Car finance on PCP but no V5C in my name

daveyjp

https://www.drivethedeal.com/Pre-Registered-Cars.aspx#:~:text=(i)%20A%20dealer%20registers%20cars,immediately%20re%2Dregistered%20to%20you.

TadleyBaggie

I bought a pre-registered car on PCP, I was still the RK.

Arunmor

I was more miffed when I leased a car through Mercedes Benz finance and was sent the V5C. Having thought VED was covered under the lease it was a bit of a shock to discover I had to pay it, around £400 at the time. That will teach me to assume!

WellKnownSid

https://forums.moneysavingexpert.com/discussion/comment/81910266#Comment_81910266

Pre-reg can mean a lot of different things. For example the dealer may register the car as a 'demonstrator' and under the franchise agreement it cannot be 're-sold' until it is at least six months old.

In this case a "broker" may have secured a few hundred cars at 30% off, intended for daily rental or lease which they are not allowed to dispose of straight away for contractual, VAT and other reasons.

Mildly_Miffed

It's not uncommon on unusually cheap deals - the manufacturer will be giving a fleet discount that's predicated on the car being registered to the fleet buyer.

You don't own the car, anyway, so I'm not sure why the RK status is particularly relevant.

Ayr_Rage

https://forums.moneysavingexpert.com/discussion/comment/81910405#Comment_81910405

Because any traffic offence notifications and parking charges are sent to the RK.

If the PCP company then name the person on the contract as the driver when in fact a family member was actually driving then it can get complicated.

Also, if they don't notify the user in a timely manner then speeding awareness course options etc may be missed.

sheramber

Perhaps you have found the reason that it is cheaper.

paul_c123

So….nobody can provide the law which is broken?

Mildly_Miffed

https://forums.moneysavingexpert.com/discussion/comment/81910462#Comment_81910462

Not at all complicated - the financee receives their own s172, then simply nominates the actual driver, who receives their own and replies to accept it.

The financier HAS to nominate within 28 days, else they get a failure-to-notify penalty.

In practice, they'll have the procedures in place to turn it round quickly, assuming they aren't some onesy-twosy-fly-by-night, in which case there's greater issues.

It's standard for business leases or hires etc, where there may even be another layer. They nominate the business contact (fleet manager or whoever), who then nominates the allocated driver within the business.

XRS200

https://forums.moneysavingexpert.com/discussion/comment/81910951#Comment_81910951

in the link provided above by daveyjp, it talks about vehicle excise act