Return deposit

facade

Maybe the son is thinking that he put £2500 in at the start to get a better car at the same monthly payments as the average one, and deserves his £2500 back from the equity of the better car that wouldn't exist otherwise.

I think the sharing the equity in the same proportion as money actually paid is the fairest though as already suggested.

There is nothing like family and money to cause problems....

born_again

Is car under finance?
Is he the main driver on Insurance?

Just offer to give him the £2.5K back & say. Right you can now need to go & buy your own car, as you can no longer drive this one. Bet that will focus his mind...

Flight3287462

Grumpy_chap said:

This seems like a car part-owned by son and part-owned by parent.  Use of the car is shared.  Parent pays the insurance.  Ignore the differential use of the car and the insurance contribution - put that down to parental support.

It is not clear how long the car has been owned, so I'll assume three years.  That would mean:

Son paid £2,500 plus 36 x £200 = £9,700 = 37.5% of total paid
Parent paid 36 x £450 = £16,200 = 62.5% of total paid
Total Paid £25,900

When the car is sold, parent gets 62.5%, son gets 37.5%

Assuming I understood the situation correctly, that seems simple enough to me.

You haven't taken into account the disparity on the mileage.  If you take thumbs suck of 7p per mile (about standard) that is about £1,300-£1,500 the son should lose assuming a three year contract.

I would also assume the parent paid some of the deposit which needs accounted for.

Grumpy_chap

Flight3287462 said:

I would also assume the parent paid some of the deposit which needs accounted for.

I agree, but we don't have that figure.  The same principal can be easily applied by the OP with full figures.

Flight3287462 said:

You haven't taken into account the disparity on the mileage.  

You are correct.
I did try to cover that with my comment

Grumpy_chap said:

Ignore the differential use of the car and the insurance contribution - put that down to parental support.

DelSan

I matched the deposit. Pay road tax which is higher than normal due to car being high value and I also pay full comp insurance for us both and any service. 

ontheroad1970

DelSan said:

I matched the deposit. Pay road tax which is higher than normal due to car being high value and I also pay full comp insurance for us both and any service. 

Have you been asked who the main driver is?  What answer did you give?  

DelSan

I haven’t been asked 

photome

DelSan said:

I haven’t been asked 

that would be very unusual if a broker/insurance company didnt ask who the main driver is.

 When you took out insurance whos name is it in ?

DelSan

I have him named as main driver since he drives it the most. 

DelSan

Thanks all for your thoughts. They’ve been very helpful. I’d like to close this post now