Best owner of vehicle

Grumpy_chap

TonyM19 said:

I own the car.  It is mine.  It has no finance on it.  I'm letting her drive it and keep it at her house.  She will declare that I am the owner when applying if that will give her a cheaper insurance.  If not, I will transfer the car to her.  The car will technically be mine regardless of who is the owner.  It's my daughter and I'm helping her out.  Some of you are looking at this from a very cynical point of view.

I had a similar thing once - my parents "gave" me a car (bangernomics grade) and I used it, but on the premise that when I sold the car, any money went back to my parents.

The car was changed to show me as the registered keeper (at my address) and I insured the car (in my name and at my address with my parents as named drivers) and everything from the insurance point of view it was simply my car.

When I eventually got rid, I gave my parents the money back. 

That was very simple.

ontheroad1970

TonyM19 said:

BOWFER said:

user1977 said:

lemondrops69 said:

AdrianC said:

TonyM19 said:

Is it better from an insurance point of view to keep the car with me as the owner or to transfer it into her name.  The car will still be mine.

"Should she tell the insurer the truth, or lie to them?"

OP isnt saying that at all, he said 'keep the car with me as the owner or to transfer it into her name'. Doesnt even come close to him saying should I lie, not sure how you got to that?

Because they then go on to say "the car will still be mine". It's not clear to me what they meant by that (even if it appears to be clear to others!).

It strikes me the daughter can't get the finance herself, so the OP is taking the car in his name and then she's paying him.
Which is why I put my earlier post, this is potentially a very dodgy thing to do and if the finance company finds out he's in trouble.

I own the car.  It is mine.  It has no finance on it.  I'm letting her drive it and keep it at her house.  She will declare that I am the owner when applying if that will give her a cheaper insurance.  If not, I will transfer the car to her.  The car will technically be mine regardless of who is the owner.  It's my daughter and I'm helping her out.  Some of you are looking at this from a very cynical point of view.

Not as cynically as some insurance companies might look at it in the invent of a major claim had there been any sign of fronting.  

Car_54

TonyM19 said:

BOWFER said:

user1977 said:

lemondrops69 said:

AdrianC said:

TonyM19 said:

Is it better from an insurance point of view to keep the car with me as the owner or to transfer it into her name.  The car will still be mine.

"Should she tell the insurer the truth, or lie to them?"

OP isnt saying that at all, he said 'keep the car with me as the owner or to transfer it into her name'. Doesnt even come close to him saying should I lie, not sure how you got to that?

Because they then go on to say "the car will still be mine". It's not clear to me what they meant by that (even if it appears to be clear to others!).

It strikes me the daughter can't get the finance herself, so the OP is taking the car in his name and then she's paying him.
Which is why I put my earlier post, this is potentially a very dodgy thing to do and if the finance company finds out he's in trouble.

I own the car.  It is mine.  It has no finance on it.  I'm letting her drive it and keep it at her house.  She will declare that I am the owner when applying if that will give her a cheaper insurance.  If not, I will transfer the car to her.  The car will technically be mine regardless of who is the owner.  It's my daughter and I'm helping her out.  Some of you are looking at this from a very cynical point of view.

No, it will only be yours if you are still the owner. If you give it to your daughter, the car will be hers and she will be the owner.

GrumpyDil

I think this is getting over comlicated.

Main point is if your daughter us going to be the main driver that needs to be stated. 

I insured my daughter's car in my name earlier this year whilst indicating that I was neither the owner or registered keeper and clarifying that with the insurer (Aviva). They were entirely happy with that situation.

So I would get your daughter to get quotes with her taking the policy out but indicating that she is neither the registered keeper or owner. You could then get a quote in your name, with you as registered keeper and owner and your daughter as main driver, bearing in mind you won't be able to use your no claims and see what looks better. 

