overhead of who is financed & for whom & who's holding the asset, the bank finances to the person who will become the owner of the vehicle; probably to ease up repossession too.

    IMO, you can opt to swap the borrower & co-borrower's name & you'll get the finance arranged. So that becomes the primary borrower as RSB & co-borrower as RS. The bank doesn't care as long as the EMI is being paid.


    Well its not a question on gender but on ownership

    Oh!!! another information, though not sure, when you buy an asset (HHZMA here), it has to be between the asset owner's name & the bank (hypothecation). If the asset owner is RSB, he's not the primary borrower here, if the primary owner is RS, then she's not the owner of the asset.
    Name in both bank & R.T.O records will be the same as far as I can think. The said two-wheeler have to be hypothecated by the loanee to the bank. This is to be done by way of endorsement in the RC book. So name in the RC book will essentially be the one of loanee's.
    A lone amateur built the ark. A large group of professionals built the Titanic...

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