Car finance in ex's name but I am registered keeper..

Samm0202

Hello!
So my ex partner and I bought a car in January 2016 but applied for the finance in his name only.
When we split in August 2016, I kept the car (ultimately to be nice as he would have been landed with two finance payments for both his car and mine) and he changed the V5 to reflect that I was now the registered keeper. The direct debit remained in his name and I have been transferring him the car payment every month since then.
My new partner and I are now both looking to get rid of our vehicles and buy one car together as we no longer require two. We do not intend to trade our cars in though - my partner is selling his car privately and we are buying privately.
My question is what I can do with "my" car...
Having had the car for just over half of the finance period (31 months out of 60 months) I would assume that we are very close to the point of being able to hand the car back via volutnary termination.. My problem lies in the fact that my ex partner is being unco-operative and will not contact the finance provider to ascertain how much has been paid etc and we are not keen on delaying our new car purchase much longer.
Ultimately, I'm looking for answers regarding my liability for the car. As stated, the finance is in his name but I am the registered keeper. If I were to change the keeper details to him and leave the car and keys at his address, am I liable for the costs outstanding on finance if it were not time for voluntary termination?
Thanks!

DrEskimo

I take it the car is on a HP finance agreement, given it's over 60months? I.e. there is no big final payment?

Have you got any of the documentation for the finance agreement? You can use online calculators to work out the rough figures if not. Do you know the exact details of the finance arrangement?

RRP:
Deposit:
Monthlies:
Term: 60months
APR:
Final Balloon Payment (if applicable):

It's all going to be quite hard to do your end, as the agreement is in his name, not yours. Being the registered keeper is not the same as ownership. The debt is in his name, so it's his responsibility. I would make that clear and hope he is more co-operative in helping you clear it, either through VT, or by trading/selling it and settling the finance in full.

Samm0202

Thanks for your response!

Unfortunately, I know very little about the agreement as, initially, this was his car. We swapped after a month or so and the car I was originally driving has long since been traded in and upgraded by him.

I do know that is it an HP agreement of 60 months with no balloon payment. I believe it was very close to £5000 with a £500 deposit.

When my partner and I started looking into swapping two cars for one, I did consider trading it in and, at that time, was advised by a reputable garage that I would require a signed letter from him authorising the trade in by me.

Realistically, I am a bit fed up of helping him out and really would like to just switch the keeper details over and leave the car at his house for him to deal with but wanted to make sure I wouldn't be held accountable for any future payments.

Nasqueron

You need to check the figures, VT is available when you have paid 1/2 the finance, but it doesn't follow that you will have reached that point 50% of the way through the period as the interest is loaded at the front and also includes any balloon at the end so you may not actually have paid 50% until close to the end of the period (more so if you are paying interest on the finance as well). The VT point may not even be until the last few months

Pixie5740

The interest is not front loaded.

Samm0202

As stated, there is no balloon payment so I don't need to worry about that.

I am unable to check the figures otherwise, of course, I would have done so. I am not named on the finance agreement and as per GDPR rules, the finance company will not divulge any information to me. My ex partner is being unco-operative in providing me with any information whatsoever.

Pixie5740

Do you have any idea how much was borrowed in the first place and what interest rate is being charged? How much are you repaying each month?

Nasqueron

You normally spend the first few months of finance packages paying down interest before you start paying off the capital. That is why when you ask for a settlement figure even after paying a significant amount, there is still a lot to pay

https://www.thisismoney.co.uk/money/experts/article-2135414/Why-car-loan-taking-long-pay-off.html

Pertinent bit as below

As your reader progresses through the loan period the interest due each month will reduce as the capital balance reduces; the interest payable on the money borrowed is higher at the start of the agreement when more capital is outstanding than towards the end.

So a greater proportion of your installments will be reducing the capital balance as your reader moves through the loan period.

OP read the below

http://legalbeagles.info/forums/forum/legal-forums/motoring-parking/vehicle-finance-and-issues/77730-a-guide-to-voluntary-termination-your-rights?77612-How-to-Voluntary-Terminate-a-HP-Agreement-*UPDATED*=

molerat

If you have and want no financial interest in the car you could just stop paying him and tell him to come and get it. Your only responsibility, as registered keeper, is to keep it taxed and insured. Anything else is down to him. He is the one who will take the financial hit by either having to pay for it himself or by not paying and falling into arrears. He is the one who will have to pay for any damages if it is VTd or repossessed. He needs to wisen up and you need to point that out to him.

Nasqueron

Samm0202 wrote: »

As stated, there is no balloon payment so I don't need to worry about that.

I am unable to check the figures otherwise, of course, I would have done so. I am not named on the finance agreement and as per GDPR rules, the finance company will not divulge any information to me. My ex partner is being unco-operative in providing me with any information whatsoever.

I guess you could HPI check it and flog it to someone like We Buy Any Car who would pay off the finance and give you any balance though if you owe more than the car is worth it might be an issue

Missed the balloon bit but the VT rules still apply, 50% of the total amount to pay including interest.

Pixie5740

Nasqueron wrote: »

You normally spend the first few months of finance packages paying down interest before you start paying off the capital. That is why when you ask for a settlement figure even after paying a significant amount, there is still a lot to pay

https://www.thisismoney.co.uk/money/experts/article-2135414/Why-car-loan-taking-long-pay-off.html

Pertinent bit as below



OP read the below

http://legalbeagles.info/forums/forum/legal-forums/motoring-parking/vehicle-finance-and-issues/77730-a-guide-to-voluntary-termination-your-rights?77612-How-to-Voluntary-Terminate-a-HP-Agreement-*UPDATED*=

That's not front loaded interest.