AdrianC

[Deleted User] said:

TonyM19 said:

BOWFER said:

user1977 said:

lemondrops69 said:

AdrianC said:

TonyM19 said:

Is it better from an insurance point of view to keep the car with me as the owner or to transfer it into her name.  The car will still be mine.

"Should she tell the insurer the truth, or lie to them?"

OP isnt saying that at all, he said 'keep the car with me as the owner or to transfer it into her name'. Doesnt even come close to him saying should I lie, not sure how you got to that?

Because they then go on to say "the car will still be mine". It's not clear to me what they meant by that (even if it appears to be clear to others!).

It strikes me the daughter can't get the finance herself, so the OP is taking the car in his name and then she's paying him.
Which is why I put my earlier post, this is potentially a very dodgy thing to do and if the finance company finds out he's in trouble.

I own the car.  It is mine.  It has no finance on it.  I'm letting her drive it and keep it at her house.  She will declare that I am the owner when applying if that will give her a cheaper insurance.  If not, I will transfer the car to her.  The car will technically be mine regardless of who is the owner.  It's my daughter and I'm helping her out.  Some of you are looking at this from a very cynical point of view.

No, it will only be yours if you are still the owner. If you give it to your daughter, the car will be hers and she will be the owner.

No, she might be using his car.

Car_54

AdrianC said:

[Deleted User] said:

TonyM19 said:

BOWFER said:

user1977 said:

lemondrops69 said:

AdrianC said:

TonyM19 said:

Is it better from an insurance point of view to keep the car with me as the owner or to transfer it into her name.  The car will still be mine.

"Should she tell the insurer the truth, or lie to them?"

OP isnt saying that at all, he said 'keep the car with me as the owner or to transfer it into her name'. Doesnt even come close to him saying should I lie, not sure how you got to that?

Because they then go on to say "the car will still be mine". It's not clear to me what they meant by that (even if it appears to be clear to others!).

It strikes me the daughter can't get the finance herself, so the OP is taking the car in his name and then she's paying him.
Which is why I put my earlier post, this is potentially a very dodgy thing to do and if the finance company finds out he's in trouble.

I own the car.  It is mine.  It has no finance on it.  I'm letting her drive it and keep it at her house.  She will declare that I am the owner when applying if that will give her a cheaper insurance.  If not, I will transfer the car to her.  The car will technically be mine regardless of who is the owner.  It's my daughter and I'm helping her out.  Some of you are looking at this from a very cynical point of view.

No, it will only be yours if you are still the owner. If you give it to your daughter, the car will be hers and she will be the owner.

No, she might be using his car.

In which case he has lent it rather than given it.

AdrianC

[Deleted User] said:

AdrianC said:

[Deleted User] said:

TonyM19 said:

I own the car.  It is mine.  It has no finance on it.  I'm letting her drive it and keep it at her house.  She will declare that I am the owner when applying if that will give her a cheaper insurance.  If not, I will transfer the car to her.  The car will technically be mine regardless of who is the owner.  It's my daughter and I'm helping her out.  Some of you are looking at this from a very cynical point of view.

No, it will only be yours if you are still the owner. If you give it to your daughter, the car will be hers and she will be the owner.

No, she might be using his car.

In which case he has lent it rather than given it.

From the original post...

TonyM19 said:

I have a car that I am am going to let my 27 yo daughter drive - essentially I will be leasing it to her.

"Lease" is probably what's confusing things here. "Lend" is probably a fairer word... right, OP?

I mean, you won't be having legal documentation drawn up that assigns use of the car in return for monthly payments that would then be taxable business income, requiring FCA registration... right, OP? You're simply going to toss her the keys and say "I love you, darling - use it for as long as you need it, look after it, and don't bend it..."

So the question is simply one of who is legally responsible for taxing the OP's car and for ensuring any official communication pertaining to it is responded to in a timely manner. In other words - who is the registered keeper, who is on the V5C.

That's not the same as ownership. Ownership is undoubtedly still the OP's.

