How to Close a Used-car Sale
Modified On Nov 19, 2021 10:08 AM By CarDekho
Many people are good at prospecting and negotiations but when it comes to closing the deal, they tend to flounder more often than not. For selling your old car, you must be good at closing the deal. The closure has to be done properly in accordance with laid out rules and procedures, otherwise, the deal could possibly land you in trouble. Here are some guidelines that will help you to excel in the art of closing the deal.
1) Get the Money Ask the buyer to pay the total amount of the deal upfront. Don’t accept the request of part payments or EMIs even if the buyer is known to you. In the case of half payment, if the car develops some issues in the future, the buyer might not feel motivated to pay you rest of the money. Try to avoid accepting the payment in cash and prefer the money transfer to your bank account. If the buyer is paying you through cheque, wait for its clearance. There is no reason to blindly believe the demand drafts either as many fake drafts have already been in circulation. It’s only when your bank confirms the receipt of payment, should you proceed with handing over your car. The buyer could possibly ask for payment receipt for which you should have a bill of sale that will act as a receipt of the payment.
2) Transfer the Ownership As soon as you get the full payment, apply for the ownership transfer in Regional Transport Office (RTO). According to the Motor Vehicles Act 1988, you will continue to be considered the owner of the vehicle if the registration certificate (RC) has your name on it. Also, the Supreme Court of India in one of its landmark judgments pronounced that the original owner will be liable to pay the compensation arising out of any mishap involving vehicle even when it is being driven by some other person. This put the onus on the seller to transfer the ownership quickly to the name of a new buyer. You need to submit the ownership transfer application in the RTO along with form 29 and 30, RC, valid insurance certificate, and a no-objection certificate within 14 days of the sale. Make sure to obtain a receipt of the submitted documents that will act as evidence that you have already applied for the transfer of the ownership. You can also request the new owner to send you a copy of the updated RC and keep it in your record for future reference. 3) Post-Purchase Issues There could be instances when buyer after purchasing your car wants you to take it back. The buyer might also claim that you concealed information about the possible defect in the car which has now come to the fore. You shouldn’t get bothered by any such situation or claim. According to the legal provisions, the sale of a used car is considered “as is” which means the responsibility of the seller ceases to exist as soon as the sale is executed. It is the duty of the buyer to comprehensively examine the car and get all the relevant information from the seller. You, as a seller, are also expected to provide necessary details to avoid any complication in the future.
Sell on Cardekho.com You can save yourself from all these troubles by selling your car online at Cardekho.com. Not only the portal helps you to get best possible value but also ensures that you get the amount instantly into your account. The icing on the cake is that portal will take care of the RC transfer process and that too at no extra charge.
Also Read:- Top 10 Tips To Increase Resale Value Of Your Car
0 out of 0 found this helpful