Gifted money for car

LittleNinja

Hello, 

I'm planning to buy a car in the not too distant future. 

My partner (who I live & share a mortgage with) is going to put £2000 towards the purchase. He doesn't drive himself and we are planning to put the car just in my name.

We are paying by cash, is there anything we need to do around gifted funds? Or am I seeing it too much like a house purchase? 🤣

Thanks in advance

Grumpy_chap

LittleNinja said:

Hello, 

I'm planning to buy a car in the not too distant future. 

My partner (who I live & share a mortgage with) is going to put £2000 towards the purchase. He doesn't drive himself and we are planning to put the car just in my name.

We are paying by cash, is there anything we need to do around gifted funds? Or am I seeing it too much like a house purchase? 🤣

Thanks in advance

Nothing at all, just buy the car and enjoy it.

Don't overthink or overcomplicate anything

Ebe_Scrooge

Yep, there's no issue at all.  You're correct, if a friend/family member "lends" you money for the deposit for a house, then it gets awkward.  A car is a totally different beast, it doesn't matter who buys or gifts it.

The only possible issue would come if you were to split up, then your OH wants to claim that he paid half of the car so he owns half of it, etc. etc. etc.  Not that I'm saying that's going to happen - I sincerely hope it doesn't!!!! - but it's a not uncommon issue that pops up on these forums every so often.

But no, the bottom line is that legally it doesn't matter who pays for a car.

LittleNinja

Thanks both for your responses. 

I didn't think it would be a problem, but the only advice I was finding was relating to finance checks.

Mutton_Geoff

Who pays for and owns the car is a different issue to who's name is on the registration document. Nobody will be interested in where the money came from. The comparison to house purchases is only when a mortgage company is involved since they want to be sure there are no side loans going on, and for solicitors, there is a money laundering aspect too, but for cars it doesn't matter. Which is why drug dealers and gangsters always have nice cars