Finance loan in exes name.. advice please!

T.T.D

DullGreyGuy said:

T.T.D said:

Let’s slow it all down a second.

1. any payment toward the finance must first be OK with her Ex and him being present to authorise, it’s his balance and financial account surrounded by a wall of legal GDPR that would prevent the OP making any monetary contribution to reduce the balance without his consent.

So lets say the OP manages to find the original paperwork and in that paperwork is the sort code, account number and reference number to use to make payments by BACS/Faster Pay.

Howexactly does your theory work @T.T.D? Each time the account receives a payment do you think they contact the debtor to double check its come from him, that its ok to apply and otherwise send the money back?

Absolutely data protection rules will precent them from discussing the debt with the OP or giving them the details to make payments but if they already have the details GDPR doesn't prevent them from receiving funds and crediting them towards the balance.

Its the same as if you posted your bank details online, anyone who wanted to could put money into your account (though at some point such random payments may trigger AML processes)

He would say “wow your generous you bought me a car got me out of debt and increased my credit score”.

Edit: The act of paying HIS debt would further solidify his ownership of that car from being a debtor to outright owner full control and ownership will be his and he could enforce his will and want to have it back and the OP wouldn’t get a penny back and lose the car! 

Hence why I said there must be an agreement with the ex of once she pays direct to the finance company, he gives her a bill of sale once proof she has the money to pay, the sales receipt is drawn up and then once she pays the balance off, he signs a copy of the sales receipt for the car for both of them and they both ensure the finance department is contacted (hence he needs to be there) so they can send the V5C to OP’s address or they don’t send it to the debtors address by default.

or hand the car back and say good by bad times lesson learned, don’t put any asset up for deposit on something you won’t own with a person whom you don’t have faith your going to be in a relationship for long it’s only a lose lose situation that comes from it. 

Dave_5150

If your ex continues to pay the monthly payments for the remaining years of the PCP agreement there will still be a need to pay a large ballon payment, or return the car to the finance company at the end.

Are you expecting them to pay this too as the car was a gift?

If they do stop making the payments between now and then you will probably not know until the finance company come to take the car away.

Exodi

Jersey497 said:

HillStreetBlues said:

As I don't  know know what your ex will do and if he will continue paying so will look at his options apart from keeping paying and letting you keep the car.
If he stops paying now his credit rating will be affected and the hassle which that can involve.
If he pays until 50% is reached he can voluntarily terminate the loan and give car back, this does not affect his credit rating.

Can they take the car back if 50% has been paid?

What you keep referring to, and being confused by, is called 'Voluntary Termination' (plenty of articles about it if you Google it so I won't link a particular one).

The premise being that a consumer has the legal right under the CCA to end their finance agreement early and walk away without penalty after they have paid 50% of the total amount payable.

However part of this is that they have to hand back the car as a condition of the creditor wiping off the remaining finance. It's not the magic loophole you think it is where you get a free car, it is commonly used as a tool to help people get out of long finance deals after a change in circumstances, e.g. losing their job.

However much you wish it so, there is no option that involves the ex not paying for the car, and you also keeping it.

Even if the ex was minded (or mad enough) to continue paying the monthly payments to accommodate your use of the vehicle, PCP's have a lump sum payment required at the end to grant ownership - on my wife's car this was ~£8k but can obviously vary. You can't realistically expect that your (long-term by that point) ex would also be happy to make this balloon payment, and then sign the car over to you for free?

I have sympathy with the circumstances of your situation, but I'm having trouble finding sympathy in your expectation for him to carry on paying for the car after your break up.

Exodi

T.T.D said:

I would in no uncertain terms hand over cash to an alcoholic under the promise to pay off a balance of finance! 

While I agree with a lot of what you said, the ex was not said to be an alcoholic. It's also a strange point to make that the 'alcoholic' who is currently paying finance on a car for a different person (who can not afford it), is somehow unable to handle money. Obviously handing cash to an ex in general is a bad idea.

Jersey497 said:

It has been my choice to split due to his issues with alcohol

Stateofart

Let him stop payments if he wants.  Just be prepared for the car to be taken away.  Start saving for your own car.

SeanG79

Jersey497 said:

breaking_free said:

Okay, I'll be the bad guy here (and I'm female).
If the roles were reversed, and your partner was trying to make you keep paying for a gift after he broke up with you, would you be morally okay with that?
In your shoes I would find a way to take over the payments or give up the vehicle and get a cheaper one.

Yes I completely understand but we have had multiple conversations about this and he promised me and reassured me that he would always pay for the car whatever happens, shame that goes out the window even when the split is due to him!

The split is not due to him, you are the one leaving, so it is your choice. (not saying it is the wrong choice)

You can pursue your ex for the breach of his contractual agreement with you, but your agreement with him is separate from the agreement he has with the bank, so if he stops paying they will want the car back. You have no legal claim to the car and so cannot keep it. Any claim you have will be against your ex but I don't expect you will get very far with that claim and it will likely cost money that will be better spent on securing a car for yourself.