Transferring PCP

cl1992

Hello

Sorry if this isn’t the right place for this.

I took out a car on 4 year PCP finance in Nov 2018. I did this as I needed it to commute to work (based in Scotland). My partner and I are now moving to London in January and I will have absolutely no use for my car and most likely be unable to park it near our flat.

My question is - is it possible for me to add my Mum to the insurance and leave the car with her in Scotland? She was actually looking to get a new car soon so the timing would be ideal. Is it legal for the car to still be registered at the Scotland address (my mum’s house) and for me to get a new drivers license for the London address?

I know there’s no chance of getting out of my PCP deal or transferring ownership to my Mum.

Any advice would be appreciated. London will be expensive and I would like to avoid paying £250 for a car I can’t use.

The_Rainmaker

Others with more knowledge will be along shortly, but if it was me I would keep the PCP in my name and make your mum the main driver on your insurance (advantage being, if and when you get another car you may still be entitled to claim your NCD). Alternatively get her to insure the car in her name.

AdrianC

cl1992 wrote: »

My question is - is it possible for me to add my Mum to the insurance and leave the car with her in Scotland? She was actually looking to get a new car soon so the timing would be ideal.

Ask the car's owner - the finance company.

As far as the insurance is concerned, it would need to be insured with her as the main driver, not just added to your policy. Again, you need to ask the financier what's acceptable to them.

Is it legal for the car to still be registered at the Scotland address (my mum’s house) and for me to get a new drivers license for the London address?

Yes, absolutely.

Is the car registered to you, or is it registered to the financier?

I know there’s no chance of getting out of my PCP deal

There is - it just won't be cheap, because you're nowhere near the 50% VT point.

or transferring ownership to my Mum.

You mean transferring the finance deal - because you don't own anything.

neilmcl

You will have to speak to the finance co. but most will not allow you to transfer the agreement to anyone else and they will insist the borrower to be the registered keeper and main driver. As ever, please read the T&Cs of your agreement.