Help with vehicle registration certificate changes

ripplyuk

My car is under finance that is in my mum's name so she is the owner (or the finance company) and she was also listed as the registered keeper when we bought the car. The dealer said it had to be done that way but we could change it over later. The car has never been kept or driven by my mum so I know I need to get the V5 changed over into my name.

I'm just a bit confused about the wording on the form. It says 'date of sale or transfer'. My mum needs to still be the legal owner of the car and I'm worried as this wording sounds like she's selling the car. But I've read that the V5 must be registered to the person who keeps and drives them car, which is me, and I want everything to be legal.

Also, it says on the DVA website to send the whole V5 off to them whereas on the form itself, it says to keep part 6 'New keepers details'.

I'd really appreciate any advise on this as I don't want to make a mistake.

Car_54

While the RK should indeed be the person who keeps the car, it's very common for the owner (finance company, employer, etc.) to be the RK.

The RK is the one who will get any communication about the car, e.g. speeding or parking enquiries. So long as he/she nominates you there is no problem.

If I were you, and your mum is happy, I'd leave things as they are. Apart from anything else, it means the V5 will show "one owner" when you come to sell.

ripplyuk

I did have some difficulties getting insurance at the time we bought it which is one of the reasons I was thinking we should change the V5 details. Many insurers wouldn't offer me cover since I'm not the registered keeper, yet the car is at my address and I'm the only one insured to drive it. I did find a company and I'm sure if I had time, I Could have found others, but it did seem to really narrow my options.

forgotmyname

When your mum changes the registered keeper to yourself the finance company may think she has sold it and insist on the full payment now.

The name on the V5C does not need to be the person who drives it. Some insurers prefer it if your the owner and keeper. But its not a legal thing.

ripplyuk

forgotmyname wrote: »

When your mum changes the registered keeper to yourself the finance company may think she has sold it and insist on the full payment now.

Oh dear, I was trying to prevent any trouble for my mum. I thought that legally the V5C had to be accurate. I live about 25 miles from her and I thought the keeper had to be the one who keeps the car at their address.

Its strange how the dealership told us to change it over once we got the car, when the finance is through them. He knew I would have difficulties getting insurance. The only reason we didn't is due to lack of time. I had to get insurance within 7 days and there was no time to change the V5C so I found a company who would cover me despite not being the keeper. It cost more than if I was the keeper and I'm not 100% happy with the policy.

Also, we've already filled in the V5C with my new details and my mum's signed it. I haven't posted it off yet though.

forgotmyname

With a car loan the car is the collateral. The company know they can get something back even if its scrap value.

If your mum sells the car to you and doesnt clear the loan thats their safe guard gone.

They dont know the difference between her selling it to you and just passing the registered keepers details over.

Check the contract. Does it state that she must be the named keeper? Contact them and ask?

Filling in the new keepers details means nothing. They will only play their cards when you send it off for a change of keeper.
Be prepared for them to ask for all the money owed instantly though.

In their eyes she will have sold something she has not yet paid for.

Nodding_Donkey

Sounds to me like the dealer was talking through his !!!! and just wanted the sale done without any bother.

ripplyuk

I've just checked the PCP agreement (there's about 40 pages of stuff!). It says:

"Whilst we own the vehicle, you must: keep it in your possession and control and must not sell, hire out or otherwise dispose of it or attempt to do so"

Does this mean changing the V5C name would be seen as selling it?Also, the car has never been in my mum's possession and control. Maybe legally it is, I'm not sure.

I guess I'll just have to leave it in my mum's name and keep paying high premiums for insurance. Should I get my mum to order a replacement V5C, since we've filled it in already? Or, is it ok to just leave it unless/until we come to sell it?

forgotmyname

No need to replace the V5C. Nobody needs to see that unless you sell which is probably years away?

Changing the name on the V5C could be selling it as far as the finance company are concerned. Its no longer in the persons name that owes the money. That may worry them.

ripplyuk

Would I be better trying a broker for insurance? It's not due until early April but I've been worrying about it as the last quotes I had were all around £800, despite having no claims ever. Only one company was cheaper than that (which I went with).

On my last car, the premiums were always under £200. I expected it to go up, being a new car, but not by that much! The insurers all told me that it was because I'm not the registered keeper and I should get it changed over.

forgotmyname

Change it over if you really want but be prepared to pay the balance of the loan off right away.

Your mum will probably be breaking the terms by swapping the registered keeper.

Get a loan in your name and pay it off. Or get a personal loan and pay the finance off. register it to who you like then.

I cannot see the registered keeper being your mum adding £600 onto the premium.