Finance

happy2017

Hi there, hoping for some advice if possible.

my ex wife is going to be purchasing a car on finance and will be handing me the car, I will be paying the finance payment to her.

She already has another car on finance which she uses.

How will it work with the v5 and the insurance? Who’s name should it be under etc?

we both live in different houses and have 3 kids we both share custody.  We get on fantastic and there maybe a chance she could move back in.

thanks.

Sandtree

First of all make sure the finance company is happy with it (though her risk not yours). Most dont mind for spouses but dont allow someone else to take on finance for a third party.

Flight3287462

Your wife wears the trousers in this.

If she has any sense she will have the V5c in her name and a contract signed by you as to what she will do if you don't make the payments.  She is taking on a lot of risk.

Don't know how your joint  finances work but it might be sensible to alter them so that you are financing the car in your name.

motorguy

happy2017 said:

Hi there, hoping for some advice if possible.

my ex wife is going to be purchasing a car on finance and will be handing me the car, I will be paying the finance payment to her.

She already has another car on finance which she uses.

How will it work with the v5 and the insurance? Who’s name should it be under etc?

we both live in different houses and have 3 kids we both share custody.  We get on fantastic and there maybe a chance she could move back in.

thanks.

To confirm - EX wife?

I cant see the finance company being happy about that.  That introduces risk for them - they are relying on someone paying for the car who isnt in possession of it and  doesnt live at the same address.

There may be a good relationship there but (a) the finance company have no assurance of that and (b) that (sadly) may not always be the case.

born_again

I can see the question they are going to ask... If you can afford it, why are you not purchasing the car?