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Finance in Daughters name but I paid on my bank account
Redcloud
Posts: 3 Newbie
Help needed please.
I bought a car around 2008/9. I could not get finance as I was on benefits at that time. My daughter in law got the finance in her name. We then changed ownership to me and I paid the account (HP) through my bank account each month. Can I claim undeclared commission. All monetary transactions was on my bank account. All paperwork was transferred to myself.
Any advice?
I bought a car around 2008/9. I could not get finance as I was on benefits at that time. My daughter in law got the finance in her name. We then changed ownership to me and I paid the account (HP) through my bank account each month. Can I claim undeclared commission. All monetary transactions was on my bank account. All paperwork was transferred to myself.
Any advice?
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Comments
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Sounds like one of you is admitting to fraud ? I probably would not go there !0
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What do you mean all paperwork was transferred to yourself? The V5 registration I'm guessing?
No, you won't be entitled to anything the named person on the finance agreement will be (if anything due).0 -
Agreed.caprikid1 said:Sounds like one of you is admitting to fraud ? I probably would not go there !
I hope you never had an accident, trying to convince your insurers who owned the vehicle, who was the main driver and why the finance was in your daughter's name could have been a lot of fun.
I'd keep it zipped.0 -
Seriously folk, useful information don't batter me !!! The bank transferred the finance to my name Legally!! My daughter in laws name was on the paperwork for less than a week. Bank agreed to change and they changed the finance agreement. Insurance was in my name and I was named driver. Vehicle registered in my name. Nothing illegal but thanks for nothing. Innocent question asked!!1
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Never ever heard of a lender transferring an agreement from one person to another. But for arguments sake let's say it happened - on which finance application did the dealer earn the commission? I would presume the initial one in the DIL's name unless you can show otherwise.
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Can I claim undeclared commission.No. The consumer credit agreement was completed by your daughter-in-law. The disclosures are at point of sale and you were not involved at point of sale.Never ever heard of a lender transferring an agreement from one person to another.Agreed. A new loan to replace an old loan would be the typical transaction method.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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