Help! Car was impounded and now the lender has it

wgl2014

Mza123 wrote: »

Where everyone is getting confused is my issue isn’t with the insurer, all they wanted was to make sure I was lying when I intially took out the policy as it would have effected my premium

Although he insurance issue did stop me from getting the car out the day I wanted , this ain’t my issue

The finance company gets notified by the police as although I’m the legal keeper, they are the legal owner.

If you are the 'registered keeper' and you are named on the V5 how would the Police know the car was owned by anyone else? Do you physically hold the V5? If not then it is more than likely the finance company who are the RK.

Mza123

Manxman_in_exile wrote: »

OK - scrub the insurance aspect. Are you saying the finance company is the registered keeper on the V5?


Unless you were in some way careless or negligent with the keys, I'd think the finance company's actions are a bit harsh...

Yes I’m the registered keeper on the V5 but the finance company is the legal owner of the car until the car has been cleared.

Yes I agree it’s harsh but a breach of contract is a breach of contract so I guess there’s nothing I can do about it. The only time the car should be away from me is if it were in repair

Warwick_Hunt

AdrianC wrote: »

You don't.

But if you've told them you are, and have received a lower premium as a result of that putting you into an actuarially-safer demographic...

I’ve never been asked.

Mza123

wgl2014 wrote: »

If you are the 'registered keeper' and you are named on the V5 how would the Police know the car was owned by anyone else? Do you physically hold the V5? If not then it is more than likely the finance company who are the RK.

Registered keeper and legal owner are different.

Here’s a quote taken form creditplus:

“The registered keeper on the V5 simply relates to the person who's keeping and using the vehicle. Cases where the legal owner is different to the registered keeper include company cars, where the company owns the car, but the employee is named as the registered keeper, and some cars which are purchased on finance.”

Hope this clears things up a little

Mza123

Warwick_Hunt wrote: »

I’ve never been asked.

A lot of price comparison sites ask this now, and some insurers when you go directly through their site, not all

dacouch

Mza123 wrote: »

So what should have happened is after I proved I did own a home at the time of taking the policy I would come back and the insurer would certify cover and I would go home with the car, obviously because the finance company got the car before me this wasn’t the case.

Technically you were covered by your Insurance when your vehicle was taken, you were also insured when you presented to then compound.

It takes very exceptional circumstances for an Insurer to be able to back date a cancellation / voidance of a policy.

Incorrectly (Whether intentional or not) is very unlikely to allow an Insurer to treat a policy as Ab Initio

Warwick_Hunt

Mza123 wrote: »

Yes I’m the registered keeper on the V5 but the finance company is the legal owner of the car until the car has been cleared.

Yes I agree it’s harsh but a breach of contract is a breach of contract so I guess there’s nothing I can do about it. The only time the car should be away from me is if it were in repair

So how did the police make contact with the finance company?

You’re the registered keeper and have the vehicle insured. They wouldn’t give the car to the finance company as they wouldn’t even know who they are.

Mza123

dacouch wrote: »

Technically you were covered by your Insurance when your vehicle was taken, you were also insured when you presented to then compound.

It takes very exceptional circumstances for an Insurer to be able to back date a cancellation / voidance of a policy.

Incorrectly (Whether intentional or not) is very unlikely to allow an Insurer to treat a policy as Ab Initio

Yes this is what I thought but if the underwriters don’t give the go ahead to the police, they won’t release the car.

As mentioned before after I’d proved I did own a home at the time of taking out the policy, everything was fine with them, but it was just too late as the car was already taken

Mza123

Warwick_Hunt wrote: »

So how did the police make contact with the finance company?

You’re the registered keeper and have the vehicle insured. They wouldn’t give the car to the finance company as they wouldn’t even know who they are.

I’m sure police have some sort of system in place that protects lenders assets so they’d be able to contact them. Police ask for proof of ownership which would probably be a purchase invoice i guess.

Warwick_Hunt

Mza123 wrote: »

I’m sure police have some sort of system in place that protects lenders assets so they’d be able to contact them. Police ask for proof of ownership which would probably be a purchase invoice i guess.

No, they have access via the pnc to the dvla, which will be the same information as on the V5. They also have access to the insurance database with will be the same as your certificate.

Your story ain’t adding up.