Buying a car for someone else

tiamaria

Hi My friend needs a car to get to his new job but has no cash to do so.



are there likely to be any pitfalls with this?

Tia

lesalanos

only when he stops paying you back.

Unless you can afford to lose the money don't do it

insurance will be complicated too as he is not the owner.

kwmlondon

It's probably more secure than giving someone a loan as the car will still be yours. Should your friend be unwilling or unable to pay you then at least there will be a car that you can sell to get back some of the cost. I would, however, make sure that you've got the insurance covered and if any traffic transgressions occur then you'll be responsible in the first instance. Not the biggest problem, but one to be aware of.

DUTR

tiamaria wrote: »

Hi My friend needs a car to get to his new job but has no cash to do so.

Can I buy a car in my name for him to use, he will pay all other costs and pay me back so the car is eventually his.

are there likely to be any pitfalls with this?

Tia

Lots as explained above, they may not repay, you maybe liable or at least have to answer to any registered keeper enquires.
Often there is a reason that folk cannot loan money elsewhere and that should always be the 1st option eg a bank.

suicidebob

Tell him to get a loan from a bank, or car finance. That's how
Most folk bit cars these days

forgotmyname

kwmlondon wrote: »

It's probably more secure than giving someone a loan as the car will still be yours. Should your friend be unwilling or unable to pay you then at least there will be a car that you can sell to get back some of the cost. I would, however, make sure that you've got the insurance covered and if any traffic transgressions occur then you'll be responsible in the first instance. Not the biggest problem, but one to be aware of.

Until the other person refuses to pay or hand it back. Police will say its a civil matter. Then its the small claims etc..

As above also, Parking tickets and speeding fines will come your way first.
What if they deny being the driver on the day?

Spicy_McHaggis

forgotmyname wrote: »

Until the other person refuses to pay or hand it back. Police will say its a civil matter. Then its the small claims etc..

As above also, Parking tickets and speeding fines will come your way first.
What if they deny being the driver on the day?

The wouldn't be the OPs problem if they named the friend.


Failure to pay the OP back is the issue.

tiamaria

The agreement is if he doesn't pay me back, I take the car back plus whatever he's paid to date for it.

DUTR

tiamaria wrote: »

The agreement is if he doesn't pay me back, I take the car back plus whatever he's paid to date for it.

You can twist it to suit your own preference, at the end of the day, the person is trying to mug you off!
cars more often than not depreciate, so taking the car back, more than likely leaves you out of pocket with a heap of metal to get rid of.
Let your friend sort his own affairs, borrowing a tenner here or there is different to stressing over perhaps a few thousand, there are more solvent BF's to be had .

tiamaria

wow that's harsh!

No more than a 3 figure sum though

Spicy_McHaggis

tiamaria wrote: »

wow that's harsh!

No more than a 3 figure sum though

So when it dies at the side of the road, who's problem is it?