Finance and registered keeper for a new car

alibabaxx

Hi can't seem to find this answer anywhere so hoping someone can help? I am purchasing a new vehicle and paying for the finance on it out of my bank account. I want to register the car in my husband's name as he has never owned a new car before and I already have a car. We are trading his old car in for the new one therefore it would be nice for him to have in his name but both to use it. The finance company said it has to be in my name due to me paying the finance but surely my husband who has same surname and same address could own it? Alternatively I could re register it in his name later but would that then be classed as having two owners ?

Has anyone had any experience of this or can advise what to do? Or if we can't do that can the car be registered in joint names?

Thanks

Tilt

What you need to remember is that the car is the property of the finance co until it's paid off. So basically it's their call on who their 'client' is. In any event, the RK is not necessarily the owner of the car. The RK is merely legally responsible for the car as far as the RTA is concerned.

If you were to re-register it (and i doubt that would be in the t&c's of the agreement), it would add an extra keeper to it's status.

Not sure there is anyway around this unless your husband does the deal himself.

forgotmyname

You could re-register it, And 2 weeks later a letter from the finance company asking for the FULL payment within 7 days because it appears you have sold the car.

+ as you say your adding an owner also. Take a personal loan out instead?

He has never owned a car before but your trading in his car?

I think something fishy here. Missing the facts?

Splott

But how would the finance company know? The V5 merely shows the registered keeper and it even states on the front in big letters that it doesn't prove ownership.

forgotmyname

I dont know how they know but they do have a habit of finding out. If the terms of the loan say it must be in your name then thats what you have to do.

Dont like the terms then dont get that sort of loan. Get a personal loan and nobody cares whose name its in.

Hintza

We have done similar, just set up direct debit or standing order to your husband's account the day before they take payment for the car.

Tilt

Hintza wrote: »

We have done similar, just set up direct debit or standing order to your husband's account the day before they take payment for the car.

That dosn't solve the problem though does it? OP want's to register the car in her hubby's name... how does setting up a direct debit in hubby's name achieve that?

fishpond

forgotmyname wrote: »

You could re-register it, And 2 weeks later a letter from the finance company asking for the FULL payment within 7 days because it appears you have sold the car.

+ as you say your adding an owner also. Take a personal loan out instead?

He has never owned a car before but your trading in his car?

I think something fishy here. Missing the facts?

Try reading it again with your eyes open.

Hi can't seem to find this answer anywhere so hoping someone can help? I am purchasing a new vehicle and paying for the finance on it out of my bank account. I want to register the car in my husband's name as he has never owned a new car before and I already have a car. We are trading his old car in for the new one therefore it would be nice for him to have in his name but both to use it. The finance company said it has to be in my name due to me paying the finance but surely my husband who has same surname and same address could own it? Alternatively I could re register it in his name later but would that then be classed as having two owners ?

Has anyone had any experience of this or can advise what to do? Or if we can't do that can the car be registered in joint names?

spacey2012

The answer is written in to the finance contract and without sight of that, nobody can advise you.
They can point out that it is to the benefit of the finance company if you break it.
They get the cake and to eat it.
Dont forget to budget for gap insurance.

Hintza

Tilt wrote: »

That dosn't solve the problem though does it? OP want's to register the car in her hubby's name... how does setting up a direct debit in hubby's name achieve that?

He buys the car and registers it in his name and also takes out the finance which she pays into his account monthly.

Then the car is in his name the finance is in his name and he pays for it albeit with the input of her DD.

fivetide

Hintza wrote: »

He buys the car and registers it in his name and also takes out the finance which she pays into his account monthly.

Then the car is in his name the finance is in his name and he pays for it albeit with the input of her DD.

Makes perfect sense although, I do wonder if hubby has had credit issues which would explain the initial problem.