HELP NEEDED on Car Finance

s_barker_1984

Hi all,

I need your help regarding a couple of questions on my car finance.

Basically, I took out Car Finance and have just over a year left with the final payment in May 2011. I am paying £140 per month although I start a plumbing apprenticeship in 6 weeks so need to get rid of the car. My brother has said he will have it and this is where the questions come in because he needs the log book to be in my Dad's name so he can insure it as a named driver on his policy.

1. Can I transfer the log book to my Dad's name whilst keeping the finance in my name?

2. If not, is it possible to transfer the Car Finance into my brothers' name so that I am no longer the policy holder?

3, If he was to just pay off the Car Finance, what do I have to mention with regards to getting a settlement quote so that I know there is some sort of interest rebate because of paying off the finance early?

Thanks for any help at all whatsoever

savingmummy

May be worth contacting the finance people and asking for accurate info.

you may get more answers on the motoring forum! http://forums.moneysavingexpert.com/forumdisplay.html?f=70

s_barker_1984

Yh tried the finance company and they were so rude and unhelpful I thought I would come on here.

Thanks anyway

josiebabie

Yes you can because the registration document is not proof of ownership.

josiebabie

josiebabie wrote: »

Yes you can because the registration document is not proof of ownership.

Meaning yes you can transfer the reg doc without changing the finance, sorry - replied without reading the whole thing.

s_barker_1984

Thank you for the quick reply .

Is that 100% definite then? So I can transfer the log book into my Dads name and then just keep the Direct Debit and Finance through my bank so my brother can just put it into my bank every month that will then allow him to get insured as a named driver on my Dads insurance as he does on his current car?

Thanks again

josiebabie

Yes you can, OH is finance manager at a car dealership - he's sitting next to me and just told me, it's not my knowledge, it's his wise words!

s_barker_1984

Haha well a big thank u to the Husband for telling u and a big thank u to u for taking the time to write a reply!