Finance questions...

ins0mn1ac · 5 Jul 2011 at 18:47

So the other day my father asked if I could take a finance type loan out for him for a new car, I was a bit taken back by the question and didn't really think and said yes like a dope now I'm regretting it.
What would be the possible downfalls of owning a finance on behalf of someone? besides the obvious of him not being able to pay the payments but I'm more than confident he can and not worried at all about that. The word finance just makes me shudder so I'm just looking for anything that could go wrong.

DM · 5 Jul 2011 at 18:48

its your dad drip him up the car man, you only get one dad.

[TW]Fox · 5 Jul 2011 at 18:49

Why would he need you do to this - usually its the other way round? Does he have a history of non payment or bad credit?

ins0mn1ac · 5 Jul 2011 at 18:49

DM said:
its your dad drip him up the car man, you only get one dad.

Hah, totally my Dads a diamond but I still have questions

ins0mn1ac · 5 Jul 2011 at 18:51

[TW]Fox;19521843 said:
Why would he need you do to this - usually its the other way round? Does he have a history of non payment or bad credit?

I'm not totally clued up on this but it's to do with bad choices with a previous female partner, which yes led to bad credit.

DM · 5 Jul 2011 at 18:51

never mind that **** he fed you for 18 years and clothes get him the car an shape up

ins0mn1ac · 5 Jul 2011 at 18:52

My questions are more along the lines of how would insurance etc work? I was under the impression owning a finance meant you had to be the keeper, which seems obvious and so have to be the main driver on a policy. Would that conflict with my own insurance or whatever?

DM · 5 Jul 2011 at 18:53

the insurance is down to him, he will be the registered keeper

[TW]Fox · 5 Jul 2011 at 18:54

DM said:
the insurance is down to him, he will be the registered keeper

Many finance agreements require that the registered keeper is the person whose name the agreement is in.

DM · 5 Jul 2011 at 18:56

[TW]Fox;19521898 said:
Many finance agreements require that the registered keeper is the person whose name the agreement is in.

I stand corrected, anyway he insures the car for his dad.

**** me we all made a few bad choices along the way with women,. iv made about 285 bad choiices its not his dads fault. These things can happen to anyone, even you Fox

ins0mn1ac · 5 Jul 2011 at 18:59

DM said:
I stand corrected, anyway he insures the car for his dad.

**** me we all made a few bad choices along the way with women,. iv made about 285 bad choiices its not his dads fault. These things can happen to anyone, even you Fox

Totally not the point, my insurance costs me a lot as it is, I'm not sure what difference this would make to my own policy. Just confused in general really!

DM · 5 Jul 2011 at 19:02

listen you buy the car on the drip for your dad then he registers the car in his name and insures it, im not sure what bit of that is hard to follow.

Or you dont and ya dad gets the bus its not complicated

ins0mn1ac · 5 Jul 2011 at 19:07

DM said:
listen you buy the car on the drip for your dad then he registers the car in his name and insures it, im not sure what bit of that is hard to follow.

That's not how it works I would HAVE to be the keeper like I've said, unless anyone knows different Fox has already slightly confirmed that! Registered keeper also has to be a main driver on an insurance policy if I'm not mistaken.

DM · 5 Jul 2011 at 19:07

the finance company dont care didly squat about **** all except the money every month, you can sell the car 27 times then banger race and finally scrap it for all they care as long as they get their 300 quid a month or whatever

DM · 5 Jul 2011 at 19:08

deleted said:
That's not how it works I would HAVE to be the keeper like I've said, unless anyone knows different Fox has already slightly confirmed that! Registered keeper also has to be a main driver on an insurance policy if I'm not mistaken.

Forget Fox, the finance company dont give 2 ****s who owns or keeps the car as long as they get paid.

The only time a finance company is any the wiser is if a HPI check is done on a car.

So here is the sequence of events for you.....

Your dad picks a car, you finance it, then you register it in his name, he insures it then pays you the finance money every month, its simple, it happens 1000 times a day.

Raymond Lin · 5 Jul 2011 at 19:15

The other way to do it you take out a bank loan and hand him the cash and he give you monthly repayment for the bank loan.

Raymond Lin · 5 Jul 2011 at 19:17

DM said:
the finance company dont care didly squat about **** all except the money every month, you can sell the car 27 times then banger race and finally scrap it for all they care as long as they get their 300 quid a month or whatever

That is so true, it's all computer automated now. As long as the money comes in, no red flag is raise and life goes on.

The hardest part is getting the name on the dotted line and past the person behind a desk. If they agreed to this arrangement then it doesn't matter who pays as long as it gets paid.

Slumberbox · 5 Jul 2011 at 19:19

deleted said:
That's not how it works I would HAVE to be the keeper like I've said, unless anyone knows different Fox has already slightly confirmed that! Registered keeper also has to be a main driver on an insurance policy if I'm not mistaken.

Why don't you just take a standard unsecured loan though a supermarket or your own bank, maybe keep a little money back incase you buy a lemon from a private seller and it needs repairs, doesn't matter who it's registered too then, you could buy a fairly decent mk3 mondeo ghia for around 2k

Irish_Tom · 5 Jul 2011 at 19:21

deleted said:
Registered keeper also has to be a main driver on an insurance policy if I'm not mistaken.

Is that only if you are leasing the car or in general?

mattx2 · 5 Jul 2011 at 19:27

Registered keeper does not have to be the insured most insurance companies allow a family member to own a car and another to insure it