Post-Sale Auction Process
August 14, 2024
CarXstream India handles the entire post-sale process after a vehicle is won in the auctions. Here's how they manage each step:
1. Transfer of Ownership: Preparation of Documents: CarXstream India gathers essential documents such as the vehicle's Registration Certificate (RC), insurance policy, PUC certificate, and any other relevant paperwork. - Formalities: They complete the necessary transfer of ownership forms (Form 29 and Form 30) at the Regional Transport Office (RTO) on behalf of the buyer. - Payment of Fees: CarXstream India pays the applicable fees for the transfer of ownership process at the RTO. - RC Update: They ensure the RTO updates the vehicle's registration certificate with the new owner's details.
2. Insurance Transfer: - Notification: CarXstream India informs the insurance company about the sale of the vehicle. - Policy Cancellation or Transfer: Depending on the insurance policy terms, they either cancel the policy or transfer it to the new owner.
3. Payment Collection: - Full Payment: CarXstream India ensures that the full payment for the vehicle is received from the buyer. - Payment Verification: They verify the authenticity of the payment method to avoid fraudulent transactions.
4. Handover of Vehicle and Documents: - Vehicle Delivery: CarXstream India physically hands over the vehicle to the buyer along with all original documents related to the vehicle. - Key Transfer: They provide the buyer with all sets of keys to the vehicle.
5. Post-Sale Support: - Addressing Queries: CarXstream India is available to answer any questions or concerns the buyer may have after the sale. - Warranty or Guarantee: If applicable, they provide necessary information about any warranties or guarantees associated with the vehicle.
Additional Considerations: - No Objection Certificate (NOC): If the vehicle is financed, CarXstream India ensures obtaining an NOC from the financial institution. - Hypothecation Removal: They ensure that the hypothecation of the vehicle is removed from the RC. - Tax Clearance: CarXstream India takes care of clearing any road tax or other taxes that might be due, depending on the vehicle's age and location. - Buyer's Verification: They verify the buyer's identity to avoid potential legal issues.
By managing these steps, CarXstream India ensures a smooth transition of ownership and compliance with all legal requirements for vehicles won at auctions.
