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*