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Car loan taken out by family
In 2007, because I couldn't get a loan myself my brother took out a loan to buy my car and I was to make payments to him. Unfortunately due to illness and injury I've had to give up work. Whilst my brother is happy to keep up repayments on the loan, now that I'm on benefit other debts have built up and I'm worried that if anyone takes me to court a bailiff could take the car (which is required for medical and other grounds.)
I know if you buy a car on HP you can be the registered keeper but the finance company is still the owner and can reposess the car (as I found out to my cost!!!) but does anyone know if, and how, my brother and I can draw up a similar agreement so that I can be registered keeper (for insurance purposes (my brother doesn't drive)) and still leave my brother as the legal owner so that he (and car!) are not liable for my debt problems.
Any help would be most appreciated!!!
I know if you buy a car on HP you can be the registered keeper but the finance company is still the owner and can reposess the car (as I found out to my cost!!!) but does anyone know if, and how, my brother and I can draw up a similar agreement so that I can be registered keeper (for insurance purposes (my brother doesn't drive)) and still leave my brother as the legal owner so that he (and car!) are not liable for my debt problems.
Any help would be most appreciated!!!
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Comments
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The registered keeper is not necessarily the legal owner
In this case it sounds like that's the case, unless there is some reason to believe your brother gave the car to you.
Obtaining insurance on a vehicle you don't own (or hired to you under a hire purchase agreement) may be more complicated, but can still be achieved.
Have you declared the car is owned by you to your current insurer? If so that might complicate matters."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100
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