Porsche HP finance - transfer?

ytrebil

I took out a HP finance agreement for my old girl on a Porsche. I’m relatively young but have a sparkling credit history and thus getting a 40 grand car in my name was simple enough. However I’m reaching a stage where I want to get a mortgage but with this large finance agreement looming over my head, it is going to be a lot harder getting a good deal.

So now my parents have sorted out their credit and could obtain credit now, I want to transfer the finance agreement to my mother/father so my name is clear of the debt.

Now I’ve been told I can’t simply just transfer the name (even though the car is in my mother’s name) so I don’t know how to go about putting it in their name?? I really thought it would be as simple as credit check performed on mother/father, everything okay, names and bank details switched. Why is it so difficult?

Any advice would be appreciated.

Dabooka

Hi there,

It's because you're asking the HP company to approve your mother for the finance, and they might not be willing to. You can't just swap names on a agreement she might not be able to keep.

ytrebil

I understand that, but why can't they do a background check on her and approve/disapprove that way?

CCCS_Matthew

Hi there.

Unfortunately tranferring an existing HP agreement into another persons name cannot be done.

The only option you have is to see whether the finance company would be willing to draw up a complete new finance arrangement in your Mother's name, which would in theory result in you selling the car to your Mother. However whether or not this can be done is down to the discretion of the lender, so you're best to speak with them.

Regards,
Matthew.

AMILLIONDOLLARS

Am I reading this right. You took out a loan to buy your Girlfriend a Porsche £40k worth, you now want to be free of the debt, so you want to give it to your mum and dad now that they have managed to free themselves from their credit debts.

What has happened to the car? Surely it should be sold to clear most of the debt? Will you be helping your parents with the repayments should they manage to take over the debt, or will you and your ex wash your hands of the matter completely leaving your parents holding the baby!!

Sounds like you want to hold onto the car, sell it:mad: why burden your parents with the hassle.

(This must be a troll post!!!!!)

ILW

I thought a Porsche was a human right.

speedbird1973

AMILLIONDOLLARS wrote: »

Am I reading this right. You took out a loan to buy your Girlfriend a Porsche £40k worth, you now want to be free of the debt, so you want to give it to your mum and dad now that they have managed to free themselves from their credit debts.

What has happened to the car? Surely it should be sold to clear most of the debt? Will you be helping your parents with the repayments should they manage to take over the debt, or will you and your ex wash your hands of the matter completely leaving your parents holding the baby!!

Sounds like you want to hold onto the car, sell it:mad: why burden your parents with the hassle.

(This must be a troll post!!!!!)

Nope you're not reading it right!

AMILLIONDOLLARS

speedbird1973 wrote: »

Nope you're not reading it right!

Well could you put me straight!!

AMD

EmzJenks

He bought the car for his mum, 'old girl' is his mum. He didn't buy the car for his gf then want to pass the debt on to his parents, it is his mothers debt that he wants to give her back.

AMILLIONDOLLARS

OH:o!!!!

:rotfl::rotfl:LOL, more fool him, son or no son, he should have said NO,

I wouldn't dream of asking my son to take out a loan so I could buy a £40k car!

This is truly a MAD MAD WORLD

AMD

nomoneytoday

Your mum will need to get a loan for the settlement amount. Pay this to the finance company and voila

(same as selling to anyone else)