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Getting a car thats still on finance?
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Hey
My Uncle doesnt want it no more and wantted to sell it for 3.5 grand but i dont have 3.5 grand
I asked him if i can just take over the payments asnd he is happy for me to do that which i thought is fantastic.
But i know now that the car technically is still in his friends name, i trust my Uncle 100% and always have but im a little scared about someone else being involved as thte log book can be in my name but the ownership will still be with his friend so i dont know legally where i would stand if the friend said its his car at the end of the payments and i wouldnt be able to prove nothing?
I want to know what you think about this, has anyone known about a similair situation, is it risky?? how rislky?
What can i do to safeguard myself and at what point can i exchange ownership or can i legally take over the payments?
THanks...
My Uncle doesnt want it no more and wantted to sell it for 3.5 grand but i dont have 3.5 grand
I asked him if i can just take over the payments asnd he is happy for me to do that which i thought is fantastic.
But i know now that the car technically is still in his friends name, i trust my Uncle 100% and always have but im a little scared about someone else being involved as thte log book can be in my name but the ownership will still be with his friend so i dont know legally where i would stand if the friend said its his car at the end of the payments and i wouldnt be able to prove nothing?
I want to know what you think about this, has anyone known about a similair situation, is it risky?? how rislky?
What can i do to safeguard myself and at what point can i exchange ownership or can i legally take over the payments?
THanks...
0
Comments
If you are not confirmed as the owner and registered keeper at the DVLA then don't do it.
My concerns are:
If i decide to pay one thousand as a bulk sum, his friend could pocket it or pay half and "borrow" half?
If i pay the car off how do i know he wont lay claim to the vehicle at a later date (could he?)
Is it still legal for me to get insurance on the car?
Also if i was insured and i was involved in a write off accident (heaven forbid) or the caught caught fire and burned would i be entitle to the full payout, even if the car still owed 2 grand (for example) on finance?
Sounds a little too dodgy for me.
a) out of pocket
b) without a car
c) in financial / legal disputes.
Avoid.
I think if he could transfer the payments to my name then i would do it.
It is a 5k car for 3.5 but its not worth the hassle, if i save for 6-8 months i can buy a nice little car for around 2 grand and its mine...
I think the bottom line is if he cant change payments ill pull out!
Thanks for your opinions it really helps like always