Car finance

Missyunicorn1

Hi I'm new to this so not sure if I'm posting in the right section but be good if anyone can help .
My ex partner got finance for a car for me, I've always given him the money to pay for it, the log book, insurance etc are all in my name and payed for be me.
We have agreed I keep paying and keep the car which I'm happy to do but if I had an accident would the insurance pay the finance company or me? In that case I would be left with nothing an may have to consider cutting my losses an giving him the car back now an getting a cheaper one myself, thanks for any help

neilmcl

Missyunicorn1 wrote: »

Hi I'm new to this so not sure if I'm posting in the right section but be good if anyone can help .
My ex partner got finance for a car for me, I've always given him the money to pay for it, the log book, insurance etc are all in my name and payed for be me.
We have agreed I keep paying and keep the car which I'm happy to do but if I had an accident would the insurance pay the finance company or me? In that case I would be left with nothing an may have to consider cutting my losses an giving him the car back now an getting a cheaper one myself, thanks for any help

Do you mean if you had an accident and the car was written off who would receive the payment?

What type of finance agreement is it - car loan, PCP, HP etc. This is important because it'll determine who actually owns the car.

motorguy

Missyunicorn1 wrote: »

Hi I'm new to this so not sure if I'm posting in the right section but be good if anyone can help .
My ex partner got finance for a car for me, I've always given him the money to pay for it, the log book, insurance etc are all in my name and payed for be me.
We have agreed I keep paying and keep the car which I'm happy to do but if I had an accident would the insurance pay the finance company or me? In that case I would be left with nothing an may have to consider cutting my losses an giving him the car back now an getting a cheaper one myself, thanks for any help

If the car was in an accident and was written off, and its on car finance, the insurance company would pay the finance company and pay and remaining funds to your ex boyfriend.

If its a personal loan, then the insurance company will pay your ex boyfriend.

How will your ex partner feel about you reneging on your commitment and dumping the car back to him?

Also - what you've done is frowned upon - you've got a car by using the credit status of someone else. Also, the finance company will have a beef with the person they lent the money to not being the keeper of the car.

DUTR

Missyunicorn1 wrote: »

Hi I'm new to this so not sure if I'm posting in the right section but be good if anyone can help .
My ex partner got finance for a car for me, I've always given him the money to pay for it, the log book, insurance etc are all in my name and payed for be me.
We have agreed I keep paying and keep the car which I'm happy to do but if I had an accident would the insurance pay the finance company or me? In that case I would be left with nothing an may have to consider cutting my losses an giving him the car back now an getting a cheaper one myself, thanks for any help

If you got a cheaper caryou would still be left with nothing, if you sold the car and paid the balance you would be left with nothing. Probably your cheapest option is to carry on as you are.

forgotmyname

I wonder if your insurance will actually cover you? Did you declare the owner as being your partner when taking out the insurance?

Its little things like that where an insurer may think you said your the registered keeper and owner, but the finance is not in your name, so technically are you the owner?

neilmcl

forgotmyname wrote: »

I wonder if your insurance will actually cover you? Did you declare the owner as being your partner when taking out the insurance?

Its little things like that where an insurer may think you said your the registered keeper and owner, but the finance is not in your name, so technically are you the owner?

Depending on the finance her partner may not be the owner either.

jimjames

Missyunicorn1 wrote: »

We have agreed I keep paying and keep the car which I'm happy to do but if I had an accident would the insurance pay the finance company or me? In that case I would be left with nothing an may have to consider cutting my losses an giving him the car back now an getting a cheaper one myself, thanks for any help

How much is the car worth and what is the finance value? Chances are you might have no money in it anyway