BAJAJ AUTO FINANCE LTD. Vs. VIJAYA KUMAR ADVANT

JUDGEMENT

(1.) THE unsuccessful opposite party No. 2 against whom the complaint was allowed is the appellant before this Commission.

(2.) AN application of Hire Purchase Finance, Ex. B -1, was submitted by the complainant on 26.8.1992 to the second opposite party for finance of Rs. 19,500/ - to purchase the said vehicle. The amount is to be repaid in 36 monthly instalments. The second opposite party agreed to finance the said amount with interest @ 10.75% p.a. for a period of three years, worked out the entire amount payable by the complainant at Rs. 25,812/ - which is to be paid in 36 monthly instalments of Rs. 717/ - per month. The second opposite party also obtained an agreement Ex. B -2 and a promissory note from the complainant on the same day.

(3.) HOWEVER , the second opposite party, collected, at the vez out -set, a sum of Rs. 405/ - towards margin money, Rs. 3,800/ - in advance, towards last few instalments viz., Rs. 215/ - towards part of 31st instalment, Rs. 3,585/ - towards 32nd to 36th instalments and Rs. 550/ - towards documentation charges, in all Rs. 4,350/ - by means of a demand draft dated 27.8.1992 from the complainant.