HP Finanace V5 and Insurance

VideCuiFidas

Hi,

Trying help someone and get some information.

Friend took the car on HP finance and would like to give the car and v5 to his partners son.

He will still be paying for the car.

What are the options?

KimJongUn88

Just transfer the V5 into the new keeper's name.  That's all you need to do.

VideCuiFidas

That's great news i thought finance company would make him problems.

Thank you very much 

Scrapit

Up is effectively a loan for the purchase of the car. It's also secured against the car. If you transfer the v5 to his partners son the loan company won't know. As long as payments get made they won't care.

neilmcl

VideCuiFidas said:

That's great news i thought finance company would make him problems.

Thank you very much 

The correct (legal) answer is to contact the finance company. The car does not belong to you until you've made the final payment so you can't transfer it on to someone else without the permission of the finance provider.

lcc86

Technically this is illegal and against the terms of the finance agreement, and if there are any issues e.g. the vehicle is written off, the friend is still legally responsible for the car. Also I don't know if it's intended as a gift or a sale but you can't sell a vehicle with outstanding finance. Not saying it doesn't happen or that the finance company would ever find out about it but it's definitely something your friend will need to be aware of as it could potentially land them in trouble.