Car finance - gift

Zwalsh

My patner has recently purchased a 18K car through finance. He has said he wants to gift this car to me as a birthday present. I already have a car that I own out right and do need not comfortable accepting this gift as it’s not in my name and I will have no right of ownership, so I’m risking my security of a car. We do not live together or are not married. 

Would you accept this gift and is there a way of taking ownership if I did? 

It don’t feel right or secure about this or have any knowledge of finance etc. I have only ever bought my cars cash. 

Thank you for your help 

tacpot12

I would not accept it. You have a car and didn't want a new car with all the responsibilities. How would you feel if you crashed it? It could come with higher insurance, higher fuel consumption, higher servicing costs, and might attract theives, etc. There are lots of reasons not to want it. 

On the face of it it's a nice offer, but he wanted the car. He chose it to suit his needs and desires, so he should have to live with it. The fact he is trying to palm it off onto you suggests that he has had a change of heart. He needs to learn to look before he leaps. 

If you did accept the car, you could sell your car and put the money on deposit or invest it somewhere so that you could buy another car if you ever split up. There is no way of taking ownership of the car until the finance deal ends. I would not ask the finance company if they will just change the name on the finance arrangement. This is setting you up for all the contractural responsibilities of paying for the car, looking after it, returning it safely, and settling any payments that might be outstanding.

HampshireH

Personally think it's a little strange to purchase such an expensive item on finance and then gift it.

Feels like it could become leverage in the future (any disagreements/split/big financial decisions they can't afford due to the repayments)

Brie

If he gives you a car and puts it into your name then it's your car.  You can then do what you want with it.  Keep it, sell it, leave it on the drive to get covered in bird droppings.  

My OH keeps saying I need a new car and I keep saying, no I don't want a BMW ragtop, I'm happy with my VW up.  He knows that I'm telling the truth and complies.  That your BF wants to get you something different is a bit odd, possibly controlling, but ultimately if he gives you something it's yours to do with as you please.  (Unless there's more to this than we know)

Brie

fyi - just cuz the finance is in his name has nothing to do with who owns it.

Emmia

If you're not comfortable with the gift, just refuse it.

I wouldn't accept, it's an expensive item bought on credit with potentially large ongoing costs and high depreciation.

The giver may not take that well, but that's probably on them, rather than you.

DullGreyGuy

Zwalsh said:

My patner has recently purchased a 18K car through finance. He has said he wants to gift this car to me as a birthday present. I already have a car that I own out right and do need not comfortable accepting this gift as it’s not in my name and I will have no right of ownership, so I’m risking my security of a car. We do not live together or are not married. 

Would you accept this gift and is there a way of taking ownership if I did? 

It don’t feel right or secure about this or have any knowledge of finance etc. I have only ever bought my cars cash. 

Thank you for your help 

What sort of finance have they used? A personal loan? HP? PCP? 

How long have you been together?

A gift by definition makes it "yours", though depending on the answer to the above it may be just the use thats yours if the finance is secured on the vehicle until such time as the finance is paid off.

The finance would remain in their name so would have nothing to do with you. If its something like HP/PCP then its secured on the vehicle and in principle the vehicle could be repossessed if they defaulted on the finance agreement. Presumably you'd sell your existing vehicle and so would have the funds there to buy a replacement should the worse happen.

HampshireH said:

Personally think it's a little strange to purchase such an expensive item on finance and then gift it.

You've never been given an expensive present by anyone? Have you always checked that they bought it from their savings rather than using credit? 

Dont think it's particularly odd but then my wife hasn't worked since before we married so things like cars have arguably all been "gifts" and some may have been purchased with cash and others with credit. 

MEM62

Zwalsh said:

My patner has recently purchased a 18K car through finance. 

Zwalsh said:

He has said he wants to gift this car to me as a birthday present. 

If it is on finance then it is not his car to gift.  Accepting it would not be wise.  

EssexHebridean

"Thanks, but I really like my current car. I'm grateful for the offer but I'm going to decline it".

If the answer to this is anything other than "OK - that's fine" then run for the hills. 

FedupBrit

Had a family member go almost bankrupt from a similiar situation, but it was her son who asked her to take it on from the start. Not sure how you would transfer it. Highly advise against it.

Unless things have changed, I was able to get the family member out of the contract once they've paid 50%. If you or your partner find yourself in trouble that might be a way out. Check the contract, and it should be stated there under the 'Termination' bit at the end. It should also state that the contract is under the Consumer Credit Act.

We successfully did this about 4 years ago. Good luck. When car finance goes bad, I woudn't wish it on anyone. Cheap car, older Toyota, owned outright is the best way to go.