PCP/ Registered Owner

mutley74

Hi
Getting new car on PCP collecting this week.

Phoning insurer being asked will I be "registered owner"?

I call dealer - they confirm " I will be registered owner and registered keeper as stated in V5". (I had doubts the lady from the dealership understood the differences).

The V5 only addresses registered Keeper.

I call Finance company - they confirm that I do not own the vehicle until I pay off the full balance, but they could not confirm if this is the same as registered owner.

Reason I ask my insurer (direct line) offers new car replacement policy on total loss IF I am the first owner.

Any clarification appreciated.

Ectophile

There is no such thing as a "registered owner" as there is no central register of vehicle owners.


As the finance company have said, if you are buying on finance, then you won't be the owner until the finance has been paid off. Until then, they own it, but you may be the registered keeper.

Penelopa.Pitstop

I think, Direct Line document is not precise, as there's no proof who's the owner. You can be registered keeper and you will have document. You should call them and check it and make sure it's recorded or ask for written confirmation. Or ask them what's the proof of being registered owner. If they say V5, then you're ok.

"If your car has been stolen or written off, we'll replace it with a new one of the same make and model if it's less than a year old and you're the first (and only) registered owner."

motorguy

Penelopa.Pitstop wrote: »

I think, Direct Line document is not precise, as there's no proof who's the owner. You can be registered keeper and you will have document. You should call them and check it and make sure it's recorded or ask for written confirmation. Or ask them what's the proof of being registered owner. If they say V5, then you're ok.

"If your car has been stolen or written off, we'll replace it with a new one of the same make and model if it's less than a year old and you're the first (and only) registered owner."

What they dont want is to be in the situation of someone having bought a 1 month old ex demo (and thus be the second "registered owner"), write it off, and them be obliged to replace it with a brand new car.

mutley74

Motorguy, it is a new car. I will be first keeper on V5.

foxy-stoat

You just need to tell them you are the registered keeper, not the legal owner.

This has been talked about before - if you are involved in a total loss on day 366 or day 1065 with 1 more month to go before you get the option to pay the balloon payment or hand back then the insurers will pay the finance company directly and thats it.

If you suffer a total loss before day 365 then they may buy you a new car, subject to the PCP company agreeing.

Well thats what Direct Line's policy states.

mutley74

foxy-stoat wrote: »

You just need to tell them you are the registered keeper, not the legal owner.

This has been talked about before - if you are involved in a total loss on day 366 or day 1065 with 1 more month to go before you get the option to pay the balloon payment or hand back then the insurers will pay the finance company directly and thats it.

If you suffer a total loss before day 365 then they may buy you a new car, subject to the PCP company agreeing.

Well thats what Direct Line's policy states.

Dealer still adamant i am reg owner.
Finance company says they are owner until monies are paid in full.

Insurer says it should be PCP.

Direct Line policy only covers new car cover if i am reg owner at first.

foxy-stoat

No such thing as a registered owner, only registered keeper and legal owner.

The person on the other end of the phone doesn't know the difference or their own policy.

Clive_Woody

Ask Direct Line to confirm the location of this register of owners so you can check....

mutley74

Clive_Woody wrote: »

Ask Direct Line to confirm the location of this register of owners so you can check....

i spent ages asking them about this today - how does one confirm legal ownership. The assistant went away and checked said i would not be legal owner on a PCP.

I called dealer to clarify and quote me relevant documentation/clause - they cannot direct me to any clause but adamant i am legal owner.

Finance company tell me they own the "goods" until fully paid.

I think dealer has it wrong. My friend who used to work in motoring trade said salesmen dont get taught what these terms mean. Just means lots of people are insuring their cars potentially with some invalid information!

Car_54

mutley74 wrote: »

i spent ages asking them about this today - how does one confirm legal ownership. The assistant went away and checked said i would not be legal owner on a PCP.

I called dealer to clarify and quote me relevant documentation/clause - they cannot direct me to any clause but adamant i am legal owner.

Finance company tell me they own the "goods" until fully paid.

I think dealer has it wrong. My friend who used to work in motoring trade said salesmen dont get taught what these terms mean. Just means lots of people are insuring their cars potentially with some invalid information!

The finance company are right, the dealer is wrong.