Car finance on PCP but no V5C in my name

PHQX123

I plan to purchase a new car on a PCP deal via a broker as offering better monthly payment deals and lower deposit than main dealer. A concern I have is that when it comes to the vehicle V5C the company who will be supplying the vehicle to me says they will retain the V5C in their name as registered keeper and owner and I will be the driver. I would pay them road tax yearly, they would advise me of any fines etc, and I would insure the car myself as the driver. Is this a normal arrangement via such companies to, what I understand, keep the number of potential registered keepers down in numbers on the DVLA database

Thoughts on this as being legal and aboveboard and any pitfalls

bazdvd

you dont own the car until its fully paid for. Pretty normal these days

Isthisforreal99

For PCP It's normally you that would be the registered keeper and the V5C in your name.

With you mentioning a broker I wonder if you have in fact been offered a personal lease deal which is different from PCP.

TadleyBaggie

Being the Registered Keeper is a totally different thing to owning the vehicle. I have had PCP deals and have always been the the RK and had a V5C in my na

Ayr_Rage

With my only PCP agreement I was the registered keeper and the V5 was in my name.

If it isn't then any traffic offences and parking notices will go to the broker and they could name you as the driver even if you have others insured to drive the vehicle.

You are also relying on them doing things in a timely manner.

You risk possible convictions and fines that aren't yours.

Get yourself as the registered keeper!

daveyjp

If this is PCP and not a personal lease I thought this set up had disappeared, but it appears new kids on the block my be aren't aware it was ruled illegal in 2012.

There are brokers out there that don't do this, avoid ones that do.

PHQX123

Its definitely a PCP deal as it shows balloon payment at end and says PCP.,,, I have queried the reasoning and as said the company supplying the vehicle not the broker are covering themselves incase I don’t go full term on a PCP ie pay off early and with DVLA if car was in my name as Registered keeper but not change of ownership (they own car) is this an additional layer of complication for them? I’m not sure what it affects perhaps the car would show 2 register keepers rather than one on DVLA database and impact car value?

I fully understand V5 is only the register keeper not the owner but by them not putting me down as registered keeper on V5 but I keep the car on my drive, drive it daily etc so am the normal driver I have to insure it and maintain it

Can’t seem to get any clarity if this is legal or not?

PHQX123

https://forums.moneysavingexpert.com/discussion/comment/81910151#Comment_81910151

it’s defo a PCP deal

PHQX123

Have you any links to it being illegal please?

Ayr_Rage

I'd be walking away.

XRS200

I would walk away too.

This isn't normal.