About
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.
Guidelines
- 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
- 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
Documents required
- Application in Form 35
- Certificate of registration
- Allotment letter of the vehicle
- Valid insurance certificate
- Proof of address*
- Pollution under control certificate*
- Attested copy of PAN card or Form 60 and Form 61 (as applicable) *
- No Objection Certificate from financier*
- Pencil Print of Chassis & Engine Number *
- Signature Identification of owner*
Reference
- The Motor Vehicles Act 1988 (Section 51 of Chapter IV)
- The Central Motor Vehicles Rules 1989 (Rule 61)
- Official website of State Transport Department
Documents marked with asterisk (*) may be required in some states.