Urgent advise required! PCP Finance

nufc_fan

Background Info: Bought a 1.9 golf tdi new in september 2009, paid £2000 cash deposit. Monthly payments of 36x £250 with an optional final payment of £7000

Girlfriend and i have a mortgage together and split up, i need to transfer it into my name but told credit rating at the minute is not sufficient considering credit commitments.

I want to transfer the payments into my fathers name (he is more than happy to do so) but keep the car. Is this possible? this would allow me to keep the roperty but i dont know if it is allowed by VW.

Option 2, can i terminate the agreement early and hand the car back to the garage? how much would i have to pay to do so?

Any advise would be really great.

Lemonade_Pockets

All the answers lie with VW i'm afraid. It is theoretically possible to transfer the agreement into your dads name, however they would probably require the car to be registered to him also.

Regards terminating early, you need to find out the settlement figure. VW can provide this to you over the phone.

P.s. Can i borrow your time machine?

nufc_fan

i wish, whole thing is a nightmare!

hethmar

Sadly you may well owe more than you borrowed at this point If VW wont let you transfer the car to your father, as he sounds such a good bloke, can he not just make a standing order to your bank which would cover the direct debit.

Lemonade_Pockets

nufc_fan wrote: »

i wish, whole thing is a nightmare!

Sorry bit of flippant comment. Was referring to the statement that you've somehow managed to purchase a VW new in September 2009.

Lemonade_Pockets

hethmar wrote: »

Sadly you may well owe more than you borrowed at this point If VW wont let you transfer the car to your father, as he sounds such a good bloke, can he not just make a standing order to your bank which would cover the direct debit.

Good idea!

nufc_fan

Lemonade_Pockets wrote: »

Good idea!

Would this improve the credit rating? its not an issue with needing the money to pay for the car, its needing money not to be on my credit rating.

Lemonade_Pockets

Ahhh ok your post makes a bit more sense now.

You wan't your dad to take on the VW credit agreement so its not against your name for when the mortgage company do a search thus increasing your chances of them accepting you.

Short answer is no your dad setting up a standing order every month wouldn't improve your credit rating although i suppose you could class it as income.

As per my original answer you need to speak to VW. They ultimately can decide whether they are happy swapping the agreement into your dads name. I have seen it done by other finance companies - hence the "theoretically possible".

At the same time you can ask them for a settlement figure.

Inactive

Have you checked with the Bank/ Building Society to see if they will allow you a mortgage if you free yourself from the VW debt?

As you know, mortgages are very tight at the moment, even for people with average credit rating.