Can you change name on Finance Agreement?

chipsdog5a

My son has a BMW finance agreement on his car, he is struggling to pay.  Can I take over the finance agreement and register the car in my name?  If not has anyone got any other ideas.  He has only paid off 12 months so I don't think it is an option to hand back  thank you

Sandtree

Generally not but you can clearly give him the money if you want... maybe they'd allow the DD to be changed to your bank but your son would remain the one ultimately liable. 

neilmcl

All you can do is ask but it'll be doubtful. Do you want to take over the use of the car or is the plan for you just to make the payments whilst your son continues to use it. If it's the latter then why don't you simply give him the money to make the payments.

chipsdog5a

neilmcl said:

All you can do is ask but it'll be doubtful. Do you want to take over the use of the car or is the plan for you just to make the payments whilst your son continues to use it. If it's the latter then why don't you simply give him the money to make the payments.

No I was going to use it

Grumpy_chap

chipsdog5a said:

My son has a BMW finance agreement on his car, he is struggling to pay.  Can I take over the finance agreement and register the car in my name?  If not has anyone got any other ideas.  He has only paid off 12 months so I don't think it is an option to hand back  thank you

Is the finance agreement a lease, or finance to purchase (including PCP)?

If the latter, and you propose to pay the ongoing payments plus take ownership / RK for the car, you could simply buy the car from your son and he settles the finance.  

neilmcl

chipsdog5a said:

neilmcl said:

All you can do is ask but it'll be doubtful. Do you want to take over the use of the car or is the plan for you just to make the payments whilst your son continues to use it. If it's the latter then why don't you simply give him the money to make the payments.

No I was going to use it

Fair enough, then it's worth your son speaking to BMWFS to see what they think, I'm not sure they'll go for it though. While he's at it get him to ask for a settlement figure, if you want you could always buy the car by paying off the settlement figure.

Nearlyold

chipsdog5a said:

My son has a BMW finance agreement on his car, he is struggling to pay.  Can I take over the finance agreement and register the car in my name?  If not has anyone got any other ideas.  He has only paid off 12 months so I don't think it is an option to hand back  thank you

Can't you just get a bank loan and "buy" the car from your son by paying off the BMW finance.

Grey_Critic

Back in 2015 youngest went to Canada to work on a job, he was transferring money to the UK to pay for various things. Not a good idea as he was hit with foreign exchange charges. We simply took over paying them for him and he paid us back when returned to the UK. I would simply do the same.