Car Finance HELP NEEDED ASAP!

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

Markyt

Not sure about the finace, but your brother needs to be wary of being a named driver on dads policy if he (brother) is the main driver. It's called 'fronting' and insurance companies can take a dim view of it in the event of a claim.

Lemonade_Pockets

1) Physically yes but the finance company won't like it if they find out which they won't unless there is some of accident.

2) Yes this has be known but is soley dependant on the finance company and also obviously your brothers credit history.

3) Nothing really they will calculate it automatically when they quote you on the phone. They'll then send a letter which will give you a breakdown. No harm in mentioning it i suppose. If you wanna fill a day look up the rule of 72 (i think) which is how they calculate it.