Wife's Car

Reeseh

Hi all.

I bought a car for my wife 5 years ago on finance, which is very nearly paid up.

As the finance is in my name, the V5 was also issued in my name. The payments for the car have been coming out of my wife's account and she is insured as the main driver, with the NCB also in her name.

I have a company car that I can use for personal mileage and am a named driver on my wife's policy. She needs the car for work (works at multiple sites) and getting the kids to school etc.

Would the car be seen as my asset?

Thanks

Comms69

Who's name is the finance agreement in?


This could be considered 'fronting' unless im mistaken?


In any case, once you've paid of the finance, you can just gift it to her.

TheGardener

Tread carefully here. The car finance was in your name so the OR will rightly, believe the car to be yours. Assuming its worth more than £1000? You can sell it to your wife but she will need to pay the market value to the OR - you can not 'gift' it to her. You would have to prove to the ORs satisfaction that the car was bought and paid for by your wife or yes - it will be seen as an asset in BR.