If an insurer ask who owns it - which they are likely to do, as that determines who receives any payout in the event of a write-off, and who they need to liaise with in the event of a claim - then the answer can only be the OP.

If they also ask who the RK is, then that is answered by looking at the V5C. Bear in mind what it says in big letters in that blue band at the top of the front page of the V5C...



So what do insurers ask? Well, let's ask a passing Meerkat... 


They ask for both, separately.

The answer to the first can be either the daughter or the OP. Will it make a difference to quotes? <shrug> Only one way to find out. Bear in mind that changing keepership from OP to daughter will cancel the tax and issue a refund, and add another keeper to the tally on the V5C. Then changing it back in the future will also do the same. Unless there's a massive premium benefit, it would seem pointless.

The answer to the second is undoubtedly the OP.

BOWFER

TonyM19 said:

BOWFER said:

user1977 said:

lemondrops69 said:

AdrianC said:

TonyM19 said:

Is it better from an insurance point of view to keep the car with me as the owner or to transfer it into her name.  The car will still be mine.

"Should she tell the insurer the truth, or lie to them?"

OP isnt saying that at all, he said 'keep the car with me as the owner or to transfer it into her name'. Doesnt even come close to him saying should I lie, not sure how you got to that?

Because they then go on to say "the car will still be mine". It's not clear to me what they meant by that (even if it appears to be clear to others!).

It strikes me the daughter can't get the finance herself, so the OP is taking the car in his name and then she's paying him.
Which is why I put my earlier post, this is potentially a very dodgy thing to do and if the finance company finds out he's in trouble.

I own the car.  It is mine.  It has no finance on it.  I'm letting her drive it and keep it at her house.  She will declare that I am the owner when applying if that will give her a cheaper insurance.  If not, I will transfer the car to her.  The car will technically be mine regardless of who is the owner.  It's my daughter and I'm helping her out.  Some of you are looking at this from a very cynical point of view.

You said you were leasing it to her, I made a conclusion from that.
Why would you lease a car to your daughter unless you've leased it yourself, surely no-one makes a profit from their own kids...that would by very cynical.
If you've used the wrong term, can't blame people for assuming stuff.

scrappy_returns

BOWFER said:

TonyM19 said:

BOWFER said:

user1977 said:

lemondrops69 said:

AdrianC said:

TonyM19 said:

Is it better from an insurance point of view to keep the car with me as the owner or to transfer it into her name.  The car will still be mine.

"Should she tell the insurer the truth, or lie to them?"

OP isnt saying that at all, he said 'keep the car with me as the owner or to transfer it into her name'. Doesnt even come close to him saying should I lie, not sure how you got to that?

Because they then go on to say "the car will still be mine". It's not clear to me what they meant by that (even if it appears to be clear to others!).

It strikes me the daughter can't get the finance herself, so the OP is taking the car in his name and then she's paying him.
Which is why I put my earlier post, this is potentially a very dodgy thing to do and if the finance company finds out he's in trouble.

I own the car.  It is mine.  It has no finance on it.  I'm letting her drive it and keep it at her house.  She will declare that I am the owner when applying if that will give her a cheaper insurance.  If not, I will transfer the car to her.  The car will technically be mine regardless of who is the owner.  It's my daughter and I'm helping her out.  Some of you are looking at this from a very cynical point of view.

You said you were leasing it to her, I made a conclusion from that.
Why would you lease a car to your daughter unless you've leased it yourself, surely no-one makes a profit from their own kids...that would by very cynical.
If you've used the wrong term, can't blame people for assuming stuff.

Not really, if he leases to his child at 50 quid a month but the market value is 4-500quid a month from a more usual source then that's quite sensible rather than cynical. The child learns from the process, the parent regains some of their outlay. Win win especially if both parties are completely happy and its not some fronting scam.

Jenni_D

But they can't officially lease the vehicle to their daughter ... that would be a finance/credit arrangement which is a regulated activity.