Car title 25 May 2020 at 8:41AM in Bankruptcy & living with it 7 replies 231 views

jwmc77

So, I was fully resigned to losing the car when I go be shortly but I've only just remembered that my father took the finance out when I got the car, it's fully paid off now but the finance agreement is in his name....am I correct in thinking this will be exempt?

mwarby

It may depend on who actually paid the finance. Look at it this was even if finance was in fathers name if you paid it would you let your father sell the car and keep the money? I suspect in that case you’d claim you owned the car

How much is the car worth ? If it’s only worth about 2k the OR will probably not be so interested in arguing as to who owns it. As the value goes up so will the ORs interest 

jwmc77

My point being if bailiffs were to come they wouldn't be able to take the car if proof of ownership was shown not to be me, just assumed the situation would be the same....it's worth around 3k on an online valuation but that's in showroom condition which it's not, it has a reasonable dent in the door and needs a dpf fitted which is around a grand on its own.

mwarby

So it’s a bit over the £1k limit

Id guess that it’s probably worth more like £2k. Given that and it’s somewhat debatable who’s car it is I suspect the OR won’t do anything. I’m pretty sure if it was a 20k car the arguments around title would be very quickly lost(if you paid the finance)

ToxtethO'Grady

The OR and bailiffs will usually go for registered keeper unless you can prove someone else owns the car and is registered as that with the DVLA or have proof that they bought the car.

Bailiffs will not usally take a car just clamp or block you in, they want money, it costs to repossess a car and store to sell at auction.

jwmc77

Is is registered to him

fatbelly

I think you'll be ok - it's a car you have the use of but do not own.

molerat

Proof of ownership is a receipt / bill of sale.  The V5 only shows the registered keeper and clearly states it does not prove ownership.  You have been very vague about who actually paid for the car and has beneficial ownership.