need advice re finance on 2 cars

reallyworriednow

Edit - Finance have decided they dont want to go into agreement anymore so now car salesman is looking for other finance

Im guessing that my credit rating will now be screwed

Hammyman

What they can do all depends on what is in the terms and conditions of the finance agreement you signed but ultimately if the finance is secured on the car and you are in breach of the contract, they can just take it back.

AFAIK though there is still nothing wrong with buying two cars and letting someone use one of them, even if they're on finance. The problem comes when you transfer ownership. HOWEVER as it clearly states in big letters on the middle of the front of the V5 reg document, being the registered keeper doesn't mean you're the owner. As long as there is a clear understanding between you and your mother that YOU own the car until its been paid off, you should be OK.

reallyworriednow

Hammyman wrote: »

What they can do all depends on what is in the terms and conditions of the finance agreement you signed but ultimately if the finance is secured on the car and you are in breach of the contract, they can just take it back.

AFAIK though there is still nothing wrong with buying two cars and letting someone use one of them, even if they're on finance. The problem comes when you transfer ownership. HOWEVER as it clearly states in big letters on the middle of the front of the V5 reg document, being the registered keeper doesn't mean you're the owner. As long as there is a clear understanding between you and your mother that YOU own the car until its been paid off, you should be OK.

Thats great, youve put my mind at ease abit.

The bit I have highlighted, is the bit I am worried about......the salesman put the car in my mothers name but the finance in mine, Will this be what they are unhappy about? I could change it back no problem, that doesnt bother me.

My mum really needs the car as a new job forces her to travel all over the place, thats why I agreed to it.

forgotmyname

Get a personal loan instead, The loan company will want the finance and logbook to be in the lenders name.


Problem comes when you try to insure it, Financed in another persons name. Could be a nightmare
if the car gets badly damaged.


If you have had credit searches done it will go against you when you make another application. Only the
company will be able to decide and unlikely to tell you though.