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Oh poop!!! Car owned by parents but for ins purposes...

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Comments

  • angiebhfx
    angiebhfx Posts: 353 Forumite
    We made four loan payments to my Parents which the OR wants them to pay the amt we paid to the OR so we have no financial interest in the car at all
  • angiebhfx
    angiebhfx Posts: 353 Forumite
    Aunt_Harriet wrote: »
    Well that does sound like good news. What do you mean your parents will have to buy back their interest?

    So the car is yours to use?
    I believe so, yes
  • housebuyer_abc
    housebuyer_abc Posts: 296 Forumite
    angiebhfx wrote: »
    I believe so, yes

    Not quite, the car is theirs, and they choose to let you use it.

    Subtle difference, but as you are learning the devil is in the detail in these things
    The proof that some people really are opinionated and ignorant

    Originally Posted by naff123 viewpost.gif
    Long nosed Tory looking down upon everybody!
  • angiebhfx
    angiebhfx Posts: 353 Forumite
    housebuyer_abc wrote: »
    Not quite, the car is theirs, and they choose to let you use it.

    Subtle difference, but as you are learning the devil is in the detail in these things

    Still a result as the car wasn't mine. At least my parents can dispose of it if they need to to pay the loan.
  • angiebhfx
    angiebhfx Posts: 353 Forumite
    Does anyone know what would happen if my parents refused to pay the OR? Would the car be sold our interest be taken and the remainder given to my parents?

    Thanks
  • dojoman
    dojoman Posts: 12,027 Forumite
    angiebhfx wrote: »
    :)Good News.

    We sent the loan agreement that is my Dad's name that says he bought the car. The OR has said they don't have an interest in it but my Parents will have to buy back their interest and we are not allowed to make any more payments to them. Just need to speak to my Dad now to check if this is okay, but it looks like the Car won't be seized.:)

    Thank you everyone for all your support.

    Angie

    Not too sure by what you mean by this?
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
  • angiebhfx
    angiebhfx Posts: 353 Forumite
    dojoman wrote: »
    Not too sure by what you mean by this?
    Sorry that's not clear.

    My Parents will have to pay to the OR the money that we paid to my parents to, I assume, leave the car alone as in they won't sell it because it's my parents car even though they will be allowing me to use it.

    Hope this makes sense now

    Thanks

    Ang
  • angiebhfx
    angiebhfx Posts: 353 Forumite
    We made four payments to my parents towards buying the car from them
  • dojoman
    dojoman Posts: 12,027 Forumite
    Thanks for clearing that up, I understand what you mean now :o
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
This discussion has been closed.
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