Witheld V5 docs

Kevinp63

I have just bought a car, the finance company have said they are retaining the V5 until the car is paid off, can they do this, surely I need to be the registered keeper to tax and insure it.

continualdiamond

Never heard of anything like this in my life. Have had 2 cars on finance, both purchased from a garage and they just filled out the revelant sections on the V5 with my details, sent them off to the DVLA and then obviously i get my new V5.

I presume you bought the vehicle from the garage, so what details did they put in about the new owner? the finance companies?

The_Hallowed_Way

You do not need the V5 in order to tax and insure the vehicle. However I would be careful and check that it is not a condition of insurance that the policy must be in the name of the registered keeper (RK) but otherwise there should be no problem. You really should speak to your insurance company if you are in any doubt about this as it may invalidate your policy.

In order to get tax you simply need the reminder, a valid certificate of insurance and (if applicable) a valid MOT certificate. You don't need the V5 unless you SORN the vehicle.

Basically, the owner of a vehicle does not have to be the RK. In this case the finance company is the owner. They have also chosen to be the RK although I can't see much benefit in this, other than if they need to repossess the car and resell it, there are fewer previous owners. I've also heard that finance companies may take back the registered 'keepership' of the vehicle if a payment is missed although that's clearly not the case here.

bingo_bango

Why not just apply to DVA for a duplicate V5?

It's £25 IIRC. You can then simply fill the details out and show yourself as the registered keeper.

As pointed out above, the V5 has nothing to do with ownership. Mind, any speeding fines etc would go to the registered keeper (finance co) if you didn't change it to you.

The_Pedant

Why not just apply to DVA for a duplicate V5?

When you do this, if there is an address discrepancy, I would hope that they enquire with they address they had?

There used to be a loophole where peeps would pinch cars in long term airport carparks & register themselves as new owners. DVLA would write to the address they had, to confirm the sale but would not hear back (as they're on holiday) and would change the ownership accordingly.

negg

If the finance company are the registered keeper then all parking tickets and speeding fines will be sent to them :rotfl:

Erm... now I think about this, don't the police ask you to provide documents if you are involved in any accidents or pulled over within a certain timescale at a police station? Is the V5 one they ask to see?

DCFC79

negg wrote: »

If the finance company are the registered keeper then all parking tickets and speeding fines will be sent to them :rotfl:

Erm... now I think about this, don't the police ask you to provide documents if you are involved in any accidents or pulled over within a certain timescale at a police station? Is the V5 one they ask to see?

possibly, dont they ask for details of insurance and ownership of the car

Cool_Username

This is clearly absolutely ridiculous - which finance company are we talking about here?

How can you present the registration documents if you're required to? For example taxing the car in the first three years.

molerat

If the finance co are the RK they will also receive the tax renewal.

Why would you need to present the V5 to tax it ? What makes the first 3 years special. If you tax on line the disc will be sent to the RK, the finance co [insert banned smiley here]