car finance

pumpkinsoup

Hi I'm not sure if I'm writing this in the right place! Or if anyone can help! Basically my husband had a car on finance its got 4 years left to run. He has since bought another cat and I have had the financed car! Due to insurance the car has now been put in my name as the main driver! But we have received a letter from santander saying that under the terms and conditions if the vehicle has been sold we must settle the finance in full! We are just entering into a dmp and there is no way either of us will get new finance or have the money to settle. We are up to date with payments and will continu.does anyone know the best way to proceed many thanks!

amorge

Hi, sorry I don't really have any advice...the insurance shouldn't make a difference as long as he is still named on the policy...or did you put the V5 registration document in your name? IF that is the case then yes, as far as the finance company as concerned the car has been sold and that is a breach of contract.

Anadinolin

Hi there,

Its not clear that you have sold the car or not? If it has transferred owners within the immediate family, i dont think it should be a problem, just let the finance co. Know and tell them that you will carry on paying the monthly fees

if you have sold the car, what happened to the money from the car...normally the money from the car can go a long way to paying off the finance co. Take a look at your contract it will tell you the amounts you would need to be able to pay them off after a certain time frame
eg 10k is the total repayments after 5 years of monthly installments,

If you wanted to pay them off before 16 months has lapsed you would pay an estimated 8k

If you wanted to pay them off halfway through the term then it would be 5.5k etc

have a good read of t&c's hope this helps

pumpkinsoup

Yeah we put the v5 in my name due to the fact he couldn't be insured as main driver on 2 cars and keep his no claims on both the insurance was gonna go up to something crazy like 290 a month!!

pumpkinsoup

Sorry car not sold

Anadinolin

pumpkinsoup wrote: »

Yeah we put the v5 in my name due to the fact he couldn't be insured as main driver on 2 cars and keep his no claims on both the insurance was gonna go up to something crazy like 290 a month!!

He can still have his name on the v5c but you can be insured with your own insurance as the main driver...he dosent have to have insurance on the car to be named on the v5c, as long as the car is insured by somebody while its on the road, and insurance covers people who drive it, it should still be legal...

While i was writing, the other guy replied, he is right in that the name on the V5C has changed so as far as finance co has been concerned the car has changed owners and thusly has been sold...as i mentioned previously, tell the finance co that the car is still within immediate family and you are happy to keep up the monthly installments if you are?

Generally the name on the v5c has to stay the same for atleast half the contract term, and even then you need permish to sell/transfer

Can i ask why hubby has got another car now?

chanz4

Your entering a dmp and have bought another car, that is good. Inregards to insurance you just tick the box which says your partner was the registered keeper

pumpkinsoup

Hubby has bought a 300 pound car to get to work, my old car needed 800 worth of repairs which we couldn't do so scrapped. I also need a car to get to work. Not proud of entering into a dmp but Hubby got ma
de redundant after Xmas and now has a new job with a lot less money.

amorge

Contact the finance company as mentioned and explain still in same household. In my experience of car finance you can not change the v5 document. There was no need to change this as you could have I sured with you as the main driver but spouse/partner as legal owner.

If you are v lucky the finance company may let you keep as is but I'd be surprised. Ask them whether you can put v5 back to OH, this will of course result in v5 showing 3 owners not 1...can be an issue when selling.

pumpkinsoup

Thanks for all your advice, contacted santander earlier and because the car has not been sold and v5 document still registered at this address its fine!! phew just gotta send a copy of v5 :T thanks again