Car loan to parents and bankruptcy

Flutter_fly2k

My parents bought a car back in September 18,they have allowed me to become the registered keeper in order for me to use it for work, they bought the car my mam has bank statements to prove this.. how do we prove this was not a gift? If I started to pay monthly payments to my parents would this prove that my parents own the car.. so the OR cannot take it from them? My parents are very worried they will lose their car because of the state I have got myself in
Any help or advice would be appreciated

Annie35

Do they have an invoice in their name?

Annie35

& do they use the car themselves? Named driver etc?

AnotherJoe

You arent the owner, just the registered keeper. Different things.

I am the registered keeper for a car I dont own, its on PCH (similar to PCP). Theres no way teh OR could confiscate it from the lease company !


https://www.askthe.police.uk/content/Q743.htm


A registration document (V5) is not proof of ownership. The registered keeper should be the person who is actually using / keeping the vehicle and this is not necessarily the owner of the vehicle or the person who is paying for it.
He is the person responsible for the vehicle so far as official communications from the police/DVLA etc., but the owner is the person who put up the cash (or was given it as a gift).
The DVLA make a point of saying that the person named on the registration document is not necessarily the owner.

Annie35

Trouble is it's described as a gift, it's an asset to be removed.

If it's described as a loan it's a debt.

If parents have a receipt & op 'just uses it' it'll probably fly, all down to the wording & how the OR feels on the day.

If there's time parents may want to remove themselves from the arrangement & take back the car.

macman

They presumably have a receipt showing that they purchased the car? As above, the reg'd keeper is not necessarily the legal owner.

Flutter_fly2k

thanks for the replies
So if I made monthly payments to them it would be classed as a loan therefore the OR would make me stop paying and then I wouldn't be able to drive the car but my parents would get it back?
My dad is a named driver on the car insurance as he uses it also
Wish there was some document they could sign to prove its not mine - my mam has the bank statement to show the car purchase and also the card receipt of payment.

AnotherJoe

Annie35 wrote: »

Trouble is it's described as a gift, it's an asset to be removed.

If it's described as a loan it's a debt.

If parents have a receipt & op 'just uses it' it'll probably fly, all down to the wording & how the OR feels on the day.

If there's time parents may want to remove themselves from the arrangement & take back the car.

Where is it described as a gift in the OPs post?

AnotherJoe

Flutter_fly2k wrote: »

thanks for the replies
So if I made monthly payments to them it would be classed as a loan therefore the OR would make me stop paying and then I wouldn't be able to drive the car but my parents would get it back?
My dad is a named driver on the car insurance as he uses it also
Wish there was some document they could sign to prove its not mine - my mam has the bank statement to show the car purchase and also the card receipt of payment.

Its the other way round, there would need to be documentation to show you are the owner. Unless you can show payment from you to them, then they are clearly the owners. They bought it, they haven't sold it to you. You are just the registered keeper which does not mean you are the owner. Thats not me saying it, its the DVLA !


And of course you can drive it if its not yours !!! Why would you think that ?? It isn't yours now. Get in the right frame of mind, if anyone wants to take it away they need to prove you are the owner, which they wont be able to.