Hello guys.... I faced a big problem today when I was going to register an unregistered vehicle under my name. So I thought I would better convince you guys about this too.
Few days back I paid an advance to a person to buy his unregistered vehicle. The vehicle's condition is superb and there is nothing to check really except lacking few small features. Before paying an advance, the owner promised me that I would be able to register this vehicle under my name as the 1st user. On that basis, we proceed the business. After giving an advance, I get a letter from him singed on a stamp as the standard.
I received a set of photocopies of original vehicle documents and went to RMB (Motor Traffic Dept) to get a MTA2 form. RMB is a pretty good place now. Very well organised. At the same time, I thought I would get the vehicle docs checked to see whether there is anything else I need to get from the person.
The vehicle was imported using a Private Limited Liability company so I thought it is okay to buy from that. But luckily I went to Technical branch of RMB and understood that this company is not registered at RMB. In that case, it is that they have imported the vehicle as a personal vehicle to be used under the company. The reason is, for this type of transactions, government has reduced the VAT.
Here is the problem. If an unregistered vehicle is imported by an individual or company not registered in RMB, you will never be able to register that under your name as the 1st owner. The importer have to fill MTA2 and get it registered under his name first. Then I will have to fill a MTA6 to get it transferred under my name. So I become 2nd owner automatically.
When we resell our vehicles, you know how much that matters to be 1st owner or 2nd owner. Even why should we buy an unregistered vehicle to become 2nd owner.
Okay... so always check whether the company they import is registered at RMB. You can do that easily at their technical branch without any fee. If you are willing to buy an unregistered vehicle from and individual or from a company that is not registered with RMB, then be ready to become 2nd owner which will reduce the value of your vehicle by approx. 2 lacks immediately after registration.
The worst thing is, now the vehicle owner knows it and delaying the pay back of my advance payment. A job for Police
Few days back I paid an advance to a person to buy his unregistered vehicle. The vehicle's condition is superb and there is nothing to check really except lacking few small features. Before paying an advance, the owner promised me that I would be able to register this vehicle under my name as the 1st user. On that basis, we proceed the business. After giving an advance, I get a letter from him singed on a stamp as the standard.
I received a set of photocopies of original vehicle documents and went to RMB (Motor Traffic Dept) to get a MTA2 form. RMB is a pretty good place now. Very well organised. At the same time, I thought I would get the vehicle docs checked to see whether there is anything else I need to get from the person.
The vehicle was imported using a Private Limited Liability company so I thought it is okay to buy from that. But luckily I went to Technical branch of RMB and understood that this company is not registered at RMB. In that case, it is that they have imported the vehicle as a personal vehicle to be used under the company. The reason is, for this type of transactions, government has reduced the VAT.
Here is the problem. If an unregistered vehicle is imported by an individual or company not registered in RMB, you will never be able to register that under your name as the 1st owner. The importer have to fill MTA2 and get it registered under his name first. Then I will have to fill a MTA6 to get it transferred under my name. So I become 2nd owner automatically.
When we resell our vehicles, you know how much that matters to be 1st owner or 2nd owner. Even why should we buy an unregistered vehicle to become 2nd owner.
Okay... so always check whether the company they import is registered at RMB. You can do that easily at their technical branch without any fee. If you are willing to buy an unregistered vehicle from and individual or from a company that is not registered with RMB, then be ready to become 2nd owner which will reduce the value of your vehicle by approx. 2 lacks immediately after registration.
The worst thing is, now the vehicle owner knows it and delaying the pay back of my advance payment. A job for Police
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