Car Finance in someone else's name

madhats_2

Hi

I was wondering if someone could help me. Around a year ago I was offered a new job, as it was far away I needed a car. Stupidly I let a family members partner get me the finance for a new car. I have never missed a payment and have been paying double each month to get the car paid of quickly. They have since broke up and I have been told by the person who got me the finance to get it out of his name or he will "take the car back". Really worried about this as I have paid so much of it. The log book etc is in my name and the payments come out of my bank.

I realise I shouldn't have trusted this person but if anyone can help with advise I would appreciate it. Do I have any rights? Can he actually take the car of me?

Thanks

J

lee111s

You could take out your own personal loan for the amount remaining and provide that to them so that they can pay off the loan in total.

How much is owed still on the original loan?

They can't take the car back as they never bought it. For all I know they could have given you the loan as a gift but as you're a nice person you've been paying it back

poppasmurf_bewdley

You have proof of payments via your bank. You have the keys to the car.
He can't do anything without having the car to hand back or the cash to pay off the loan.

You have all the cards. He has none.

This may also be a lesson to you never to do such a thing for someone else in the future, as you would have no protection if things went belly up.

thebritishbloke

I'd try for a personal loan in your name just to get him off your back. There's nothing short of defaulting on the loan that he can do, and if he does that he's an idiot, and you'd probably have no issue claiming back all the payments you'd made to him in small claims court.

Jon_Bake

As based on the details you have provided your lender doesn’t have chance against you. He won’t be able to take the car and if this goes to court there are chances that he will have to pay back the amount you have given him. So I don’t think your lender would do anything like that. Also since your payments have been from bank, you have proof about the fact that you have paid the money.
Try to avoid money transactions from private people. I bought a car after moving to New Jersey with a loan from Aspire FCU. Similarly there are several finance firms that offer auto loan service. Select one from them and get a loan.

Foxy-Stoat_3

Was it a personal loan or HP that the person took out?

NObrien

I don't think he will be able to take out the car. You need not spend sleepless nights pondering over that.