We have one Chevrolet Tavera car of model 2011 with tax plate. Due to our inability of maintenance we sold it to one person by taking an agreement from him stating that from that day of handing over our vehicle, i.e, 5th November 2014, he agrees to pay the remaining instalments ( 39 out of 48 instalments, remained by that day) regularly. Otherwise we can handover the vehicle. This agreement was done on 20Rs bond paper from the concerned person. But from November 2014 to till date,i.e, 2/3/2015, he didn't pay even a single rupee for the finance instalments. As the finance agreements are still with our name, the concerned finance people are threatening us to file a cheque bounce case against us....
Is it possible to file a case against the person to whom we sold the vehicle. (That person is showing his inability for paying the instalments, moreover not interested to keep the vehicle with him and stating , "I can't pay even a single instalment and you do legally what ever you can do " .
So kindly help me what to do in this situation.
Is it possible to file a case against the person to whom we sold the vehicle. (That person is showing his inability for paying the instalments, moreover not interested to keep the vehicle with him and stating , "I can't pay even a single instalment and you do legally what ever you can do " .
So kindly help me what to do in this situation.