Vehicle registration document

Rogerb68

I recently purchased a 2nd hand car through a main dealer, the finance company they arranged the funding through have insisted that they will keep the V5 registration document until I have completed all payments on the vehicle.
I queried the validity of this with the (very reputable) main dealer who said that it was not uncommon but did not happen in every case and not to worry about it, it depended on the individual finance company.
I have since spoken to the finance company, and the car is registered in my name to their address, and anything relevant that gets sent to them (road tax renewal, fines etc etc) will go to them and then be forwarded to me.
Can anyone advise me on the validity of doing this? I know the car is legally theirs until the final payment but this is the first time I have ever heard of this happening.

thanks in advance

R

wealdroam

Rogerb68 wrote: »

I recently purchased a 2nd hand car through a main dealer, the finance company they arranged the funding through have insisted that they will keep the V5 registration document until I have completed all payments on the vehicle.
I queried the validity of this with the (very reputable) main dealer who said that it was not uncommon but did not happen in every case and not to worry about it, it depended on the individual finance company.
I have since spoken to the finance company, and the car is registered in my name to their address, and anything relevant that gets sent to them (road tax renewal, fines etc etc) will go to them and then be forwarded to me.
Can anyone advise me on the validity of doing this? I know the car is legally theirs until the final payment but this is the first time I have ever heard of this happening.

thanks in advance

R

Who are the finance company?

Rogerb68

Wealdroam
sent you a PM with the Finance Company name as I dont want to shout their name about just yet
thanks

KillerWatt

I'd double check your insurance policy if I were you.
Every insurance company I have ever dealt with for private car insurance has asked the question "Is the car registered in your name at your address", and your's isn't registered at your home address at the moment.

Rogerb68

Insurance is due up for renewal next month anyway, so Ill make sure on the address front. thanks. hadnt thought of that (yet another loop hole!!)

Rogerb68

Just checked with my insurance company, and so long as the car is registered in my name (which it is) then it is ok for the address to not be my home address.
Feels wierd not having the V5 in my possession!!

[Deleted User]

Finance company must be under the illusion that the registered keeper document is proof of ownership. :rotfl:

Rogerb68

Apparently its to stop me selling it on without their consent.......its a fairly expensive car, but if i try to sell to a dealer then he will HPI it and find the finance, if I try to sell it to a private buyer then for the money i would be looking for then they would/should also HPI it... so either way I get caught out!!
If i was an underhanded seller, then Im sure there are many ways to get round not having the V5 in order to sell the car so what have the finance company gained......... nothing!!
But even if I just need to get a new number plate made I will need the V5 to prove ownership...... just confusing how yet another financial institution does what it likes imho.

Hammyman

Rogerb68 wrote: »

Apparently its to stop me selling it on without their consent.......

HAHAHA.

If I were you, I'd just go to the Post Office and submit a form for a new V5. BY LAW the finance company cannot open mail in your name so they legally cannot open the letter from DVLA.

As said, they've gained nothing.

harveybobbles

Hammyman wrote: »

HAHAHA.

If I were you, I'd just go to the Post Office and submit a form for a new V5. BY LAW the finance company cannot open mail in your name so they legally cannot open the letter from DVLA.

As said, they've gained nothing.

By law they can open what ever mail they want as long as it is in their address.

I found this out with a Bayliff turned uo at ny front door for someone who lived here a few years ago.

Some finance companies have the doc in their name as it stops the car being sold/scrapped. Normally this is the case when the customer is a "high risk".

If the OP fills out a V5 at the Post Office, the DVLA will write to the current reg'd owner (which in this case is the OP at the Finance Co's address) and ask if they have sold the car. If they say yes, they will issue a new doc. If they say no, they wont issue one.

If the reg'd keeper doesnt reply, they will issue a new Doc.

mikey72

Hammyman wrote: »

HAHAHA.

If I were you, I'd just go to the Post Office and submit a form for a new V5. BY LAW the finance company cannot open mail in your name so they legally cannot open the letter from DVLA.

As said, they've gained nothing.

Which law covers it after it's been correctly delivered, and is no longer property of the crown?

And do you want to upset the finance company, if you do it's worth checking the can't call the loan in first.