How To Cancel HP - Guide



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.


Steps:


• 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

• 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


Docs 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 and Engine Pencil Print*

• Signature Identification of owner*