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Car registration

in Motoring
2 replies 502 views
My stepdad brought a new car yesterday on finance, I am the person paying for the finance of the car, he had to take the finance in his name as I only work part year and would have been refused. I will be the main driver of the car and it will be kept at my address. My question is can we take his name off the V5 registration document and put my name on it or will this affect the finance agreement. I'm currently getting insurance quotes that are £200 higher because I am not the legal owner or registered keeper!!

Replies

  • marlotmarlot Forumite
    4.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    What type of finance? PCP, HP, loan?
  • macmanmacman Forumite
    51.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    If you switch the registered keeper on the V5 then he will remain the legal owner regardless, as they are two separate things-he'll still be liable for the finance, and still the legal owner. However the car's value will be affected as it will then be 'secondhand'.
    This assumes that it has been bought on an unsecured personal loan.
    No free lunch, and no free laptop ;)
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