Vehicle Hypothecation Termination in Kalyan and Thane City

HP termination refers to an application for making an entry of termination of agreement of hire purchase, lease or hypothecation agreement in the certificate of hypothecation.

Guidelines

• Apply for making an entry of hire-purchase, lease or hypothecation agreement in the certificate of registration of a motor vehicle in
  Form 35, duly signed by the registered owner of the vehicle and the financier

• Confirm whether it is the case of termination due to failure to make repayment to financier

• If all dues are cleared then provide certificate of due clearance from financier

• Pay appropriate fee as specified in rule 81 of the Central Motor Vehicle Rules 1989

• If the termination is due to failure of repayment the financier then RC should be issued in the name of financier

Issuance of RC in the name of financier

• Apply for the issue of a fresh certificate of registration in Form 36

• Provide allotment letter of the vehicle

• Provide the insurance certificate

• Pay appropriate fee for transfer of ownership as specified in rule 81 of the Central Motor Vehicle Rules 1989

• A notice will be issued to the registered owner of the vehicle if he refuses to deliver the certificate of registration to the financier or absconds

Documents Required

• Application in Form 35

• Certificate of registration

• Allotment letter of the vehicle

• Valid insurance certificate

• Proof of address*

• Pollution under control certificate*

• R.C.Book*

• Attested cop of PAN card or Form 60 and Form 61 (as applicable)
  *

• No Objection Certificate from financier*

• Chassis & Engine Pencil Print*

• Signature Identification of owner*

Reference

• The Motor Vehicles Act 1988 (Section 51 of Chapter IV)

• The Central Motor Vehicles Rules 1989 (Rule 61)

• State transport official websites

Documents marked with asterisk (*) may be required in some states.