Can you take over Hire Purchase?

Scottishmissus

Morning all

Quick question - can you take over hire purchase that is in somone elses name?

Friends are moving abroad and have offered us their car, they just want the remaining 6 months of hp to be paid, can we do this?

Thanks if anyone can help

DavidHM

What would happen after the six months? If you are getting the entire car for six months' worth of payments that's an awesome deal, e.g., a car that was £15k 4 1/2 years ago for £1,800 now. You'd expect it to be at least £3,000 and probably quite a bit more.

It's probably possible to do it, subject to discussion with the finance company but it's not their car to sell yet. In case (for instance) your friends don't pass on the money and the company tries to repossess and then finds out that the car is registered in your name, you could find yourself on the wrong end of a lawsuit.

So if you can afford to do that why not have your friends get a settlement figure from the HP company and agree to pay off the finance in a lump sum (or even a small loan). That way your car isn't dependent on anyone else's actions.