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.1. The facts in brief are that on 28.8.1992 the complainant purchased a Bajaj Chetak Scooter from the first opposite party, who is a dealer in Bajaj Auto Vehicles, for Rs.17,895/- under Invoice No.3851 dated 28.8.1992 (Ex. A-7) under a finance scheme titled as "olympic Scheme" offered by the second opposite party.

(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.