In end December 2007, we - my business partner and I decided to buy one used Wagon R in Faridabad and being customers of HDFC bank here - decided to opt for their used car loan deal - the beginning of the end!
I have never seen such un informed executives. Not a clue to what documents need to be attached. It took them over a week just to get that set of papers right. Including one visit to Connaught Place from Faridabad( 4 hrs and Rs. 500 worth of fuel just to sign on on paper which the apparently ’forgot’ to have done by us.
We could sense we were up the creek by then. The loan was approved - I think - 20 days after we began the process. The dealer in good faith handed us the vehicle on down payment - with the HDFC guy Vivek Dutta from Delhi assuring him that the balance i.e. the loan amount cheque was going to be deposited the next day. The next day turned out to be next month. We spent many hours on the phone with the dealer and with Vivek trying to obtain status - finally the much experienced delaler too gave up and ased us to hand him a security cheque for the Lac & half rupees.
Now begins the value added service pain in the back side bit.
The rep. had promised to clear the payment of the dealer upon verification & transfer of registration. certificate. Which was supposed to be carried out ONLY through their agent. As a matter of fact That transfer - dear readers has still not taken place as we write this( Mid April) . Some 100 days after deciding to go ahead and finance this used car from " The HDFC Bank." - fortunately about 60 days after begining the process, post verification - the dealer did get his money and we cancelled our security cheque but the RC is still with the bank and we go about using the Applied For receipt as froof of ownership. Three months for an NOC from one RTO zone to another? The’Agent Charges" quoted have gone up from Quote the rep.:" just Rs1500 - 2000! " prior to applying upto Rs. 8000 because it is a( complicated?) transfer for zone - within the same district.!
Every call we make - at whatever level is met with a request to wait only till next week.
We are unable to use the vehicle, take it outstation, drive constantly under the fear of it being impounded for lack of registerataion.
There is a saying in Hindi - Gale ki haddi, na nigali jaaye na nikaali jaaye - I have taken the liberty of renaming the HDFC bank as Haddi Fasi Bank. - cannot swallow, cannot remove!