Finance!

[mlrees23]

I was wondering if anyone can answer a question I have about getting a car on finance.....Can you buy a car on finance and have somebody else as the registered keeper? So basically I want to pay for the car but it be in my parents name so they own it.

Thanks for your time!

 

[Focus Owner]

adoubt it.


also if this is for insurance its called fronting

 

[ChrisUK]

Depends on finance deal. But usually not.

And as the Unknown one says if your doing for insurance purposes you're very naughty. If you can afford a new car on finance you can afford your own insurance.

 

[Vance]

My finance isn't in my name but I am the registered keeper of the car.

 

[Eklipze3k]

I don't see why not, you can buy a TV on a loan for you nan and still pay back the loan yourself. Check with the financiers though as some may have different rules.

 

[jenks69]

My finance insisted on me being the registered keeper and for the car to be insured in my name as fully comp.

 

[mlrees23]

Depends on finance deal. But usually not.

And as the Unknown one says if your doing for insurance purposesyou're very naughty. If you can afford a new car on finance you can afford your own insurance.

Even though my parents are going to be driving it the most?

 

[Focus Owner]

thats acceptable but, why would you be the one paying?

reason i asked is.
thats a soft question compaired to how far they go

 

[Stu DemonD]

I own a car on finance, yet the registered keeper is someone else - they are also the main driver plus the insurance is fully in their name.

We are both old gits, so it isn't a fronting issue - genuine reasons, I can't even drive the car.

But the insurance and finance people had no issues!

 

[mlrees23]

well thats what I am hoping is going to be the case but do the finance comapany deal with the car ownership or is that bit down to the dealer? I'm guessing the dealer but just asking to be sure......well it will be my car eventually but for now parents giving me money to do it through my account etc....

 

[mlrees23]

I own a car on finance, yet the registered keeper is someone else - they are also the main driver plus the insurance is fully in their name.

We are both old gits, so it isn't a fronting issue - genuine reasons, I can't even drive the car.

But the insurance and finance people had no issues!

That is basically what I want to do....Did you recieve the log book etc when you got the car? Was it when you sorted out the finance? Was this done when sorting out the finance? Or was it a case of getting it home and then sending off the log book changing the registered keepers name?

 

[Stu DemonD]

That is basically what I want to do....Did you recieve the log book etc when you got the car? Was it when you sorted out the finance? Was this done when sorting out the finance? Or was it a case of getting it home and then sending off the log book changing the registered keepers name?

It was done at the same time as the finance - so all above board. I am the registered owner of the car, and the finance repayments hit my bank account - yet the car is used solely by someone else and insured as such.

 

[DlightSwitch]

It was done at the same time as the finance - so all above board. I am the registered owner of the car, and the finance repayments hit my bank account - yet the car is used solely by someone else and insured as such.

You sound like a generous guy. Buy me a car on finance please?

 

[mlrees23]

So does it matter what type of car finance I get?? For example PCP/HP/etc....????

 

[Stu DemonD]

You sound like a generous guy. Buy me a car on finance please?

Haha, my mate transfers over the HP payment from his account, so I am not out of pocket.

So sorry, no

 

[ChrisUK]

So does it matter what type of car finance I get?? For example PCP/HP/etc....????

Yes. Each one has different policies on ownership and insurance etc. I did say that in my post although not quite as clear.

From memory HP are normally the deals that are strict on what happens to the car as technically it belongs to them (they stay as owner on V5) until the final payment is made and ownership is transfered to the hirer / purchaser.

One of those things you don't know until you sign on the line unless it's in the terms and conditions of the agreement .

 

[Stu DemonD]

From memory HP are normally the deals that are strict on what happens to the car as technically it belongs to them (they stay as owner on V5) until the final payment is made and ownership is transfered to the hirer / purchaser.

Not for an hire purchase agreement it doesn't - I have had many cars on HP and I have always had the log book in my name, as registered owner.

However, the HP agreement tends to state that the purchaser only becomes owner of the goods once the total amount is paid up. Until that time, the goods will belong to the HP company even though the purchaser has possession. Hence why the log book can be in the purchasers name.

In fact, I have just had a look at a recent HP agreement for the above said car and it states that very thing

 

[Freebo]

Just read throught this thread, why are you buying a car for your parents? or atleast paying through your account? are your parents black listed or something?