Can my dad buy the car for me?

WhoThrewThat

Hi

I am going BR on 6th Sep but have been luckey enough to be thrown a lifeline (as far as keeping my car is concerned) by my dad.

He said he will buy the car so I can keep it but I'm not sure which way we will be able to go about it.

I have spoken with my insurance co and they said that if it is not in my wifes or my name (reg keeper) they will not insure it under my policy (71% no claims).

My wife has no licence but not sure if that matters.

If my dad buys the car is he allowed to give it to me as a gift? If he does will the OR come after it again as a new asset?

If he buys the car for my wife and she is the keeper will the or still be able to take it? as well as the money raided from the sale?

This of course will all be done after the BR and with concent of the or and for full market value (parkers guide 2800-4000).

Thanks in advance

debtinfo

you dont need to do anything yet, IF the OR believes that it is to valueable to be exempted then your dad can just pay the difference to the OR and the OR will be happy with that

WhoThrewThat

thanks debtinfo

Yeah wasn't going to do anything till intouch with the OR. So in that secnerio will the car be able to stay in my name?

immoral_angeluk

Your dad can buy the car if he wishes, but you need to record the sale and make sure it is at full market value, if it's below true value it will be seen as a transaction at an undervalue and could lead to a BRO.

dojoman

WhoThrewThat wrote: »

thanks debtinfo

Yeah wasn't going to do anything till intouch with the OR. So in that secnerio will the car be able to stay in my name?

If you mean your name is on the log book, then yes. The registered keeper does not have to be the owner. My daughter paid the BI on our car to the OR and everything remained the same.

WhoThrewThat

Thanks for that DJ