Darylc.

iTrader: (1)

Firstly, hello everyone, not been on here for a while because of work but good to be back.

A few months back, I bought a Fiat Punto evo on finance from carcraft (I know I was ripped off, but that's not what I want to know about) after I killed my Pug.

I pay £200 a month for it and the car hasn't missed a beat, cracking little thing. I will be moving to Germany next week where insurance is much cheaper and I can get a car tax free so obviously a new car is rather appealing.

Now, while this was happening my mum's Ford Focus died a horrible, painful death. As it turns out my mum rather likes my punto.

The plan is that I give her my car, I pay the finance company and my mum pays me the £200 a month. My first question is, am I doing anything wrong by doing this? I don't think I am but my mum seems to think it's possibly dubious.

Would I have to send the log book off to register my mum as the owner?
How would the finance company take this?

Finally, would I have difficulty in getting a new car with me already having finance to my name? (The Punto's replacement doesn't have to be new, but ideally it would be)

Thanks

Psycho Warren

iTrader: (5)

registered keeper and owner are 2 different things. However, many finance policies require you to be the registered keeper.

They would likely use it as grounds to terminate the agreement if they found out youd done it anyway. However unless you tell them how will they know?? You have to decide if the risk is worth it.

If you get another car on credit is down to your credit worthyness.

JayCC

I think they'd want the balance. But without asking, who would know? Just ask them and see what they say, they might be more than happy to swap the finance to someone else?

If it was me, as long as the money was still coming in, I wouldn't really care whose account it was coming out from.

Carlos-Titx

Registered keeper is just responsibility for the car. Let your mum have it. You ain't out of pocket or sign the finance over to her.

Fullflush

If your mum can afford the 200 a month to you then why doesn't she take a bank loan out to settle your finance.

Darylc.

iTrader: (1)

Cheers for the advice.

My parents have a credit rating far worse than the Greeks, so putting their name on the finance is a no go.

Fair enough, what they don't know wont hurt them